{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-913.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-913.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-913.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-913.html"}],"law_id":56799,"edition_id":1,"section_id":56799,"structure_id":14866,"section_number":"6.2-913","catch_line":"Closing bank; appointment of receiver","history":"Code 1950, \u00a7 6-114; 1966, c. 584, \u00a7 6.1-100; 1983, c. 507; 2010, c. 794; 2018, c. 257.","full_text":"A\n\nIf (i) any bank is approaching insolvency and no reasonable prospect for rehabilitation of the bank exists, (ii) the Commission deems it necessary with respect to any bank for the protection of the public interest, or (iii) any bank has a ratio of tangible equity to total assets that is equal to or less than two percent, the Commission (a) may close immediately the doors of the bank without any notice and (b) by its duly appointed agent shall take charge of the books, assets, and affairs of the bank until the appointment of a receiver as provided by law.B\n\nIf a bank has been closed by the Commission, the Commission may proceed (i) to have a receiver for the closed bank appointed in accordance with § 6.2-916 or (ii) as provided in Article 14 (§ 6.2-925 et seq.) of this chapter.","order_by":null,"text":{"0":{"id":207834,"text":"If (i) any bank is approaching insolvency and no reasonable prospect for rehabilitation of the bank exists, (ii) the Commission deems it necessary with respect to any bank for the protection of the public interest, or (iii) any bank has a ratio of tangible equity to total assets that is equal to or less than two percent, the Commission (a) may close immediately the doors of the bank without any notice and (b) by its duly appointed agent shall take charge of the books, assets, and affairs of the bank until the appointment of a receiver as provided by law.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":207835,"text":"If a bank has been closed by the Commission, the Commission may proceed (i) to have a receiver for the closed bank appointed in accordance with § 6.2-916 or (ii) as provided in Article 14 (§ 6.2-925 et seq.) of this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14866,"edition_id":1,"name":"Receiverships","identifier":"13","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:50:29","date_modified":"2026-06-26 03:50:29","permalink":{"id":265199,"object_type":"structure","relational_id":14866,"identifier":"13","token":"6.2\/II\/8\/13","url":"\/6.2\/II\/8\/13\/","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":80948,"structure_id":14866,"section_number":"6.2-912","catch_line":"Definition","url":"\/6.2-912\/","token":"6.2\/II\/8\/13\/6.2-912","metadata":false},{"id":56799,"structure_id":14866,"section_number":"6.2-913","catch_line":"Closing bank; appointment of receiver","url":"\/6.2-913\/","token":"6.2\/II\/8\/13\/6.2-913","metadata":false},{"id":64972,"structure_id":14866,"section_number":"6.2-914","catch_line":"Merger or transfer of assets of insolvent bank","url":"\/6.2-914\/","token":"6.2\/II\/8\/13\/6.2-914","metadata":false},{"id":80551,"structure_id":14866,"section_number":"6.2-915","catch_line":"Protection of state deposits upon insolvency","url":"\/6.2-915\/","token":"6.2\/II\/8\/13\/6.2-915","metadata":false},{"id":84969,"structure_id":14866,"section_number":"6.2-916","catch_line":"Appointment of receiver","url":"\/6.2-916\/","token":"6.2\/II\/8\/13\/6.2-916","metadata":false},{"id":58223,"structure_id":14866,"section_number":"6.2-917","catch_line":"Execution of powers of sale by receivers","url":"\/6.2-917\/","token":"6.2\/II\/8\/13\/6.2-917","metadata":false},{"id":67404,"structure_id":14866,"section_number":"6.2-918","catch_line":"Rights and powers of receivers generally","url":"\/6.2-918\/","token":"6.2\/II\/8\/13\/6.2-918","metadata":false},{"id":78346,"structure_id":14866,"section_number":"6.2-919","catch_line":"Interest on deposits; distribution of surplus remaining after payment of depositors","url":"\/6.2-919\/","token":"6.2\/II\/8\/13\/6.2-919","metadata":false},{"id":82233,"structure_id":14866,"section_number":"6.2-920","catch_line":"Proceedings to bar certain claims against banks in liquidation","url":"\/6.2-920\/","token":"6.2\/II\/8\/13\/6.2-920","metadata":false},{"id":81421,"structure_id":14866,"section_number":"6.2-921","catch_line":"When publication of list of creditors unnecessary","url":"\/6.2-921\/","token":"6.2\/II\/8\/13\/6.2-921","metadata":false},{"id":58453,"structure_id":14866,"section_number":"6.2-922","catch_line":"When publication once in two newspapers sufficient","url":"\/6.2-922\/","token":"6.2\/II\/8\/13\/6.2-922","metadata":false},{"id":81832,"structure_id":14866,"section_number":"6.2-923","catch_line":"When claims barred","url":"\/6.2-923\/","token":"6.2\/II\/8\/13\/6.2-923","metadata":false},{"id":79790,"structure_id":14866,"section_number":"6.2-924","catch_line":"Power of receivers to contract for loans and make investments","url":"\/6.2-924\/","token":"6.2\/II\/8\/13\/6.2-924","metadata":false}],"previous_section":{"id":80948,"structure_id":14866,"section_number":"6.2-912","catch_line":"Definition","url":"\/6.2-912\/","token":"6.2\/II\/8\/13\/6.2-912","metadata":false},"next_section":{"id":64972,"structure_id":14866,"section_number":"6.2-914","catch_line":"Merger or transfer of assets of insolvent bank","url":"\/6.2-914\/","token":"6.2\/II\/8\/13\/6.2-914","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-913\/","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 1983, chapter 507; in 2010, chapter 794<\/a>; in 2018, chapter 257<\/a>.<\/p>","references":[{"id":81407,"section_number":"58.1-1215","catch_line":"Banks in liquidation","order_by":null,"url":"\/58.1-1215\/"},{"id":74671,"section_number":"6.2-886","catch_line":"Regulation of controlled subsidiary corporations by Commission","order_by":null,"url":"\/6.2-886\/"}],"refers_to":[{"id":84969,"section_number":"6.2-916","catch_line":"Appointment of receiver","order_by":null,"url":"\/6.2-916\/"},{"id":79535,"section_number":"6.2-925","catch_line":"Definitions","order_by":null,"url":"\/6.2-925\/"}],"permalink":{"id":265205,"object_type":"law","relational_id":56799,"identifier":"6.2-913","token":"6.2\/II\/8\/13\/6.2-913","url":"\/6.2-913\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-913\/","token":"6.2\/II\/8\/13\/6.2-913","dublin_core":{"Title":"Closing bank; appointment of receiver","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-913","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If (i) any bank<\/span> is approaching insolvency and no reasonable prospect for rehabilitation of the bank<\/span> exists, (ii) the Commission<\/span> deems it necessary with respect to any bank<\/span> for the protection of the public interest, or (iii) any bank<\/span> has a ratio of tangible equity<\/span> to total assets<\/span> that is equal to or less than two percent, the Commission<\/span> (a) may close immediately the doors of the bank<\/span> without any notice and (b) by its duly appointed agent shall take charge of the books, assets<\/span>, and affairs of the bank<\/span> until the appointment of a receiver as provided by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a bank<\/span> has been closed by the Commission<\/span>, the Commission<\/span> may proceed (i) to have a receiver for the closed bank<\/span> appointed in accordance with § 6.2-916<\/a> or (ii) as provided in Article 14 (§ 6.2-925<\/a> et seq.) of this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCLOSING BANK; APPOINTMENT OF RECEIVER (\u00a7 6.2-913)\n\nA. If (i) any bank is approaching insolvency and no reasonable prospect for\nrehabilitation of the bank exists, (ii) the Commission deems it necessary with\nrespect to any bank for the protection of the public interest, or (iii) any bank\nhas a ratio of tangible equity to total assets that is equal to or less than two\npercent, the Commission (a) may close immediately the doors of the bank without\nany notice and (b) by its duly appointed agent shall take charge of the books,\nassets, and affairs of the bank until the appointment of a receiver as provided\nby law.\n\nB. If a bank has been closed by the Commission, the Commission may proceed (i)\nto have a receiver for the closed bank appointed in accordance with §\n6.2-916 or (ii) as provided in Article 14 (§ 6.2-925 et seq.) of this\nchapter.\n\nHISTORY: Code 1950, \u00a7 6-114; 1966, c. 584, \u00a7 6.1-100; 1983, c. 507; 2010, c.\n794; 2018, c. 257.","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}}