§ 6.2-1026. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust company doing business in theCommonwealth, shall have continued to violate any law relating to such trustcompany or shall have continued unsafe or unsound practices in conducting thebusiness of such trust company, after the director or officer, and the boardof directors of the trust company of which he is a director or officer, havebeen warned in writing by the Commissioner to discontinue such violation oflaw or such unsafe or unsound practices, the Commissioner shall certify thefacts to the Commission. The Commission shall thereupon enter an orderrequiring such director or officer to appear before the Commission, withinnot less than 10 days, to show cause why he should not be removed from officeand thereafter restrained from participating in any manner in the managementof such trust company. Such order shall contain a brief statement of thefacts certified to the Commission by the Commissioner. A copy of such ordershall be served upon such director or officer, and a copy thereof shall besent by registered mail to each director of the trust company affected.
B. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission shall find that he has continued toviolate any law relating to such trust company, or has continued unsafe orunsound practices in conducting the business of such trust company, after heand the board of directors of the trust company of which he is a director orofficer have been warned in writing by the Commissioner to discontinue suchviolation of law or unsafe or unsound practices, the Commission shall enteran order removing such director or officer from office and restraining suchdirector or officer from thereafter participating in any manner in themanagement of such trust company. A copy of such order shall be served uponsuch director or officer. A copy of such order shall also be served upon thetrust company of which he is a director or officer. Upon such removal thedirector or officer shall cease to be a director or officer of such trustcompany and thereafter cease to participate in any manner in the managementof such trust company.
C. Any director or officer aggrieved (i) by any order of the Commissionentered under subsection B or (ii) by an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust company, shall have, of right, an appeal to theSupreme Court of Virginia within 60 days from the date of the order.
D. Any director or officer removed or restrained under the provisions ofsubsection B from participating in any manner in the management of any trustcompany of which he is a director or officer, and who thereafter participatesin any manner in the management of such trust company except as a stockholdertherein, is guilty of a Class 6 felony.
(Code 1950, §§ 6-40, 6-41, 6-42; 1966, c. 584, §§ 6.1-49, 6.1-50, 6.1-51;1974, c. 665, § 6.1-51.1; 1979, c. 58; 1992, c. 136; 2010, c. 794.)
§ 6.2-1026. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust company doing business in theCommonwealth, shall have continued to violate any law relating to such trustcompany or shall have continued unsafe or unsound practices in conducting thebusiness of such trust company, after the director or officer, and the boardof directors of the trust company of which he is a director or officer, havebeen warned in writing by the Commissioner to discontinue such violation oflaw or such unsafe or unsound practices, the Commissioner shall certify thefacts to the Commission. The Commission shall thereupon enter an orderrequiring such director or officer to appear before the Commission, withinnot less than 10 days, to show cause why he should not be removed from officeand thereafter restrained from participating in any manner in the managementof such trust company. Such order shall contain a brief statement of thefacts certified to the Commission by the Commissioner. A copy of such ordershall be served upon such director or officer, and a copy thereof shall besent by registered mail to each director of the trust company affected.
B. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission shall find that he has continued toviolate any law relating to such trust company, or has continued unsafe orunsound practices in conducting the business of such trust company, after heand the board of directors of the trust company of which he is a director orofficer have been warned in writing by the Commissioner to discontinue suchviolation of law or unsafe or unsound practices, the Commission shall enteran order removing such director or officer from office and restraining suchdirector or officer from thereafter participating in any manner in themanagement of such trust company. A copy of such order shall be served uponsuch director or officer. A copy of such order shall also be served upon thetrust company of which he is a director or officer. Upon such removal thedirector or officer shall cease to be a director or officer of such trustcompany and thereafter cease to participate in any manner in the managementof such trust company.
C. Any director or officer aggrieved (i) by any order of the Commissionentered under subsection B or (ii) by an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust company, shall have, of right, an appeal to theSupreme Court of Virginia within 60 days from the date of the order.
D. Any director or officer removed or restrained under the provisions ofsubsection B from participating in any manner in the management of any trustcompany of which he is a director or officer, and who thereafter participatesin any manner in the management of such trust company except as a stockholdertherein, is guilty of a Class 6 felony.
(Code 1950, §§ 6-40, 6-41, 6-42; 1966, c. 584, §§ 6.1-49, 6.1-50, 6.1-51;1974, c. 665, § 6.1-51.1; 1979, c. 58; 1992, c. 136; 2010, c. 794.)
§ 6.2-1026. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust company doing business in theCommonwealth, shall have continued to violate any law relating to such trustcompany or shall have continued unsafe or unsound practices in conducting thebusiness of such trust company, after the director or officer, and the boardof directors of the trust company of which he is a director or officer, havebeen warned in writing by the Commissioner to discontinue such violation oflaw or such unsafe or unsound practices, the Commissioner shall certify thefacts to the Commission. The Commission shall thereupon enter an orderrequiring such director or officer to appear before the Commission, withinnot less than 10 days, to show cause why he should not be removed from officeand thereafter restrained from participating in any manner in the managementof such trust company. Such order shall contain a brief statement of thefacts certified to the Commission by the Commissioner. A copy of such ordershall be served upon such director or officer, and a copy thereof shall besent by registered mail to each director of the trust company affected.
B. If, after granting the accused director or officer a reasonableopportunity to be heard, the Commission shall find that he has continued toviolate any law relating to such trust company, or has continued unsafe orunsound practices in conducting the business of such trust company, after heand the board of directors of the trust company of which he is a director orofficer have been warned in writing by the Commissioner to discontinue suchviolation of law or unsafe or unsound practices, the Commission shall enteran order removing such director or officer from office and restraining suchdirector or officer from thereafter participating in any manner in themanagement of such trust company. A copy of such order shall be served uponsuch director or officer. A copy of such order shall also be served upon thetrust company of which he is a director or officer. Upon such removal thedirector or officer shall cease to be a director or officer of such trustcompany and thereafter cease to participate in any manner in the managementof such trust company.
C. Any director or officer aggrieved (i) by any order of the Commissionentered under subsection B or (ii) by an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust company, shall have, of right, an appeal to theSupreme Court of Virginia within 60 days from the date of the order.
D. Any director or officer removed or restrained under the provisions ofsubsection B from participating in any manner in the management of any trustcompany of which he is a director or officer, and who thereafter participatesin any manner in the management of such trust company except as a stockholdertherein, is guilty of a Class 6 felony.
(Code 1950, §§ 6-40, 6-41, 6-42; 1966, c. 584, §§ 6.1-49, 6.1-50, 6.1-51;1974, c. 665, § 6.1-51.1; 1979, c. 58; 1992, c. 136; 2010, c. 794.)
