§ 6.1-110. Power of receivers to contract for loans and make investments
Any court in this Commonwealth having jurisdiction to appoint receivers may, in its discretion, authorize any receiver appointed by such court for any bank or trust company, in pursuance of the provisions of this chapter:
(1) To make application for and contract for a loan from any corporation or agency authorized, among other purposes, to make loans upon the application of the receiver or liquidating agent of any bank that is closed, or in process of liquidation, secured by the assets of any such bank, if such corporation or agency is organized, or provided for by, or pursuant to, legislation enacted by the Congress of the United States, and if such loan shall be for the purpose of aiding in the reorganization or liquidation of any such bank, including the payment of liquidating dividends from the proceeds thereof, and
(2) To secure any such loan or advance by the pledge, hypothecation or mortgage of any or all of the assets of such bank or trust company, or in such other manner as such court, in its discretion, may authorize.
Any such court may also, in its discretion, authorize any such receiver so appointed by it, to invest any funds in the hands of such receiver, in bonds of the United States or of the Commonwealth of Virginia.
(Code 1950, § 6-81; 1966, c. 584.)
Sections: Previous 6.1-103 6.1-104 6.1-105 6.1-106 6.1-107 6.1-108 6.1-109 6.1-110 6.1-110.1 6.1-110.2 6.1-110.3 6.1-110.4 6.1-110.5 6.1-110.6 6.1-110.7 NextLast modified: April 2, 2009