§ 6.1-35. State bank becoming national bank; notice required; effect on liabilities
Any bank incorporated under the laws of this Commonwealth may, upon compliance with the laws of the United States, be converted into a national banking association.
Whenever any such bank shall have become a corporation for carrying on the business of banking under the laws of the United States, it shall notify the State Corporation Commission of such fact, and shall file with it a copy of its authorization as a national banking association certified by the Comptroller of the Currency. It shall thereupon cease to be a corporation under the laws of this Commonwealth, except that for a period not exceeding three years thereafter, its corporate existence shall be deemed to continue for the purpose of prosecuting or defending suits by or against it, and of enabling it to settle and close its affairs, to dispose of and convey its property, and to divide its capital, but not for the purpose of continuing the business for which such bank shall have been established.
Such change from a state to a national bank shall not release any such bank from its obligations to pay and discharge all the liabilities created by law or incurred by it before becoming a national banking association, or any tax imposed by the laws of this Commonwealth up to the date of its becoming such national banking association in proportion to the time which has elapsed since the next preceding payment therefor, or any assessment, penalty or forfeiture imposed or incurred under the laws of this Commonwealth up to the date of its becoming a national banking association.
(Code 1950, § 6-18; 1966, c. 584.)
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