                                 CODE OF VIRGINIA

APPOINTMENT OF RECEIVER (§ 6.2-916)

When, in the judgment of the Commission, it is necessary for the protection of
the interests of the Commonwealth or of the depositors and creditors of any bank
doing business in 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 bank or trust company (i) failing to comply
with the requirements of the Commission or (ii) 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.

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