{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1315.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1315.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1315.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1315.html"}],"law_id":81331,"edition_id":1,"section_id":81331,"structure_id":15645,"section_number":"6.2-1315","catch_line":"Removal of director or officer; penalty for acting after removal","history":"1976, c. 658, \u00a7 6.1-223.1; 1990, c. 373, \u00a7 6.1-225.9; 2010, c. 794.","full_text":"A\n\nWhenever any director or officer of a credit union doing business in the Commonwealth violates any lawful order of the Commission or knowingly continues to violate any law relating to credit unions or knowingly continues an unsafe or unsound practice in conducting the business of a credit union, 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 the credit union. The 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 credit union 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 credit union, or has knowingly continued any unsafe or unsound practice in conducting the business of the credit union, after he and the board of directors of the credit union 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 the credit union. A copy of such order shall be served upon the director or officer and upon the credit union of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the credit union and shall thereafter cease to participate in any manner in the management of the credit union.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 the credit union, except as a member thereof, is guilty of a Class 6 felony.","order_by":null,"text":{"0":{"id":291478,"text":"Whenever any director or officer of a credit union doing business in the Commonwealth violates any lawful order of the Commission or knowingly continues to violate any law relating to credit unions or knowingly continues an unsafe or unsound practice in conducting the business of a credit union, 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 the credit union. The 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 credit union affected.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":291479,"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 credit union, or has knowingly continued any unsafe or unsound practice in conducting the business of the credit union, after he and the board of directors of the credit union 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 the credit union. A copy of such order shall be served upon the director or officer and upon the credit union of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the credit union and shall thereafter cease to participate in any manner in the management of the credit union.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":291480,"text":"Any director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of the credit union, except as a member thereof, 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":15645,"edition_id":1,"name":"Supervision and Regulation","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:20","date_modified":"2026-06-26 03:57:20","permalink":{"id":264605,"object_type":"structure","relational_id":15645,"identifier":"2","token":"6.2\/II\/13\/2","url":"\/6.2\/II\/13\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","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":69039,"structure_id":15645,"section_number":"6.2-1308","catch_line":"Supervision and regulation by Commission","url":"\/6.2-1308\/","token":"6.2\/II\/13\/2\/6.2-1308","metadata":false},{"id":84662,"structure_id":15645,"section_number":"6.2-1309","catch_line":"Examinations","url":"\/6.2-1309\/","token":"6.2\/II\/13\/2\/6.2-1309","metadata":false},{"id":79662,"structure_id":15645,"section_number":"6.2-1310","catch_line":"Fees for examination, supervision, and regulation","url":"\/6.2-1310\/","token":"6.2\/II\/13\/2\/6.2-1310","metadata":false},{"id":75135,"structure_id":15645,"section_number":"6.2-1311","catch_line":"Reports to Commission; penalty for failure to make reports","url":"\/6.2-1311\/","token":"6.2\/II\/13\/2\/6.2-1311","metadata":false},{"id":66020,"structure_id":15645,"section_number":"6.2-1312","catch_line":"Cease and desist orders; right to hearing","url":"\/6.2-1312\/","token":"6.2\/II\/13\/2\/6.2-1312","metadata":false},{"id":84113,"structure_id":15645,"section_number":"6.2-1313","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver","url":"\/6.2-1313\/","token":"6.2\/II\/13\/2\/6.2-1313","metadata":false},{"id":65334,"structure_id":15645,"section_number":"6.2-1314","catch_line":"Penalties for violation of orders of Commission","url":"\/6.2-1314\/","token":"6.2\/II\/13\/2\/6.2-1314","metadata":false},{"id":81331,"structure_id":15645,"section_number":"6.2-1315","catch_line":"Removal of director or officer; penalty for acting after removal","url":"\/6.2-1315\/","token":"6.2\/II\/13\/2\/6.2-1315","metadata":false},{"id":79105,"structure_id":15645,"section_number":"6.2-1316","catch_line":"Offenses; penalty","url":"\/6.2-1316\/","token":"6.2\/II\/13\/2\/6.2-1316","metadata":false},{"id":60747,"structure_id":15645,"section_number":"6.2-1317","catch_line":"Supervisory merger or transfer of assets of insolvent or financially unstable credit union","url":"\/6.2-1317\/","token":"6.2\/II\/13\/2\/6.2-1317","metadata":false},{"id":59800,"structure_id":15645,"section_number":"6.2-1318","catch_line":"Repealed","url":"\/6.2-1318\/","token":"6.2\/II\/13\/2\/6.2-1318","metadata":false},{"id":82764,"structure_id":15645,"section_number":"6.2-1319","catch_line":"Involuntary dissolution","url":"\/6.2-1319\/","token":"6.2\/II\/13\/2\/6.2-1319","metadata":false}],"previous_section":{"id":65334,"structure_id":15645,"section_number":"6.2-1314","catch_line":"Penalties for violation of orders of Commission","url":"\/6.2-1314\/","token":"6.2\/II\/13\/2\/6.2-1314","metadata":false},"next_section":{"id":79105,"structure_id":15645,"section_number":"6.2-1316","catch_line":"Offenses; penalty","url":"\/6.2-1316\/","token":"6.2\/II\/13\/2\/6.2-1316","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1315\/","history_text":"

This law was first created in 1976. The record of its establishment is cataloged in chapter 658 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 1976 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264635,"object_type":"law","relational_id":81331,"identifier":"6.2-1315","token":"6.2\/II\/13\/2\/6.2-1315","url":"\/6.2-1315\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1315\/","token":"6.2\/II\/13\/2\/6.2-1315","dublin_core":{"Title":"Removal of director or officer; penalty for acting after removal","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1315","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Whenever any director or officer of a credit union<\/span> doing business in the Commonwealth violates any lawful order<\/span> of the Commission<\/span> or knowingly continues to violate any law<\/span> relating to credit unions<\/span> or knowingly continues an unsafe or unsound practice in conducting the business of a credit union<\/span>, 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 the credit union<\/span>. The 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 credit union<\/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 credit union<\/span>, or has knowingly continued any unsafe or unsound practice in conducting the business of the credit union<\/span>, after he and the board of directors of the credit union<\/span> 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 the credit union<\/span>. A copy of such order<\/span> shall be served upon the director or officer and upon the credit union<\/span> of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the credit union<\/span> and shall thereafter cease to participate in any manner in the management of the credit union<\/span>. <\/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 the credit union<\/span>, except as a member<\/span> thereof, is guilty of a Class 6 felony<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREMOVAL OF DIRECTOR OR OFFICER; PENALTY FOR ACTING AFTER REMOVAL (\u00a7 6.2-1315)\n\nA. Whenever any director or officer of a credit union doing business in the\nCommonwealth violates any lawful order of the Commission or knowingly continues\nto violate any law relating to credit unions or knowingly continues an unsafe or\nunsound practice in conducting the business of a credit union, after the\ndirector or officer, and the board of directors of the institution of which he\nis a director or officer, have been warned in writing by the Commissioner to\ndiscontinue such violation of law or such unsafe or unsound practice, the\nCommissioner shall certify the facts to the Commission. The Commission shall\nthereupon enter an order requiring such director or officer to appear before the\nCommission, within not less than 10 days, to show cause why he should not be\nremoved from office and thereafter restrained from participating in any manner\nin the management of the credit union. The order shall contain a brief statement\nof the facts certified to the Commission by the Commissioner. A copy of the\norder shall be served upon the director or officer, and a copy thereof shall be\nsent by certified or registered mail to each director of the credit union\naffected.\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 credit union, or has knowingly continued any unsafe or\nunsound practice in conducting the business of the credit union, after he and\nthe board of directors of the credit union 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 the credit union. A\ncopy of such order shall be served upon the director or officer and upon the\ncredit union of which he is a director or officer, whereupon the director or\nofficer shall cease to be a director or officer of the credit union and shall\nthereafter cease to participate in any manner in the management of the credit\nunion.\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 the\ncredit union, except as a member thereof, is guilty of a Class 6 felony.\n\nHISTORY: 1976, c. 658, \u00a7 6.1-223.1; 1990, c. 373, \u00a7 6.1-225.9; 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}}