{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-906.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-906.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-906.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-906.html"}],"law_id":63130,"edition_id":1,"section_id":63130,"structure_id":15012,"section_number":"6.2-906","catch_line":"Disclosure of irregularities; Commission’s powers","history":"Code 1950, \u00a7 6-113; 1966, c. 584, \u00a7 6.1-92; 1976, c. 658; 2010, c. 794.","full_text":"A\n\nIf upon the examination of any bank, the Commission ascertains that the banking laws of the Commonwealth are not being fully observed, that any irregularities are being practiced, or that the bank’s capital has been or is in danger of being impaired, the Commission shall give immediate notice thereof to the officers and directors of the bank. In addition, if it is deemed necessary in order to conserve the assets of such bank or to protect the interests of depositors and creditors thereof, the Commission may do any one or more of the following:1\n\nTemporarily suspend the right of such bank to receive any further deposits;2\n\nTemporarily close such bank, for a period not exceeding 60 days, which period may be further extended for one or more 60-day periods as the Commission may deem necessary;3\n\nRequire the officers and directors of the bank to liquidate its outstanding loans insofar as shall be required;4\n\nRequire that any impairment of the capital stock be made good;5\n\nRequire that any irregularities be promptly corrected;6\n\nRequire the bank to make reports, daily or at such other times as may be required to the Commission, as to the results achieved in carrying out the orders of the Commission; and7\n\nWithout examination, close, for such period as the Commission may deem necessary, any bank facing an emergency due to withdrawal of deposits or otherwise, or, without closing such bank, grant to it the right to suspend or limit the withdrawal of deposits, for such period as the Commission may determine.B\n\nIf any bank fails or refuses to comply with any such order of the Commission, or if the Commission shall determine that a receiver for any such bank should be appointed, the Commission may apply for the appointment of a receiver to take charge of the business affairs and assets of the bank and to wind up its affairs as provided in this chapter.","order_by":null,"text":{"0":{"id":230248,"text":"If upon the examination of any bank, the Commission ascertains that the banking laws of the Commonwealth are not being fully observed, that any irregularities are being practiced, or that the bank’s capital has been or is in danger of being impaired, the Commission shall give immediate notice thereof to the officers and directors of the bank. In addition, if it is deemed necessary in order to conserve the assets of such bank or to protect the interests of depositors and creditors thereof, the Commission may do any one or more of the following:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":230249,"text":"Temporarily suspend the right of such bank to receive any further deposits;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":230250,"text":"Temporarily close such bank, for a period not exceeding 60 days, which period may be further extended for one or more 60-day periods as the Commission may deem necessary;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":230251,"text":"Require the officers and directors of the bank to liquidate its outstanding loans insofar as shall be required;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":230252,"text":"Require that any impairment of the capital stock be made good;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":230253,"text":"Require that any irregularities be promptly corrected;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":230254,"text":"Require the bank to make reports, daily or at such other times as may be required to the Commission, as to the results achieved in carrying out the orders of the Commission; and","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":230255,"text":"Without examination, close, for such period as the Commission may deem necessary, any bank facing an emergency due to withdrawal of deposits or otherwise, or, without closing such bank, grant to it the right to suspend or limit the withdrawal of deposits, for such period as the Commission may determine.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"B"},"8":{"id":230256,"text":"If any bank fails or refuses to comply with any such order of the Commission, or if the Commission shall determine that a receiver for any such bank should be appointed, the Commission may apply for the appointment of a receiver to take charge of the business affairs and assets of the bank and to wind up its affairs as provided in this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A7"}},"ancestry":[{"id":15012,"edition_id":1,"name":"Examinations and Reports","identifier":"12","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:51:30","date_modified":"2026-06-26 03:51:30","permalink":{"id":265141,"object_type":"structure","relational_id":15012,"identifier":"12","token":"6.2\/II\/8\/12","url":"\/6.2\/II\/8\/12\/","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":78192,"structure_id":15012,"section_number":"6.2-898","catch_line":"Examinations","url":"\/6.2-898\/","token":"6.2\/II\/8\/12\/6.2-898","metadata":false},{"id":81198,"structure_id":15012,"section_number":"6.2-899","catch_line":"Examination of affiliates","url":"\/6.2-899\/","token":"6.2\/II\/8\/12\/6.2-899","metadata":false},{"id":61972,"structure_id":15012,"section_number":"6.2-900","catch_line":"Special examinations","url":"\/6.2-900\/","token":"6.2\/II\/8\/12\/6.2-900","metadata":false},{"id":63679,"structure_id":15012,"section_number":"6.2-901","catch_line":"Assistance in making examinations","url":"\/6.2-901\/","token":"6.2\/II\/8\/12\/6.2-901","metadata":false},{"id":78670,"structure_id":15012,"section_number":"6.2-902","catch_line":"Notice of examination","url":"\/6.2-902\/","token":"6.2\/II\/8\/12\/6.2-902","metadata":false},{"id":78909,"structure_id":15012,"section_number":"6.2-903","catch_line":"Revaluation of assets after examination","url":"\/6.2-903\/","token":"6.2\/II\/8\/12\/6.2-903","metadata":false},{"id":69178,"structure_id":15012,"section_number":"6.2-904","catch_line":"Report of examination; inspection and dissemination to directors","url":"\/6.2-904\/","token":"6.2\/II\/8\/12\/6.2-904","metadata":false},{"id":71797,"structure_id":15012,"section_number":"6.2-905","catch_line":"Communications to board or executive committee","url":"\/6.2-905\/","token":"6.2\/II\/8\/12\/6.2-905","metadata":false},{"id":63130,"structure_id":15012,"section_number":"6.2-906","catch_line":"Disclosure of irregularities; Commission's powers","url":"\/6.2-906\/","token":"6.2\/II\/8\/12\/6.2-906","metadata":false},{"id":83204,"structure_id":15012,"section_number":"6.2-907","catch_line":"Reports of condition and other statements","url":"\/6.2-907\/","token":"6.2\/II\/8\/12\/6.2-907","metadata":false},{"id":62085,"structure_id":15012,"section_number":"6.2-908","catch_line":"Fees for supervision and regulation and for certain examinations and investigations","url":"\/6.2-908\/","token":"6.2\/II\/8\/12\/6.2-908","metadata":false},{"id":57247,"structure_id":15012,"section_number":"6.2-909","catch_line":"Assessment and payment of fees; lien","url":"\/6.2-909\/","token":"6.2\/II\/8\/12\/6.2-909","metadata":false},{"id":58897,"structure_id":15012,"section_number":"6.2-910","catch_line":"Reduction of fees","url":"\/6.2-910\/","token":"6.2\/II\/8\/12\/6.2-910","metadata":false},{"id":66031,"structure_id":15012,"section_number":"6.2-911","catch_line":"Examination of national banks","url":"\/6.2-911\/","token":"6.2\/II\/8\/12\/6.2-911","metadata":false}],"previous_section":{"id":71797,"structure_id":15012,"section_number":"6.2-905","catch_line":"Communications to board or executive committee","url":"\/6.2-905\/","token":"6.2\/II\/8\/12\/6.2-905","metadata":false},"next_section":{"id":83204,"structure_id":15012,"section_number":"6.2-907","catch_line":"Reports of condition and other statements","url":"\/6.2-907\/","token":"6.2\/II\/8\/12\/6.2-907","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-906\/","history_text":"

The record of this law\u2019s original creation isn\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 1966, chapter 584; in 1976, chapter 658; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":71808,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","order_by":null,"url":"\/6.2-1053\/"},{"id":70091,"section_number":"6.2-868","catch_line":"Bonds required of officers and employees; blanket bond","order_by":null,"url":"\/6.2-868\/"}],"refers_to":false,"permalink":{"id":265175,"object_type":"law","relational_id":63130,"identifier":"6.2-906","token":"6.2\/II\/8\/12\/6.2-906","url":"\/6.2-906\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-906\/","token":"6.2\/II\/8\/12\/6.2-906","dublin_core":{"Title":"Disclosure of irregularities; Commission’s powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-906","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If upon the examination of any bank<\/span>, the Commission<\/span> ascertains that the banking laws<\/span> of the Commonwealth are not being fully observed, that any irregularities are being practiced, or that the bank<\/span>’s capital has been or is in danger of being impaired, the Commission<\/span> shall give immediate notice thereof to the officers and directors of the bank<\/span>. In addition, if it is deemed necessary in order<\/span> to conserve the assets<\/span> of such bank<\/span> or to protect the interests of depositors and creditors<\/span> thereof, the Commission<\/span> may do any one or more of the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Temporarily suspend the right of such bank<\/span> to receive any further deposits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Temporarily close such bank<\/span>, for a period not exceeding 60 days, which period may be further extended for one or more 60-day periods as the Commission<\/span> may deem necessary; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Require the officers and directors of the bank<\/span> to liquidate its outstanding loans insofar as shall be required; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

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

6.<\/span> Require the bank<\/span> to make reports, daily or at such other times as may be required to the Commission<\/span>, as to the results achieved in carrying out the orders<\/span> of the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Without examination, close, for such period as the Commission<\/span> may deem necessary, any bank<\/span> facing an emergency due to withdrawal of deposits or otherwise, or, without closing such bank<\/span>, grant to it the right to suspend or limit the withdrawal of deposits, for such period as the Commission<\/span> may determine. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If any bank<\/span> fails or refuses to comply with any such order<\/span> of the Commission<\/span>, or if the Commission<\/span> shall determine that a receiver for any such bank<\/span> should be appointed, the Commission<\/span> may apply for the appointment of a receiver to take charge of the business affairs and assets<\/span> of the bank<\/span> and to wind up its affairs as provided in this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLOSURE OF IRREGULARITIES; COMMISSION’S POWERS (\u00a7 6.2-906)\n\nA. If upon the examination of any bank, the Commission ascertains that the\nbanking laws of the Commonwealth are not being fully observed, that any\nirregularities are being practiced, or that the bank’s capital has been or\nis in danger of being impaired, the Commission shall give immediate notice\nthereof to the officers and directors of the bank. In addition, if it is deemed\nnecessary in order to conserve the assets of such bank or to protect the\ninterests of depositors and creditors thereof, the Commission may do any one or\nmore of the following:\n\n 1. Temporarily suspend the right of such bank to receive any further deposits;\n\n 2. Temporarily close such bank, for a period not exceeding 60 days, which\n period may be further extended for one or more 60-day periods as the\n Commission may deem necessary;\n\n 3. Require the officers and directors of the bank to liquidate its outstanding\n loans insofar as shall be required;\n\n 4. Require that any impairment of the capital stock be made good;\n\n 5. Require that any irregularities be promptly corrected;\n\n 6. Require the bank to make reports, daily or at such other times as may be\n required to the Commission, as to the results achieved in carrying out the\n orders of the Commission; and\n\n 7. Without examination, close, for such period as the Commission may deem\n necessary, any bank facing an emergency due to withdrawal of deposits or\n otherwise, or, without closing such bank, grant to it the right to suspend or\n limit the withdrawal of deposits, for such period as the Commission may\n determine.\n\nB. If any bank fails or refuses to comply with any such order of the Commission,\nor if the Commission shall determine that a receiver for any such bank should be\nappointed, the Commission may apply for the appointment of a receiver to take\ncharge of the business affairs and assets of the bank and to wind up its affairs\nas provided in this chapter.\n\nHISTORY: Code 1950, \u00a7 6-113; 1966, c. 584, \u00a7 6.1-92; 1976, c. 658; 2010, c.\n794.","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}}