Virginia Code 6.2-903: Revaluation of assets after examination.
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If it appears to the Commission, from an examination of any bank, that any of the bank’s assets are valued by the bank at an amount in excess of their fair and reasonable value, the Commission, after the bank has been given an opportunity for a hearing before the Commission, may require the bank to revalue the assets on the basis of their fair and reasonable value.
Terms Used In Virginia Code 6.2-903
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
Code 1950, § 6-111; 1966, c. 584, § 6.1-89; 2010, c. 794.