{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1200.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1200.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1200.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1200.html"}],"law_id":85960,"edition_id":1,"section_id":85960,"structure_id":13751,"section_number":"6.2-1200","catch_line":"Removal of director or officer; appeal; penalty for acting after removal","history":"1985, c. 425, \u00a7 6.1-194.84; 2010, c. 794.","full_text":"A\n\nWhenever any director or officer of a savings institution doing business in the Commonwealth has knowingly continued to violate any law relating to such savings institution or has knowingly continued any unsafe or unsound practice in conducting the business of such institution, after the director or officer, and the board of directors of the institution of which he is a director or officer, have been warned in writing by the Commissioner to discontinue such violation of law or such unsafe or unsound practice, the Commissioner shall certify the facts to the Commission. The Commission shall thereupon enter an order requiring such director or officer to appear before the Commission, within not less than 10 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 savings institution. Such order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of the order shall be served upon the director or officer, and a copy thereof shall be sent by certified or registered mail to each director of the savings institution affected.B\n\nIf, after granting the accused director or officer a reasonable opportunity to be heard, the Commission finds that he has knowingly continued to violate any law relating to the savings institution, or has knowingly continued any unsafe or unsound practice in conducting the business of the institution, after he and the board of directors of the institution 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 practice, the Commission shall enter an order removing the director or officer from office and restraining the director or officer from thereafter participating in any manner in the management of such savings institution. A copy of such order shall be served upon the director or officer and upon the savings institution of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the institution and shall thereafter cease to participate in any manner in the management of the institution.C\n\nAny director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of such savings institution, except as a stockholder therein, is guilty of a Class 6 felony.","order_by":null,"text":{"0":{"id":307880,"text":"Whenever any director or officer of a savings institution doing business in the Commonwealth has knowingly continued to violate any law relating to such savings institution or has knowingly continued any unsafe or unsound practice in conducting the business of such institution, after the director or officer, and the board of directors of the institution of which he is a director or officer, have been warned in writing by the Commissioner to discontinue such violation of law or such unsafe or unsound practice, the Commissioner shall certify the facts to the Commission. The Commission shall thereupon enter an order requiring such director or officer to appear before the Commission, within not less than 10 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 savings institution. Such order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of the order shall be served upon the director or officer, and a copy thereof shall be sent by certified or registered mail to each director of the savings institution affected.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":307881,"text":"If, after granting the accused director or officer a reasonable opportunity to be heard, the Commission finds that he has knowingly continued to violate any law relating to the savings institution, or has knowingly continued any unsafe or unsound practice in conducting the business of the institution, after he and the board of directors of the institution 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 practice, the Commission shall enter an order removing the director or officer from office and restraining the director or officer from thereafter participating in any manner in the management of such savings institution. A copy of such order shall be served upon the director or officer and upon the savings institution of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the institution and shall thereafter cease to participate in any manner in the management of the institution.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":307882,"text":"Any director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of such savings institution, except as a stockholder therein, is guilty of a Class 6 felony.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13751,"edition_id":1,"name":"Supervision","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:45:46","date_modified":"2026-06-26 03:45:46","permalink":{"id":264483,"object_type":"structure","relational_id":13751,"identifier":"9","token":"6.2\/II\/11\/9","url":"\/6.2\/II\/11\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","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":57271,"structure_id":13751,"section_number":"6.2-1191","catch_line":"General supervisory powers of Commission","url":"\/6.2-1191\/","token":"6.2\/II\/11\/9\/6.2-1191","metadata":false},{"id":58058,"structure_id":13751,"section_number":"6.2-1192","catch_line":"Regulations","url":"\/6.2-1192\/","token":"6.2\/II\/11\/9\/6.2-1192","metadata":false},{"id":54754,"structure_id":13751,"section_number":"6.2-1193","catch_line":"Statements to be furnished by Commission to directors of savings institutions","url":"\/6.2-1193\/","token":"6.2\/II\/11\/9\/6.2-1193","metadata":false},{"id":76799,"structure_id":13751,"section_number":"6.2-1194","catch_line":"State savings institutions to furnish financial statements and reports","url":"\/6.2-1194\/","token":"6.2\/II\/11\/9\/6.2-1194","metadata":false},{"id":82129,"structure_id":13751,"section_number":"6.2-1195","catch_line":"Examination of state savings institutions and affiliates by Commissioner; report of examination","url":"\/6.2-1195\/","token":"6.2\/II\/11\/9\/6.2-1195","metadata":false},{"id":54871,"structure_id":13751,"section_number":"6.2-1196","catch_line":"Access to books and evidence of debt; examination of directors, officers, and employees under oath","url":"\/6.2-1196\/","token":"6.2\/II\/11\/9\/6.2-1196","metadata":false},{"id":69518,"structure_id":13751,"section_number":"6.2-1197","catch_line":"False statements; penalty","url":"\/6.2-1197\/","token":"6.2\/II\/11\/9\/6.2-1197","metadata":false},{"id":62949,"structure_id":13751,"section_number":"6.2-1198","catch_line":"Audits","url":"\/6.2-1198\/","token":"6.2\/II\/11\/9\/6.2-1198","metadata":false},{"id":60843,"structure_id":13751,"section_number":"6.2-1199","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves or insolvency; appointment of Federal Deposit Insurance Corporation as receiver","url":"\/6.2-1199\/","token":"6.2\/II\/11\/9\/6.2-1199","metadata":false},{"id":85960,"structure_id":13751,"section_number":"6.2-1200","catch_line":"Removal of director or officer; appeal; penalty for acting after removal","url":"\/6.2-1200\/","token":"6.2\/II\/11\/9\/6.2-1200","metadata":false},{"id":68119,"structure_id":13751,"section_number":"6.2-1201","catch_line":"Special examinations","url":"\/6.2-1201\/","token":"6.2\/II\/11\/9\/6.2-1201","metadata":false},{"id":77126,"structure_id":13751,"section_number":"6.2-1202","catch_line":"Fees for supervision and regulation; investigations","url":"\/6.2-1202\/","token":"6.2\/II\/11\/9\/6.2-1202","metadata":false},{"id":74032,"structure_id":13751,"section_number":"6.2-1203","catch_line":"Examination of persons believed to be doing business without authority; doing business without authority; penalty","url":"\/6.2-1203\/","token":"6.2\/II\/11\/9\/6.2-1203","metadata":false},{"id":64847,"structure_id":13751,"section_number":"6.2-1204","catch_line":"Compliance by savings institution holding companies with federal regulations constitutes compliance with Commission regulations","url":"\/6.2-1204\/","token":"6.2\/II\/11\/9\/6.2-1204","metadata":false},{"id":61378,"structure_id":13751,"section_number":"6.2-1205","catch_line":"Merger, consolidation or transfer of assets of insolvent or financially unstable savings institution; notice and hearing; final order; priorities; examinations of resulting institutions","url":"\/6.2-1205\/","token":"6.2\/II\/11\/9\/6.2-1205","metadata":false}],"previous_section":{"id":60843,"structure_id":13751,"section_number":"6.2-1199","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves or insolvency; appointment of Federal Deposit Insurance Corporation as receiver","url":"\/6.2-1199\/","token":"6.2\/II\/11\/9\/6.2-1199","metadata":false},"next_section":{"id":68119,"structure_id":13751,"section_number":"6.2-1201","catch_line":"Special examinations","url":"\/6.2-1201\/","token":"6.2\/II\/11\/9\/6.2-1201","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1200\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 425 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 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":[{"id":82490,"section_number":"6.2-1127","catch_line":"Bonds of officers and employees","order_by":null,"url":"\/6.2-1127\/"}],"refers_to":false,"permalink":{"id":264521,"object_type":"law","relational_id":85960,"identifier":"6.2-1200","token":"6.2\/II\/11\/9\/6.2-1200","url":"\/6.2-1200\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1200\/","token":"6.2\/II\/11\/9\/6.2-1200","dublin_core":{"Title":"Removal of director or officer; appeal; penalty for acting after removal","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1200","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Whenever any director or officer of a savings institution<\/span> doing business in the Commonwealth has knowingly continued to violate any law<\/span> relating to such savings institution<\/span> or has knowingly continued any unsafe or unsound practice in conducting the business of such institution, after the director or officer, and the board of directors of the institution of which he is a director or officer, have been warned in writing by the Commissioner<\/span> to discontinue such violation of law<\/span> or such unsafe or unsound practice, the Commissioner<\/span> shall certify the facts<\/span> to the Commission<\/span>. The Commission<\/span> shall thereupon enter an order<\/span> requiring such director or officer to appear before the Commission<\/span>, within not less than 10 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 savings institution<\/span>. Such order<\/span> shall contain a brief<\/span> statement of the facts<\/span> certified to the Commission<\/span> by the Commissioner<\/span>. A copy of the order<\/span> shall be served upon the director or officer, and a copy thereof shall be sent by certified or registered mail to each director of the savings institution<\/span> affected. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If, after granting the accused<\/span> director or officer a reasonable opportunity to be heard, the Commission<\/span> finds that he has knowingly continued to violate any law<\/span> relating to the savings institution<\/span>, or has knowingly continued any unsafe or unsound practice in conducting the business of the institution, after he and the board of directors of the institution of which he is a director or officer have been warned in writing by the Commissioner<\/span> to discontinue such violation of law<\/span> or unsafe or unsound practice, the Commission<\/span> shall enter an order<\/span> removing the director or officer from office and restraining the director or officer from thereafter participating in any manner in the management of such savings institution<\/span>. A copy of such order<\/span> shall be served upon the director or officer and upon the savings institution<\/span> of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the institution and shall thereafter cease to participate in any manner in the management of the institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of such savings institution<\/span>, except as a stockholder therein, is guilty of a Class 6 felony<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREMOVAL OF DIRECTOR OR OFFICER; APPEAL; PENALTY FOR ACTING AFTER REMOVAL (\u00a7\n6.2-1200)\n\nA. Whenever any director or officer of a savings institution doing business in\nthe Commonwealth has knowingly continued to violate any law relating to such\nsavings institution or has knowingly continued any unsafe or unsound practice in\nconducting the business of such institution, after the director or officer, and\nthe board of directors of the institution of which he is a director or officer,\nhave been warned in writing by the Commissioner to discontinue such violation of\nlaw or such unsafe or unsound practice, the Commissioner shall certify the facts\nto the Commission. The Commission shall thereupon enter an order requiring such\ndirector or officer to appear before the Commission, within not less than 10\ndays, to show cause why he should not be removed from office and thereafter\nrestrained from participating in any manner in the management of such savings\ninstitution. Such order shall contain a brief statement of the facts certified\nto the Commission by the Commissioner. A copy of the order shall be served upon\nthe director or officer, and a copy thereof shall be sent by certified or\nregistered mail to each director of the savings institution affected.\n\nB. If, after granting the accused director or officer a reasonable opportunity\nto be heard, the Commission finds that he has knowingly continued to violate any\nlaw relating to the savings institution, or has knowingly continued any unsafe\nor unsound practice in conducting the business of the institution, after he and\nthe board of directors of the institution of which he is a director or officer\nhave been warned in writing by the Commissioner to discontinue such violation of\nlaw or unsafe or unsound practice, the Commission shall enter an order removing\nthe director or officer from office and restraining the director or officer from\nthereafter participating in any manner in the management of such savings\ninstitution. A copy of such order shall be served upon the director or officer\nand upon the savings institution of which he is a director or officer, whereupon\nthe director or officer shall cease to be a director or officer of the\ninstitution and shall thereafter cease to participate in any manner in the\nmanagement of the institution.\n\nC. Any director or officer removed and restrained under the provisions of this\nsection who thereafter participates in any manner in the management of such\nsavings institution, except as a stockholder therein, is guilty of a Class 6\nfelony.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.84; 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}}