§ 6.1-49. Removal of director or officer
Whenever any director or officer of a bank doing business in this Commonwealth, shall have continued to violate any law relating to such bank or shall have continued unsafe or unsound practices in conducting the business of such bank, after the director or officer, and the board of directors of the bank of which he is a director or officer, have been warned in writing by the Commissioner of Financial Institutions to discontinue such violation of law or such unsafe or unsound practices, the Commissioner shall certify the facts to the State Corporation Commission. The State Corporation Commission 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 bank. 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 registered mail to each director of the bank affected.
If after granting the accused director or officer a reasonable opportunity to be heard the Commission shall find that he has continued to violate any law relating to such bank, or has continued unsafe or unsound practices in conducting the business of such bank, after he and the board of directors of the bank, 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 practices, 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 bank. A copy of such order shall be served upon such director or officer. A copy of such order shall also be served upon the bank of which he is a director, or officer, whereupon such director or officer shall cease to be a director or officer of such bank and thereafter cease to participate in any manner in the management of such bank.
(Code 1950, § 6-40; 1966, c. 584; 1979, c. 58.)
Sections: Previous 6.1-44.24 6.1-44.25 6.1-45 6.1-46 6.1-47 6.1-48 6.1-48.1 6.1-49 6.1-50 6.1-51 6.1-51.1 6.1-52 6.1-53 6.1-54 6.1-55 NextLast modified: April 2, 2009