                                 CODE OF VIRGINIA

REMOVAL OF DIRECTOR OR OFFICER; APPEALS; PENALTY (§ 6.2-865)

A. 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.

B. 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.

C. 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.

D. 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.

HISTORY: Code 1950, §§ 6-40, 6-41, 6-42; 1966, c. 584, §§ 6.1-49, 6.1-50,
6.1-51; 1979, c. 58; 1992, c. 136; 2010, c. 794.