§ 6.1-194.84. Removal of director or officer; appeal; penalty for acting after removal
A. 1. Whenever any director or officer of a savings institution doing business in the Commonwealth has knowingly continued to violate any law relating to such savings institution or has knowingly continued any unsafe or unsound practice in conducting the business of such institution, after the director or officer, and the board of directors of the institution of which he is a director or officer, have been warned in writing by the Commissioner to discontinue such violation of law or such unsafe or unsound practice, the Commissioner shall certify the facts to the Commission, which shall thereupon enter an order requiring such director or officer to appear before the Commission, within not less than ten days, to show cause why he should not be removed from office and thereafter restrained from participating in any manner in the management of such savings institution. Such order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of such order shall be served upon such director or officer, and a copy thereof shall be sent by certified or registered mail to each director of the savings institution affected.
2. If, after granting the accused director or officer a reasonable opportunity to be heard, the Commission finds that he has knowingly continued to violate any law relating to such savings institution, or has knowingly continued any unsafe or unsound practice in conducting the business of such institution, after he and the board of directors of the institution of which he is a director or officer have been warned in writing by the Commissioner to discontinue such violation of law or unsafe or unsound practice, the Commission shall enter an order removing such director or officer from office and restraining such director or officer from thereafter participating in any manner in the management of such savings institution. A copy of such order shall be served upon such director or officer and upon the savings institution of which he is a director or officer, whereupon such director or officer shall cease to be a director or officer of such institution and shall thereafter cease to participate in any manner in the management of such institution.
B. Any director or officer aggrieved by any order of the Commission entered under this section removing and restraining such officer or director, and any person aggrieved by any order of the Commission refusing to remove a director or officer from office, shall have, of right, an appeal to the Supreme Court of Virginia.
C. Any director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of such savings institution, except as a stockholder therein, shall be guilty of a Class 6 felony.
(1985, c. 425.)
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