§ 6.2-1052. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust subsidiary doing business inthe Commonwealth, shall have continued to violate any law relating to suchtrust subsidiary or shall have continued unsafe or unsound practices inconducting the business of such trust subsidiary, after the director orofficer, and the board of directors of the trust subsidiary of which he is adirector or officer, have been warned in writing by the Commissioner todiscontinue such violation of law or such unsafe or unsound practices, theCommissioner shall certify the facts to the Commission. The Commission shallthereupon enter an order requiring such director or officer to appear beforethe Commission, within not less than 10 days, to show cause why he should notbe removed from office and thereafter restrained from participating in anymanner in the management of such trust subsidiary. Such order shall contain abrief statement of the facts certified to the Commission by the Commissioner.A copy of such order shall be served upon such director or officer, and acopy thereof shall be sent by registered mail to each director of the trustsubsidiary 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 subsidiary, or has continued unsafe orunsound practices in conducting the business of such trust subsidiary, afterhe and the board of directors of the trust subsidiary of which he is adirector or officer have been warned in writing by the Commissioner todiscontinue such violation of law or unsafe or unsound practices, 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 trust subsidiary. A copy of such order shallbe served upon such director or officer. A copy of such order shall also beserved upon the trust subsidiary of which he is a director or officer. Uponsuch removal the director or officer shall cease to be a director or officerof such trust subsidiary and thereafter cease to participate in any manner inthe management of such trust subsidiary.
C. Any director or officer aggrieved by (i) any order of the Commissionentered under subsection B or (ii) an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust subsidiary, 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 trustsubsidiary of which he is a director or officer, and who thereafterparticipates in any manner in the management of such trust subsidiary exceptas a stockholder therein, 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.)
§ 6.2-1052. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust subsidiary doing business inthe Commonwealth, shall have continued to violate any law relating to suchtrust subsidiary or shall have continued unsafe or unsound practices inconducting the business of such trust subsidiary, after the director orofficer, and the board of directors of the trust subsidiary of which he is adirector or officer, have been warned in writing by the Commissioner todiscontinue such violation of law or such unsafe or unsound practices, theCommissioner shall certify the facts to the Commission. The Commission shallthereupon enter an order requiring such director or officer to appear beforethe Commission, within not less than 10 days, to show cause why he should notbe removed from office and thereafter restrained from participating in anymanner in the management of such trust subsidiary. Such order shall contain abrief statement of the facts certified to the Commission by the Commissioner.A copy of such order shall be served upon such director or officer, and acopy thereof shall be sent by registered mail to each director of the trustsubsidiary 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 subsidiary, or has continued unsafe orunsound practices in conducting the business of such trust subsidiary, afterhe and the board of directors of the trust subsidiary of which he is adirector or officer have been warned in writing by the Commissioner todiscontinue such violation of law or unsafe or unsound practices, 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 trust subsidiary. A copy of such order shallbe served upon such director or officer. A copy of such order shall also beserved upon the trust subsidiary of which he is a director or officer. Uponsuch removal the director or officer shall cease to be a director or officerof such trust subsidiary and thereafter cease to participate in any manner inthe management of such trust subsidiary.
C. Any director or officer aggrieved by (i) any order of the Commissionentered under subsection B or (ii) an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust subsidiary, 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 trustsubsidiary of which he is a director or officer, and who thereafterparticipates in any manner in the management of such trust subsidiary exceptas a stockholder therein, 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.)
§ 6.2-1052. (Effective October 1, 2010) Removal of director or officer;appeals; penalty.
A. Whenever any director or officer of a trust subsidiary doing business inthe Commonwealth, shall have continued to violate any law relating to suchtrust subsidiary or shall have continued unsafe or unsound practices inconducting the business of such trust subsidiary, after the director orofficer, and the board of directors of the trust subsidiary of which he is adirector or officer, have been warned in writing by the Commissioner todiscontinue such violation of law or such unsafe or unsound practices, theCommissioner shall certify the facts to the Commission. The Commission shallthereupon enter an order requiring such director or officer to appear beforethe Commission, within not less than 10 days, to show cause why he should notbe removed from office and thereafter restrained from participating in anymanner in the management of such trust subsidiary. Such order shall contain abrief statement of the facts certified to the Commission by the Commissioner.A copy of such order shall be served upon such director or officer, and acopy thereof shall be sent by registered mail to each director of the trustsubsidiary 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 subsidiary, or has continued unsafe orunsound practices in conducting the business of such trust subsidiary, afterhe and the board of directors of the trust subsidiary of which he is adirector or officer have been warned in writing by the Commissioner todiscontinue such violation of law or unsafe or unsound practices, 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 trust subsidiary. A copy of such order shallbe served upon such director or officer. A copy of such order shall also beserved upon the trust subsidiary of which he is a director or officer. Uponsuch removal the director or officer shall cease to be a director or officerof such trust subsidiary and thereafter cease to participate in any manner inthe management of such trust subsidiary.
C. Any director or officer aggrieved by (i) any order of the Commissionentered under subsection B or (ii) an order refusing to remove anotherdirector or officer from office or to restrain him from participating in themanagement of the trust subsidiary, 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 trustsubsidiary of which he is a director or officer, and who thereafterparticipates in any manner in the management of such trust subsidiary exceptas a stockholder therein, 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.)
