§ 6.2-1200. (Effective October 1, 2010) Removal of director or officer;appeal; penalty for acting after removal.
A. Whenever any director or officer of a savings institution doing businessin the Commonwealth has knowingly continued to violate any law relating tosuch savings institution or has knowingly continued any unsafe or unsoundpractice in conducting the business of such institution, after the directoror officer, and the board of directors of the institution 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 practice, 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 savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of the order shall be served upon the director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
B. 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 the savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of theinstitution, 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 the director or officer from officeand restraining the director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon the director or officer and upon the savings institutionof which he is a director or officer, whereupon the director or officer shallcease to be a director or officer of the institution and shall thereaftercease to participate in any manner in the management of the institution.
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, is guilty of aClass 6 felony.
§ 6.2-1200. (Effective October 1, 2010) Removal of director or officer;appeal; penalty for acting after removal.
A. Whenever any director or officer of a savings institution doing businessin the Commonwealth has knowingly continued to violate any law relating tosuch savings institution or has knowingly continued any unsafe or unsoundpractice in conducting the business of such institution, after the directoror officer, and the board of directors of the institution 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 practice, 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 savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of the order shall be served upon the director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
B. 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 the savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of theinstitution, 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 the director or officer from officeand restraining the director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon the director or officer and upon the savings institutionof which he is a director or officer, whereupon the director or officer shallcease to be a director or officer of the institution and shall thereaftercease to participate in any manner in the management of the institution.
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, is guilty of aClass 6 felony.
§ 6.2-1200. (Effective October 1, 2010) Removal of director or officer;appeal; penalty for acting after removal.
A. Whenever any director or officer of a savings institution doing businessin the Commonwealth has knowingly continued to violate any law relating tosuch savings institution or has knowingly continued any unsafe or unsoundpractice in conducting the business of such institution, after the directoror officer, and the board of directors of the institution 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 practice, 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 savings institution. Such order shallcontain a brief statement of the facts certified to the Commission by theCommissioner. A copy of the order shall be served upon the director orofficer, and a copy thereof shall be sent by certified or registered mail toeach director of the savings institution affected.
B. 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 the savings institution, or has knowinglycontinued any unsafe or unsound practice in conducting the business of theinstitution, 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 the director or officer from officeand restraining the director or officer from thereafter participating in anymanner in the management of such savings institution. A copy of such ordershall be served upon the director or officer and upon the savings institutionof which he is a director or officer, whereupon the director or officer shallcease to be a director or officer of the institution and shall thereaftercease to participate in any manner in the management of the institution.
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, is guilty of aClass 6 felony.
