Code of Virginia § 6.2-915. Protection of state deposits upon insolvency.
90 words·~1 min read·
/va/title-6-2/chapter-8/6-2-915A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If, upon the examination of any bank that is designated as a state depository, it appears to the Commission that the bank is insolvent or is unable to meet its obligations and the legal demands upon it in the ordinary course of its business, the Commission shall forthwith notify the State Treasurer, who shall discontinue further deposits therein of state funds and take such action as may be necessary to protect the deposits of the Commonwealth therein.
Code 1950, § 6-115; 1966, c. 584, § 6.1-101; 2010, c. 794 .