                                 CODE OF VIRGINIA

APPOINTMENT OF RECEIVER (§ 6.2-1038)

A. When in the judgment of the Commission it is necessary for the protection of
the interests of the Commonwealth or of the creditors of any trust company doing
business in the Commonwealth, the Commission shall apply to any court in the
Commonwealth having jurisdiction to appoint receivers for the appointment of a
receiver to take charge of the business affairs and assets and to wind up the
affairs and business of any such trust company failing to comply with the
requirements of the Commission, or found upon examination to be insolvent or
unable to meet its obligations and the legal demands made upon it in the
ordinary course and conduct of its business.

B. Reference is hereby made to &#xA7;&#xA7; 6.2-916 through 6.2-924 and Article
14 (&#xA7; 6.2-925 et seq.) of Chapter 8 for provisions applicable to
receiverships of trust companies.

HISTORY: Code 1950, § 6-116; 1966, c. 584, § 6.1-102; 2010, c. 794.