                                 CODE OF VIRGINIA

CLOSING BANK; APPOINTMENT OF RECEIVER (§ 6.2-913)

A. 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.

B. 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 &#xA7;
6.2-916 or (ii) as provided in Article 14 (&#xA7; 6.2-925 et seq.) of this
chapter.

HISTORY: Code 1950, § 6-114; 1966, c. 584, § 6.1-100; 1983, c. 507; 2010, c.
794; 2018, c. 257.