§ 6.1-6. How bank incorporated; application of Virginia Stock Corporation Act; consideration for shares; no-...
A bank may be incorporated under the Virginia Stock Corporation Act (§ 13.1-601 et seq.), but need not comply with the provisions of subsection A of § 13.1-630. Except as otherwise provided in this chapter, it shall have all the powers conferred on corporations and be subject to all restrictions imposed on corporations by the Virginia Stock Corporation Act. Except as otherwise provided in this chapter, a bank shall not issue its shares for any consideration except money at least equal in amount to the par value of its shares; and it shall not issue no-par stock.
(Code 1950, § 6-10; 1956, c. 433; 1966, c. 584; 1987, c. 556.)
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