In any case where the Commission has closed and taken possession of a bank, the deposits in which are insured by the FDIC, the Commission may apply to any court in the Commonwealth having jurisdiction to appoint receivers for the appointment of the FDIC as receiver. The court, if it finds that to do so will be in the public interest, may appoint the FDIC receiver. Upon acceptance of the court’s appointment of the FDIC as receiver, the FDIC shall not be required to post bond.

History

1983, c. 507, § 6.1-110.2; 2010, c. 794.