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Can you summarize VACV 6.2-945?
Receiving deposit knowing bank to be insolvent; penalty
Short Summary
This legal provision, found in the Code of Virginia under the section governing Banks, pertains to any officer, director, or employee of a bank or broker. It states that if such an individual knowingly takes and receives a deposit from any person while being aware that the bank or broker is insolvent, they are guilty of embezzlement. The penalty for embezzlement under this section is a fine of double the amount received and a prison term of not less than one nor more than three years, as determined by the jury. Additionally, the bank or broker, along with its agents or officers, must produce all books and papers of the bank or broker as evidence upon demand by the attorney for the Commonwealth during the trial. It is important to note that the capital stock of the bank is not considered a liability in determining the solvency of the bank. The Code of Virginia has undergone amendments in 1966 and 2010 to include this provision.
Whom does it apply to?
Any officer, director, or employee of any bank, or broker
What does it govern?
Receiving deposit knowing bank to be insolvent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Double the amount received as fine and imprisonment of 1-3 years for each offense
Jurisdiction
Virginia