Common use of SUSPENSION AND REMOVAL Clause in Contracts

SUSPENSION AND REMOVAL. In addition to its rights under Section 2(e) above, the Corporation reserves the right to suspend and/or temporarily prohibit Executive from participating in the conduct of the Corporation’s affairs if the Corporation receives an order or notice of charges against Executive served pursuant to the Federal Deposit Insurance Act, the Fair Hiring in Banking Act, or other federal or state statute or regulation which requires the Corporation to suspend or terminate Executive. Should this occur, the Corporation’s obligations under this Agreement shall be suspended as of the date of the order or notice is served unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Corporation may, in its discretion (a) pay Executive all or part of the compensation withheld during the suspension, and (b) reinstate (in whole or in part) any of its obligations which were suspended. If Executive is removed and/or permanently prohibited from participating in the conduct of the Corporation’s affairs by an order issued under the Federal Deposit Insurance Act or the Code of Virginia, all obligations of Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.