§ 6.1-92. Disclosure of irregularities, etc.; Commission's powers
If upon the examination of any bank, the Commission shall ascertain that the banking laws of this Commonwealth are not being fully observed, or that any irregularities are being practiced, or that its capital has been or is in danger of being impaired, the Commission shall give immediate notice thereof to the officers and directors of such bank and, if deemed necessary in order to conserve the assets of such bank or to protect the interests of depositors and creditors thereof, the Commission may:
(1) Temporarily suspend the right of such bank to receive any further deposits;
(2) Temporarily close such bank, for a period not exceeding sixty days, and such period may be further extended for a like period or periods as the Commission may deem necessary;
(3) Require the officers and directors of such bank to liquidate its outstanding loans insofar as shall be required;
(4) Require that any such impairment of the capital stock be made good;
(5) Require that any such irregularities be promptly corrected;
(6) Require such bank to make reports daily or at such other times as may be required to the Commission as to the results achieved in carrying out the orders of the Commission; and/or
(7) Without examination, close, for such period or periods as the Commission may deem necessary, any bank facing an emergency due to withdrawal of deposits or otherwise, or, without closing such bank, grant to it the right to suspend or limit the withdrawal of deposits, for such period as the Commission may determine.
If any such bank shall fail or refuse to comply with any such order or orders of the Commission, or if the Commission shall determine that a receiver for any such bank should be appointed, the Commission may apply for the appointment of a receiver to take charge of the business affairs and assets of such bank and to wind up its affairs as hereinafter provided.
(Code 1950, § 6-113; 1966, c. 584; 1976, c. 658.)
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