Code of Virginia § 6.2-916. Appointment of receiver.
144 words·~1 min read·
/va/title-6-2/chapter-8/6-2-916A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When, in the judgment of the Commission, it is necessary for the protection of the interests of the Commonwealth or of the depositors and creditors of any bank doing business in the Commonwealth, or of the creditors of any trust company doing business in the Commonwealth, the Commission shall apply to any court in the Commonwealth having jurisdiction to appoint receivers for the appointment of a receiver to take charge of the business affairs and assets, and to wind up the affairs and business, of any such bank or trust company
(i)failing to comply with the requirements of the Commission or
(ii)found upon examination to be insolvent or unable to meet its obligations and the legal demands made upon it in the ordinary course and conduct of its business.
Code 1950, § 6-116; 1966, c. 584, § 6.1-102; 2010, c. 794 .