§ 6.1-194.84. (Repealed effective October 1, 2010) Removal of director orofficer; appeal; penalty for acting after removal.
A. 1. Whenever any director or officer of a savings institution doingbusiness in the Commonwealth has knowingly continued to violate any lawrelating to such savings institution or has knowingly continued any unsafe orunsound practice in conducting the business of such institution, after thedirector or officer, and the board of directors of the institution of whichhe is a director or officer, have been warned in writing by the Commissionerto discontinue such violation of law or such unsafe or unsound practice, theCommissioner shall certify the facts to the Commission, which shall thereuponenter an order requiring such director or officer to appear before theCommission, within not less than ten days, to show cause why he should not beremoved from office and thereafter restrained from participating in anymanner in the management of such savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of such order shall be served upon such director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
2. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission finds that he has knowingly continuedto violate any law relating to such savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of suchinstitution, after he and the board of directors of the institution of whichhe is a director or officer have been warned in writing by the Commissionerto discontinue such violation of law or unsafe or unsound practice, theCommission shall enter an order removing such director or officer from officeand restraining such director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon such director or officer and upon the savingsinstitution of which he is a director or officer, whereupon such director orofficer shall cease to be a director or officer of such institution and shallthereafter cease to participate in any manner in the management of suchinstitution.
B. Any director or officer aggrieved by any order of the Commission enteredunder this section removing and restraining such officer or director, and anyperson aggrieved by any order of the Commission refusing to remove a directoror officer from office, shall have, of right, an appeal to the Supreme Courtof Virginia.
C. Any director or officer removed and restrained under the provisions ofthis section who thereafter participates in any manner in the management ofsuch savings institution, except as a stockholder therein, shall be guilty ofa Class 6 felony.
§ 6.1-194.84. (Repealed effective October 1, 2010) Removal of director orofficer; appeal; penalty for acting after removal.
A. 1. Whenever any director or officer of a savings institution doingbusiness in the Commonwealth has knowingly continued to violate any lawrelating to such savings institution or has knowingly continued any unsafe orunsound practice in conducting the business of such institution, after thedirector or officer, and the board of directors of the institution of whichhe is a director or officer, have been warned in writing by the Commissionerto discontinue such violation of law or such unsafe or unsound practice, theCommissioner shall certify the facts to the Commission, which shall thereuponenter an order requiring such director or officer to appear before theCommission, within not less than ten days, to show cause why he should not beremoved from office and thereafter restrained from participating in anymanner in the management of such savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of such order shall be served upon such director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
2. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission finds that he has knowingly continuedto violate any law relating to such savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of suchinstitution, after he and the board of directors of the institution of whichhe is a director or officer have been warned in writing by the Commissionerto discontinue such violation of law or unsafe or unsound practice, theCommission shall enter an order removing such director or officer from officeand restraining such director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon such director or officer and upon the savingsinstitution of which he is a director or officer, whereupon such director orofficer shall cease to be a director or officer of such institution and shallthereafter cease to participate in any manner in the management of suchinstitution.
B. Any director or officer aggrieved by any order of the Commission enteredunder this section removing and restraining such officer or director, and anyperson aggrieved by any order of the Commission refusing to remove a directoror officer from office, shall have, of right, an appeal to the Supreme Courtof Virginia.
C. Any director or officer removed and restrained under the provisions ofthis section who thereafter participates in any manner in the management ofsuch savings institution, except as a stockholder therein, shall be guilty ofa Class 6 felony.
§ 6.1-194.84. (Repealed effective October 1, 2010) Removal of director orofficer; appeal; penalty for acting after removal.
A. 1. Whenever any director or officer of a savings institution doingbusiness in the Commonwealth has knowingly continued to violate any lawrelating to such savings institution or has knowingly continued any unsafe orunsound practice in conducting the business of such institution, after thedirector or officer, and the board of directors of the institution of whichhe is a director or officer, have been warned in writing by the Commissionerto discontinue such violation of law or such unsafe or unsound practice, theCommissioner shall certify the facts to the Commission, which shall thereuponenter an order requiring such director or officer to appear before theCommission, within not less than ten days, to show cause why he should not beremoved from office and thereafter restrained from participating in anymanner in the management of such savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of such order shall be served upon such director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
2. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission finds that he has knowingly continuedto violate any law relating to such savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of suchinstitution, after he and the board of directors of the institution of whichhe is a director or officer have been warned in writing by the Commissionerto discontinue such violation of law or unsafe or unsound practice, theCommission shall enter an order removing such director or officer from officeand restraining such director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon such director or officer and upon the savingsinstitution of which he is a director or officer, whereupon such director orofficer shall cease to be a director or officer of such institution and shallthereafter cease to participate in any manner in the management of suchinstitution.
B. Any director or officer aggrieved by any order of the Commission enteredunder this section removing and restraining such officer or director, and anyperson aggrieved by any order of the Commission refusing to remove a directoror officer from office, shall have, of right, an appeal to the Supreme Courtof Virginia.
C. Any director or officer removed and restrained under the provisions ofthis section who thereafter participates in any manner in the management ofsuch savings institution, except as a stockholder therein, shall be guilty ofa Class 6 felony.
