VIRGINIA

Sections 6-40 to 6-42 of the Code of Virginia 1950:

"Removal of director or officer of bank.-Whenever any director or officer of a bank doing business in this State, shall have continued to violate any law relating to such bank or shall have continued unsafe or unsound practices in conducting the business of such bank, after the director or officer, and the governing board of the bank of which he is a director or officer, have been warned in writing by the State Corporation Commission to discontinue such violation of law or such unsafe or unsound practices, the Commission shall certify the facts to the circuit court of the city of Richmond. Such circuit court shall thereupon enter an order requiring such director or officer to appear before such court. within not less than ten days, to show cause why he should not be removed from office and thereafter restrained from participating in any manner in the management of such bank. Such order shall contain a brief statement of the facts certified to the court by the Commission. A copy of such order shall be served upon such director or officer, and a copy thereof shall be sent by registered mail to each director of the bank affected.

"If after granting the accused director or officer a reasonable opportunity to be heard the court shall find that he has continued to violate any law relating to such bank, or has continued unsafe or unsound practices in conducting the business of such bank, after he and the governing board of the bank, of which he is a director or officer have been warned in writing by the Commission to discontinue such violation of law or unsafe or unsound practices, the court shall enter an order removing such director or officer from office and restraining such director or officer from thereafter participating in any manner in the management of such bank. A copy of such order shall be served upon such director or officer. A copy of such order shall also be served upon the bank of which he is a director or officer, whereupon such director or officer shall cease to be a director or officer of such bank and thereafter cease to participate in any manner in the management of such bank.

"The Commission in any such hearing shall be represented by the Attorney General.

"Appeal from order granting or refusing such removal.-The Commission and any director or officer aggrieved by any order of the court entered under the preceding section removing such director or officer from office and restraining him from participating in any manner in the management of the bank of which he is a director or officer, or refusing to remove the director or officer from office and to restrain him from participating in any manner in the management of the bank, shall have, of right, an appeal to the Supreme Court of Appeals within sixty days from the date of such order.

"Unlawful to act after removal.-Any director or officer removed and restrained under the provisions of § 6-40 from participating in any manner in the management of any bank of which he is a director or officer, who thereafter participate in any manner in the management of such bank except as a stockholder therein shall be fined not more than five thousand dollars, or confined in the penitentiary for not less than one year nor more than five years, or both."

WASHINGTON

Section 30.12.040 of the Revised Code of Washington:

"Removal of delinquent officer or employee-Hearing-Appeal. Whenever the supervisor shall find that any director, officer or employee of any bank or trust company is dishonest, reckless or incompetent, or fails to perform any duty of his office, or has consented to or connived at the making of any loan or discount in violation of law or has consented to or connived at any other violation of law by the corporation, he shall notify the board of directors of such corporation in writing of his objections to such director, officer or employee, and such board shall, within twenty days after receiving such notification and upon reasonable notice to the supervisor and to such director, officer or employee of the time and place of the hearing, meet and consider such objections. If the board shall find the objections to be well founded, such director, officer or employee shall be immediately removed.

"If upon the hearing the director, officer or employee against whom the objections have been filed is not immediately removed, or if the board fail to meet. consider or act upon the objections within twenty days after receiving the same, the supervisor may forthwith or within thirty days thereafter, by an order in

writing filed in his office, remove such director, officer or employee from his directorship, office or employment, or may, for a limited time to be stated in the order, suspend such director, officer or employee therefrom. A copy of the order shall be forthwith mailed to the person removed or suspended and to the bank or trust company.

"No director, officer or employee removed upon objections or by the order of the supervisor shall thereafter be elected or appointed to any directorship, office, trust or employment by the same or another bank or trust company without the written consent of the supervisor.

"The order of the supervisor suspending or removing a director, officer or employee shall be final and conclusive unless the person suspended or removed shall appeal to the superior court of Thurston county within the time and in the manner provided by law for appeals from the refusal of the supervisor to approve articles of incorporation. Upon the appeal the controversy shall be tried de novo. The order of the supervisor shall remain in full force and effect pending the appeal unless suspended by order of the court."

WISCONSIN

Subsection (4) of section 220.04 of the Wisconsin Statutes 1953:

"Whenever the commissioner is of the opinion that the loaning, investing or other banking policies or practices of any officer or director of any bank have been prejudicial to the best interests of such bank or its depositors, or that such policies or practices, if put into operation or continued, will endanger the safety or solvency of said bank or impair the interests of its depositors, the commissioner may, with the approval of the banking review board, request the removal of such officer or director. Such request shall be served on the bank and on such officer or director in the manner provided by law for serving a summons in a court of record or shall be transmitted to said bank and officer or director by registered mail with return receipt requested. If such request for removal is not complied with within a reasonable time fixed by the commissioner he may by order, with like approval of the banking review board, remove such officer or director, but no order of removal shall be entered until after an opportunity for hearing before the banking review board is given to such officer or director upon not less than 10 days' notice. An order of removal shall take effect as of the date issued. A copy of such order shall be served upon the bank and upon such officer or director in the manner provided by law for service of a summons in a court of record or by mailing such copy to such bank or officer or director at his last known post-office address. Any removal under this subsection shall be effective in all respects the same as if made by the board of directors or stockholders of said bank. Any officer or director removed from office under the provisions of this subsection shall not be reelected as an officer or director of any bank without the approval of the commissioner and the banking review board. An order of removal under this subsection shall be deemed a final order or determination of the banking review board within the meaning and contemplation of section 220.035 (3)."

WYOMING

Section 35-141, Wyoming Compiled Statutes 1945 Annotated:

"Removal of officers.-Any officer of a state bank found by the State Examiner to be dishonest, reckless or incompetent, or who refuses to comply with the law or the rules and regulations of the state banking department, shall be removed from office by the board of directors of such bank, upon the written demand of the State Examiner with the approval of the Governor."