{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-865.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-865.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-865.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-865.html"}],"law_id":63998,"edition_id":1,"section_id":63998,"structure_id":13792,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","history":"Code 1950, \u00a7\u00a7 6-40, 6-41, 6-42; 1966, c. 584, \u00a7\u00a7 6.1-49, 6.1-50, 6.1-51; 1979, c. 58; 1992, c. 136; 2010, c. 794.","full_text":"A\n\nWhenever any director or officer of a bank doing business in the Commonwealth shall continue (i) to violate any law relating to such bank or (ii) unsafe or unsound practices in conducting the business of such bank, after the director or officer, and the board of directors of the bank 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 practices, 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 bank. Such order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of such order shall be served upon such director or officer, and a copy thereof shall be sent by registered mail to each director of the bank affected.B\n\nIf, after granting the accused director or officer a reasonable opportunity to be heard, the Commission shall find that he has continued to violate any law relating to such bank or has continued unsafe or unsound practices in conducting the business of such bank after he and the board of directors of the bank of which he is a director or officer have been warned as provided in subsection A, the Commission shall enter an order removing such director or officer from office and restraining such director or officer from thereafter participating in any manner in the management of such bank. A copy of such order shall be served upon such director or officer. A copy of such order shall also be served upon the bank of which he is a director or officer. Upon such removal, the director or officer shall cease to be a director or officer of such bank and thereafter shall cease to participate in any manner in the management of such bank.C\n\nAny director or officer aggrieved by (i) an order of the Commission entered under subsection B or (ii) an order refusing to remove another director or officer from office and to restrain him from participating in the management of the bank, shall have, of right, an appeal to the Supreme Court of Virginia within 60 days from the date of the order.D\n\nAny director or officer removed and restrained under the provisions of subsection B from participating in any manner in the management of any bank of which he is a director or officer, and who thereafter participates in any manner in the management of such bank except as a stockholder therein, is guilty of a Class 6 felony.","order_by":null,"text":{"0":{"id":233042,"text":"Whenever any director or officer of a bank doing business in the Commonwealth shall continue (i) to violate any law relating to such bank or (ii) unsafe or unsound practices in conducting the business of such bank, after the director or officer, and the board of directors of the bank 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 practices, 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 bank. Such order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of such order shall be served upon such director or officer, and a copy thereof shall be sent by registered mail to each director of the bank affected.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":233043,"text":"If, after granting the accused director or officer a reasonable opportunity to be heard, the Commission shall find that he has continued to violate any law relating to such bank or has continued unsafe or unsound practices in conducting the business of such bank after he and the board of directors of the bank of which he is a director or officer have been warned as provided in subsection A, the Commission shall enter an order removing such director or officer from office and restraining such director or officer from thereafter participating in any manner in the management of such bank. A copy of such order shall be served upon such director or officer. A copy of such order shall also be served upon the bank of which he is a director or officer. Upon such removal, the director or officer shall cease to be a director or officer of such bank and thereafter shall cease to participate in any manner in the management of such bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":233044,"text":"Any director or officer aggrieved by (i) an order of the Commission entered under subsection B or (ii) an order refusing to remove another director or officer from office and to restrain him from participating in the management of the bank, shall have, of right, an appeal to the Supreme Court of Virginia within 60 days from the date of the order.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":233045,"text":"Any director or officer removed and restrained under the provisions of subsection B from participating in any manner in the management of any bank of which he is a director or officer, and who thereafter participates in any manner in the management of such bank except as a stockholder therein, is guilty of a Class 6 felony.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13792,"edition_id":1,"name":"Directors and Officers; Dividends","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265601,"object_type":"structure","relational_id":13792,"identifier":"8","token":"6.2\/II\/8\/8","url":"\/6.2\/II\/8\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":72617,"structure_id":13792,"section_number":"6.2-860","catch_line":"Bank to be managed by board of directors; number of directors","url":"\/6.2-860\/","token":"6.2\/II\/8\/8\/6.2-860","metadata":false},{"id":84782,"structure_id":13792,"section_number":"6.2-861","catch_line":"Application of Virginia Stock Corporation Act","url":"\/6.2-861\/","token":"6.2\/II\/8\/8\/6.2-861","metadata":false},{"id":64096,"structure_id":13792,"section_number":"6.2-862","catch_line":"Directors to own stock in bank","url":"\/6.2-862\/","token":"6.2\/II\/8\/8\/6.2-862","metadata":false},{"id":75199,"structure_id":13792,"section_number":"6.2-863","catch_line":"Oaths of directors","url":"\/6.2-863\/","token":"6.2\/II\/8\/8\/6.2-863","metadata":false},{"id":72831,"structure_id":13792,"section_number":"6.2-864","catch_line":"Report to Commission of election of director","url":"\/6.2-864\/","token":"6.2\/II\/8\/8\/6.2-864","metadata":false},{"id":63998,"structure_id":13792,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","metadata":false},{"id":56603,"structure_id":13792,"section_number":"6.2-866","catch_line":"Meetings of board of directors","url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","metadata":false},{"id":63140,"structure_id":13792,"section_number":"6.2-867","catch_line":"Discount by officer, director, or employee of paper refused by bank","url":"\/6.2-867\/","token":"6.2\/II\/8\/8\/6.2-867","metadata":false},{"id":70091,"structure_id":13792,"section_number":"6.2-868","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-868\/","token":"6.2\/II\/8\/8\/6.2-868","metadata":false},{"id":54800,"structure_id":13792,"section_number":"6.2-869","catch_line":"Dividends; surplus; undivided profits","url":"\/6.2-869\/","token":"6.2\/II\/8\/8\/6.2-869","metadata":false}],"previous_section":{"id":72831,"structure_id":13792,"section_number":"6.2-864","catch_line":"Report to Commission of election of director","url":"\/6.2-864\/","token":"6.2\/II\/8\/8\/6.2-864","metadata":false},"next_section":{"id":56603,"structure_id":13792,"section_number":"6.2-866","catch_line":"Meetings of board of directors","url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-865\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1966, chapter 584; in 1979, chapter 58; in 1992, chapter 136; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265623,"object_type":"law","relational_id":63998,"identifier":"6.2-865","token":"6.2\/II\/8\/8\/6.2-865","url":"\/6.2-865\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","dublin_core":{"Title":"Removal of director or officer; appeals; penalty","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-865","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Whenever any director or officer of a bank<\/span> doing business in the Commonwealth shall continue (i) to violate any law<\/span> relating to such bank<\/span> or (ii) unsafe or unsound practices in conducting the business of such bank<\/span>, after the director or officer, and the board of directors of the bank<\/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 such unsafe or unsound practices, 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 bank<\/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 such order<\/span> shall be served upon such director or officer, and a copy thereof shall be sent by registered mail to each director of the bank<\/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> shall find that he has continued to violate any law<\/span> relating to such bank<\/span> or has continued unsafe or unsound practices in conducting the business of such bank<\/span> after he and the board of directors of the bank<\/span> of which he is a director or officer have been warned as provided in subsection A, the Commission<\/span> shall enter an order<\/span> removing such director or officer from office and restraining such director or officer from thereafter participating in any manner in the management of such bank<\/span>. A copy of such order<\/span> shall be served upon such director or officer. A copy of such order<\/span> shall also be served upon the bank<\/span> of which he is a director or officer. Upon such removal, the director or officer shall cease to be a director or officer of such bank<\/span> and thereafter shall cease to participate in any manner in the management of such bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any director or officer aggrieved by (i) an order<\/span> of the Commission<\/span> entered under subsection B or (ii) an order<\/span> refusing to remove another director or officer from office and to restrain him from participating in the management of the bank<\/span>, shall have, of right, an appeal<\/span> to the Supreme Court<\/span> of Virginia within 60 days from the date of the order<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any director or officer removed and restrained under the provisions of subsection B from participating in any manner in the management of any bank<\/span> of which he is a director or officer, and who thereafter participates in any manner in the management of such bank<\/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; APPEALS; PENALTY (\u00a7 6.2-865)\n\nA. Whenever any director or officer of a bank doing business in the Commonwealth\nshall continue (i) to violate any law relating to such bank or (ii) unsafe or\nunsound practices in conducting the business of such bank, after the director or\nofficer, and the board of directors of the bank of which he is a director or\nofficer, have been warned in writing by the Commissioner to discontinue such\nviolation of law or such unsafe or unsound practices, the Commissioner shall\ncertify the facts to the Commission. The Commission shall thereupon enter an\norder requiring such director or officer to appear before the Commission, within\nnot less than 10 days, to show cause why he should not be removed from office\nand thereafter restrained from participating in any manner in the management of\nsuch bank. Such order shall contain a brief statement of the facts certified to\nthe Commission by the Commissioner. A copy of such order shall be served upon\nsuch director or officer, and a copy thereof shall be sent by registered mail to\neach director of the bank affected.\n\nB. If, after granting the accused director or officer a reasonable opportunity\nto be heard, the Commission shall find that he has continued to violate any law\nrelating to such bank or has continued unsafe or unsound practices in conducting\nthe business of such bank after he and the board of directors of the bank of\nwhich he is a director or officer have been warned as provided in subsection A,\nthe Commission shall enter an order removing such director or officer from\noffice and restraining such director or officer from thereafter participating in\nany manner in the management of such bank. A copy of such order shall be served\nupon such director or officer. A copy of such order shall also be served upon\nthe bank of which he is a director or officer. Upon such removal, the director\nor officer shall cease to be a director or officer of such bank and thereafter\nshall cease to participate in any manner in the management of such bank.\n\nC. Any director or officer aggrieved by (i) an order of the Commission entered\nunder subsection B or (ii) an order refusing to remove another director or\nofficer from office and to restrain him from participating in the management of\nthe bank, shall have, of right, an appeal to the Supreme Court of Virginia\nwithin 60 days from the date of the order.\n\nD. Any director or officer removed and restrained under the provisions of\nsubsection B from participating in any manner in the management of any bank of\nwhich he is a director or officer, and who thereafter participates in any manner\nin the management of such bank except as a stockholder therein, is guilty of a\nClass 6 felony.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-40, 6-41, 6-42; 1966, c. 584, \u00a7\u00a7 6.1-49, 6.1-50,\n6.1-51; 1979, c. 58; 1992, c. 136; 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}}