§ 6.1-396. Violations; divestiture
A. Upon determination that any out-of-state bank holding company or subsidiary thereof is holding stock in a bank located in this Commonwealth in violation of the conditions set forth in § 6.1-392 or of its agreement pursuant to § 6.1-393, the Commissioner may order such out-of-state holding company or subsidiary thereof to take steps to remedy such violation by a date certain.
B. The Commission shall have the authority to order an out-of-state bank holding company or subsidiary thereof to divest any shares of a bank that it has acquired under the provisions of this chapter upon a determination that such holding company or subsidiary continues to own shares of stock of a bank located in this Commonwealth in violation of the conditions contained in § 6.1-392 or of its agreement pursuant to § 6.1-393 after the date fixed for compliance by any order issued under subsection A of this section.
C. An out-of-state bank holding company or subsidiary thereof shall divest any shares of a bank that it has acquired under the provisions of this chapter within two years of the date an order issued under subsection B of this section becomes final and subject to no further judicial review; provided that the Commission may extend such two-year period for a further period or periods upon determination that such an extension would not be detrimental to the public interest.
(1983, c. 193.)
Sections: Previous 6.1-390 6.1-391 6.1-392 6.1-392.1 6.1-393 6.1-394 6.1-394.1 6.1-395 6.1-396 6.1-397 NextLast modified: April 16, 2009