{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1036.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1036.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1036.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1036.html"}],"law_id":73963,"edition_id":1,"section_id":73963,"structure_id":13002,"section_number":"6.2-1036","catch_line":"Commission’s remedial powers","history":"1993, c. 432, \u00a7 6.1-32.28; 1994, c. 524; 1995, c. 140; 2010, c. 794.","full_text":"A\n\nIf the Commission finds that a trust company (i) has failed to fully observe the laws of the Commonwealth, (ii) is being operated in an unsafe or unsound manner, (iii) has failed to comply with any Commission order or regulation, (iv) is engaging in any irregular practices, or (v) is, or is about to become, insolvent or its capital has been, or is in danger of being, impaired, the Commission shall give notice thereof to the officers and directors of the company. If necessary to conserve the assets of the company or protect the public interest, the Commission may:1\n\nClose the company for a period not exceeding 60 days, which period may be further extended for a like period or periods as the Commission deems necessary;2\n\nRequire that all orders and regulations of the Commission be complied with;3\n\nRequire that the company make reports daily or at such other times as may be required as to the results achieved in carrying out the Commission’s orders;4\n\nRequire that any irregularities be promptly corrected;5\n\nRequire that any impairment of capital be made good; or6\n\nTemporarily suspend the right of the company to receive any further property in a fiduciary capacity.B\n\nIf the Commission determines that a receiver should be appointed for a trust company, the Commission may close the company; take charge of the books, assets and affairs of the company; and apply to any circuit court in the Commonwealth for the appointment of a receiver to take charge of the company’s business, assets and affairs. Proceedings for appointment of a receiver for a trust company shall not be entertained by any court except on application of the Commission.C\n\nThe Commissioner may issue and serve upon a trust company a cease and desist order if, in the opinion of the Commissioner, the company is engaging, has engaged, or, there is reasonable cause to believe, is about to engage in an unsafe or unsound practice, irregularity, or any violation of law, rule, or regulation applicable to the conduct of its business, or any Commission order. The cease and desist order shall contain a statement of the facts upon which it is based and may require, in terms that may be mandatory or otherwise, the company and its directors, officers, employees, and agents to cease and desist from the practice or violation. The order shall specify its effective date and shall notify the company of its right to request a hearing in accordance with the Commission’s Rules.D\n\nWhen the practice or violation specified in an order issued pursuant to subsection C, or any continuation thereof, is likely to prejudice the company’s stockholders, or persons having an interest in property held by the company in a fiduciary capacity, the Commissioner may make the order effective immediately. An order shall remain in effect until withdrawn by the Commissioner or terminated by the Commission after a hearing. A request for a hearing shall be given expeditious treatment on the Commission’s docket, and the Commission need not allow 10 days’ notice to the company.","order_by":null,"text":{"0":{"id":266019,"text":"If the Commission finds that a trust company (i) has failed to fully observe the laws of the Commonwealth, (ii) is being operated in an unsafe or unsound manner, (iii) has failed to comply with any Commission order or regulation, (iv) is engaging in any irregular practices, or (v) is, or is about to become, insolvent or its capital has been, or is in danger of being, impaired, the Commission shall give notice thereof to the officers and directors of the company. If necessary to conserve the assets of the company or protect the public interest, the Commission may:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":266020,"text":"Close the company for a period not exceeding 60 days, which period may be further extended for a like period or periods as the Commission deems necessary;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":266021,"text":"Require that all orders and regulations of the Commission be complied with;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":266022,"text":"Require that the company make reports daily or at such other times as may be required as to the results achieved in carrying out the Commission’s orders;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":266023,"text":"Require that any irregularities be promptly corrected;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":266024,"text":"Require that any impairment of capital be made good; or","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":266025,"text":"Temporarily suspend the right of the company to receive any further property in a fiduciary capacity.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":266026,"text":"If the Commission determines that a receiver should be appointed for a trust company, the Commission may close the company; take charge of the books, assets and affairs of the company; and apply to any circuit court in the Commonwealth for the appointment of a receiver to take charge of the company’s business, assets and affairs. Proceedings for appointment of a receiver for a trust company shall not be entertained by any court except on application of the Commission.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":266027,"text":"The Commissioner may issue and serve upon a trust company a cease and desist order if, in the opinion of the Commissioner, the company is engaging, has engaged, or, there is reasonable cause to believe, is about to engage in an unsafe or unsound practice, irregularity, or any violation of law, rule, or regulation applicable to the conduct of its business, or any Commission order. The cease and desist order shall contain a statement of the facts upon which it is based and may require, in terms that may be mandatory or otherwise, the company and its directors, officers, employees, and agents to cease and desist from the practice or violation. The order shall specify its effective date and shall notify the company of its right to request a hearing in accordance with the Commission’s Rules.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"9":{"id":266028,"text":"When the practice or violation specified in an order issued pursuant to subsection C, or any continuation thereof, is likely to prejudice the company’s stockholders, or persons having an interest in property held by the company in a fiduciary capacity, the Commissioner may make the order effective immediately. An order shall remain in effect until withdrawn by the Commissioner or terminated by the Commission after a hearing. A request for a hearing shall be given expeditious treatment on the Commission’s docket, and the Commission need not allow 10 days’ notice to the company.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13002,"edition_id":1,"name":"Trust Companies","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263743,"object_type":"structure","relational_id":13002,"identifier":"2","token":"6.2\/II\/10\/2","url":"\/6.2\/II\/10\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64748,"structure_id":13002,"section_number":"6.2-1013","catch_line":"Definitions","url":"\/6.2-1013\/","token":"6.2\/II\/10\/2\/6.2-1013","metadata":false},{"id":64030,"structure_id":13002,"section_number":"6.2-1014","catch_line":"Certificate required","url":"\/6.2-1014\/","token":"6.2\/II\/10\/2\/6.2-1014","metadata":false},{"id":69346,"structure_id":13002,"section_number":"6.2-1015","catch_line":"Application for certificate; fee","url":"\/6.2-1015\/","token":"6.2\/II\/10\/2\/6.2-1015","metadata":false},{"id":69552,"structure_id":13002,"section_number":"6.2-1016","catch_line":"Bond required","url":"\/6.2-1016\/","token":"6.2\/II\/10\/2\/6.2-1016","metadata":false},{"id":81700,"structure_id":13002,"section_number":"6.2-1017","catch_line":"Procedure for granting or denying certificate","url":"\/6.2-1017\/","token":"6.2\/II\/10\/2\/6.2-1017","metadata":false},{"id":87352,"structure_id":13002,"section_number":"6.2-1018","catch_line":"Minimum capital; state of incorporation; form of entity","url":"\/6.2-1018\/","token":"6.2\/II\/10\/2\/6.2-1018","metadata":false},{"id":70627,"structure_id":13002,"section_number":"6.2-1019","catch_line":"Issuance of shares; subscriptions to stock; stock option plans","url":"\/6.2-1019\/","token":"6.2\/II\/10\/2\/6.2-1019","metadata":false},{"id":72448,"structure_id":13002,"section_number":"6.2-1020","catch_line":"Certain transactions by affiliated trust companies prohibited","url":"\/6.2-1020\/","token":"6.2\/II\/10\/2\/6.2-1020","metadata":false},{"id":71728,"structure_id":13002,"section_number":"6.2-1021","catch_line":"Commissions or fees for sale of stock not permitted","url":"\/6.2-1021\/","token":"6.2\/II\/10\/2\/6.2-1021","metadata":false},{"id":84840,"structure_id":13002,"section_number":"6.2-1022","catch_line":"Reacquisition of shares; dividends","url":"\/6.2-1022\/","token":"6.2\/II\/10\/2\/6.2-1022","metadata":false},{"id":63794,"structure_id":13002,"section_number":"6.2-1023","catch_line":"Acquisition of stock; application","url":"\/6.2-1023\/","token":"6.2\/II\/10\/2\/6.2-1023","metadata":false},{"id":67642,"structure_id":13002,"section_number":"6.2-1024","catch_line":"Restrictions on control, officers and directors","url":"\/6.2-1024\/","token":"6.2\/II\/10\/2\/6.2-1024","metadata":false},{"id":80043,"structure_id":13002,"section_number":"6.2-1025","catch_line":"Report to Commission of election of director","url":"\/6.2-1025\/","token":"6.2\/II\/10\/2\/6.2-1025","metadata":false},{"id":54076,"structure_id":13002,"section_number":"6.2-1026","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1026\/","token":"6.2\/II\/10\/2\/6.2-1026","metadata":false},{"id":64819,"structure_id":13002,"section_number":"6.2-1027","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1027\/","token":"6.2\/II\/10\/2\/6.2-1027","metadata":false},{"id":70732,"structure_id":13002,"section_number":"6.2-1028","catch_line":"Offices","url":"\/6.2-1028\/","token":"6.2\/II\/10\/2\/6.2-1028","metadata":false},{"id":56519,"structure_id":13002,"section_number":"6.2-1029","catch_line":"Directors","url":"\/6.2-1029\/","token":"6.2\/II\/10\/2\/6.2-1029","metadata":false},{"id":77730,"structure_id":13002,"section_number":"6.2-1030","catch_line":"Discount by officer, director, or employee of refused paper","url":"\/6.2-1030\/","token":"6.2\/II\/10\/2\/6.2-1030","metadata":false},{"id":61329,"structure_id":13002,"section_number":"6.2-1031","catch_line":"Reports","url":"\/6.2-1031\/","token":"6.2\/II\/10\/2\/6.2-1031","metadata":false},{"id":72585,"structure_id":13002,"section_number":"6.2-1032","catch_line":"Investigations; examinations","url":"\/6.2-1032\/","token":"6.2\/II\/10\/2\/6.2-1032","metadata":false},{"id":63765,"structure_id":13002,"section_number":"6.2-1033","catch_line":"Fees","url":"\/6.2-1033\/","token":"6.2\/II\/10\/2\/6.2-1033","metadata":false},{"id":71760,"structure_id":13002,"section_number":"6.2-1034","catch_line":"Regulations","url":"\/6.2-1034\/","token":"6.2\/II\/10\/2\/6.2-1034","metadata":false},{"id":83326,"structure_id":13002,"section_number":"6.2-1035","catch_line":"Audits","url":"\/6.2-1035\/","token":"6.2\/II\/10\/2\/6.2-1035","metadata":false},{"id":73963,"structure_id":13002,"section_number":"6.2-1036","catch_line":"Commission's remedial powers","url":"\/6.2-1036\/","token":"6.2\/II\/10\/2\/6.2-1036","metadata":false},{"id":78286,"structure_id":13002,"section_number":"6.2-1037","catch_line":"Effect of surrender or revocation of certificate","url":"\/6.2-1037\/","token":"6.2\/II\/10\/2\/6.2-1037","metadata":false},{"id":67670,"structure_id":13002,"section_number":"6.2-1038","catch_line":"Appointment of receiver","url":"\/6.2-1038\/","token":"6.2\/II\/10\/2\/6.2-1038","metadata":false},{"id":61667,"structure_id":13002,"section_number":"6.2-1039","catch_line":"Engaging in trust business without authority; Commission may examine accounts of suspected person; penalty","url":"\/6.2-1039\/","token":"6.2\/II\/10\/2\/6.2-1039","metadata":false},{"id":84279,"structure_id":13002,"section_number":"6.2-1040","catch_line":"Unlawful use of terms indicating that business is trust company; penalty","url":"\/6.2-1040\/","token":"6.2\/II\/10\/2\/6.2-1040","metadata":false},{"id":65125,"structure_id":13002,"section_number":"6.2-1041","catch_line":"Civil penalties for failure to comply with \u00a7 6.2-1031 or 6.2-1032","url":"\/6.2-1041\/","token":"6.2\/II\/10\/2\/6.2-1041","metadata":false},{"id":73588,"structure_id":13002,"section_number":"6.2-1042","catch_line":"Making derogatory statements affecting trust companies; penalty","url":"\/6.2-1042\/","token":"6.2\/II\/10\/2\/6.2-1042","metadata":false},{"id":86658,"structure_id":13002,"section_number":"6.2-1043","catch_line":"Use of trust company name, logo, or symbol for marketing purposes; penalty","url":"\/6.2-1043\/","token":"6.2\/II\/10\/2\/6.2-1043","metadata":false},{"id":64372,"structure_id":13002,"section_number":"6.2-1044","catch_line":"Offenses by officer, director, agent or employee of trust company; penalties","url":"\/6.2-1044\/","token":"6.2\/II\/10\/2\/6.2-1044","metadata":false},{"id":62328,"structure_id":13002,"section_number":"6.2-1045","catch_line":"Officers, directors, agents and employees violating or causing trust company to violate laws; civil liability not affected","url":"\/6.2-1045\/","token":"6.2\/II\/10\/2\/6.2-1045","metadata":false},{"id":77473,"structure_id":13002,"section_number":"6.2-1046","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1046\/","token":"6.2\/II\/10\/2\/6.2-1046","metadata":false}],"previous_section":{"id":83326,"structure_id":13002,"section_number":"6.2-1035","catch_line":"Audits","url":"\/6.2-1035\/","token":"6.2\/II\/10\/2\/6.2-1035","metadata":false},"next_section":{"id":78286,"structure_id":13002,"section_number":"6.2-1037","catch_line":"Effect of surrender or revocation of certificate","url":"\/6.2-1037\/","token":"6.2\/II\/10\/2\/6.2-1037","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1036\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 432 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1994, chapter 524<\/a>; in 1995, chapter 140<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":64819,"section_number":"6.2-1027","catch_line":"Bonds required of officers and employees; blanket bond","order_by":null,"url":"\/6.2-1027\/"},{"id":78286,"section_number":"6.2-1037","catch_line":"Effect of surrender or revocation of certificate","order_by":null,"url":"\/6.2-1037\/"}],"refers_to":false,"permalink":{"id":263837,"object_type":"law","relational_id":73963,"identifier":"6.2-1036","token":"6.2\/II\/10\/2\/6.2-1036","url":"\/6.2-1036\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1036\/","token":"6.2\/II\/10\/2\/6.2-1036","dublin_core":{"Title":"Commission’s remedial powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1036","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the Commission<\/span> finds that a trust company<\/span> (i) has failed to fully observe the laws<\/span> of the Commonwealth, (ii) is being operated in an unsafe or unsound manner, (iii) has failed to comply with any Commission<\/span> order<\/span> or regulation, (iv) is engaging in any irregular practices, or (v) is, or is about to become, insolvent or its capital has been, or is in danger of being, impaired, the Commission<\/span> shall give notice thereof to the officers and directors of the company. If necessary to conserve the assets<\/span> of the company or protect the public interest, the Commission<\/span> may: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Close the company for a period not exceeding 60 days, which period may be further extended for a like period or periods as the Commission<\/span> deems necessary; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Require that all orders<\/span> and regulations of the Commission<\/span> be complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Require that the company make reports daily or at such other times as may be required as to the results achieved in carrying out the Commission<\/span>’s orders<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Require that any irregularities be promptly corrected; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Require that any impairment of capital be made good; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Temporarily suspend the right of the company to receive any further property in a fiduciary<\/span> capacity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the Commission<\/span> determines that a receiver should be appointed for a trust company<\/span>, the Commission<\/span> may close the company; take charge of the books, assets<\/span> and affairs of the company; and apply to any circuit<\/span> court<\/span> in the Commonwealth for the appointment of a receiver to take charge of the company’s business, assets<\/span> and affairs. Proceedings for appointment of a receiver for a trust company<\/span> shall not be entertained by any court<\/span> except on application of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commissioner<\/span> may issue<\/span> and serve upon a trust company<\/span> a cease and desist order<\/span> if, in the opinion<\/span> of the Commissioner<\/span>, the company is engaging, has engaged, or, there is reasonable cause to believe, is about to engage in an unsafe or unsound practice, irregularity, or any violation of law<\/span>, rule, or regulation applicable to the conduct of its business, or any Commission<\/span> order<\/span>. The cease and desist order<\/span> shall contain a statement of the facts<\/span> upon which it is based and may require, in terms that may be mandatory or otherwise, the company and its directors, officers, employees, and agents to cease and desist from the practice or violation. The order<\/span> shall specify its effective date and shall notify the company of its right to request a hearing<\/span> in accordance with the Commission<\/span>’s Rules. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> When the practice or violation specified in an order<\/span> issued pursuant to subsection C, or any continuation thereof, is likely to prejudice the company’s stockholders, or persons<\/span> having an interest in property held by the company in a fiduciary<\/span> capacity, the Commissioner<\/span> may make the order<\/span> effective immediately. An order<\/span> shall remain in effect until withdrawn by the Commissioner<\/span> or terminated by the Commission<\/span> after a hearing<\/span>. A request for a hearing<\/span> shall be given expeditious treatment on the Commission<\/span>’s docket<\/span>, and the Commission<\/span> need not allow 10 days’ notice to the company. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMISSION’S REMEDIAL POWERS (\u00a7 6.2-1036)\n\nA. If the Commission finds that a trust company (i) has failed to fully observe\nthe laws of the Commonwealth, (ii) is being operated in an unsafe or unsound\nmanner, (iii) has failed to comply with any Commission order or regulation, (iv)\nis engaging in any irregular practices, or (v) is, or is about to become,\ninsolvent or its capital has been, or is in danger of being, impaired, the\nCommission shall give notice thereof to the officers and directors of the\ncompany. If necessary to conserve the assets of the company or protect the\npublic interest, the Commission may:\n\n 1. Close the company for a period not exceeding 60 days, which period may be\n further extended for a like period or periods as the Commission deems\n necessary;\n\n 2. Require that all orders and regulations of the Commission be complied with;\n\n 3. Require that the company make reports daily or at such other times as may\n be required as to the results achieved in carrying out the Commission’s\n orders;\n\n 4. Require that any irregularities be promptly corrected;\n\n 5. Require that any impairment of capital be made good; or\n\n 6. Temporarily suspend the right of the company to receive any further\n property in a fiduciary capacity.\n\nB. If the Commission determines that a receiver should be appointed for a trust\ncompany, the Commission may close the company; take charge of the books, assets\nand affairs of the company; and apply to any circuit court in the Commonwealth\nfor the appointment of a receiver to take charge of the company’s\nbusiness, assets and affairs. Proceedings for appointment of a receiver for a\ntrust company shall not be entertained by any court except on application of the\nCommission.\n\nC. The Commissioner may issue and serve upon a trust company a cease and desist\norder if, in the opinion of the Commissioner, the company is engaging, has\nengaged, or, there is reasonable cause to believe, is about to engage in an\nunsafe or unsound practice, irregularity, or any violation of law, rule, or\nregulation applicable to the conduct of its business, or any Commission order.\nThe cease and desist order shall contain a statement of the facts upon which it\nis based and may require, in terms that may be mandatory or otherwise, the\ncompany and its directors, officers, employees, and agents to cease and desist\nfrom the practice or violation. The order shall specify its effective date and\nshall notify the company of its right to request a hearing in accordance with\nthe Commission’s Rules.\n\nD. When the practice or violation specified in an order issued pursuant to\nsubsection C, or any continuation thereof, is likely to prejudice the\ncompany’s stockholders, or persons having an interest in property held by\nthe company in a fiduciary capacity, the Commissioner may make the order\neffective immediately. An order shall remain in effect until withdrawn by the\nCommissioner or terminated by the Commission after a hearing. A request for a\nhearing shall be given expeditious treatment on the Commission’s docket,\nand the Commission need not allow 10 days’ notice to the company.\n\nHISTORY: 1993, c. 432, \u00a7 6.1-32.28; 1994, c. 524; 1995, c. 140; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}