Code of Virginia - Title 6.1 Banking And Finance - Chapter 2 Banking Act

6.1-3 Short title
This chapter may be cited as the "Virginia Banking Act." (Code 1950, § 6-5; 1966, c. 584.) ...
6.1-4 Application of chapter; definitions
The provisions of this chapter shall apply to all state banks, and so far as constitutionally permissible, to all banks organized under the laws of ...
6.1-5 Who shall not do a banking or trust business
No person, copartnership or corporation, except corporations duly chartered and already conducting the banking business or trust business in this Commonwealth under authority of the ...
6.1-5.1 Amendment of powers of state banks by regulation of the Commission
In addition to the powers specifically granted to banks by the provisions of this chapter, the Commission may by regulation amend the powers of state ...
6.1-5.2 Conferring on state banks power to make charges comparable to those permitted to national banking a...
In addition to the permissible interest rates and charges specifically granted to banks and to lenders generally by this title, the State Corporation Commission may ...
6.1-5.3 Rate of interest chargeable by state banks
In addition to the permissible interest rates and charges specifically granted to banks by this title, state banks may take, receive, reserve and charge on ...
6.1-5.4 Saturday closing of banks
It shall be lawful for any bank as defined in § 6.1-4, including national banking associations and federal reserve banks, to permit any one or ...
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 ...
6.1-6.1 Bankers' bank; formation; applicability of banking code
A. A bank may be incorporated as provided in § 6.1-6 for the purpose of becoming a bankers' bank. A bankers' bank is a bank ...
6.1-7 Effect of chapter on charter powers; investments
The powers, privileges, duties and restrictions conferred and imposed upon any bank existing and doing business under the laws of this Commonwealth are abridged, enlarged ...
6.1-8 State banks may become members of Federal Reserve Bank System or the Federal Home Loan Bank Syste...
Any bank heretofore or hereafter incorporated under the laws of this Commonwealth may, if it so elects, become a member bank of the Federal Reserve ...
6.1-9 State banks may become insured under Federal Reserve Act
Any bank heretofore or hereafter incorporated under the laws of this Commonwealth may, if it so elects, become an "insured bank" as that term is ...
6.1-10 Participation by banks in school thrift or savings plans
A bank may contract with the principal of any elementary or secondary school, if authorized so to do by the school board in any county, ...
6.1-11 Permissible business
Every such bank shall have power to exercise, by its board of directors, or duly authorized officers or agents, subject to law, all such incidental ...
6.1-11.1 Grant of special powers to banks by the Commission
In addition to the permissible business authorized by § 6.1-11, the State Corporation Commission may, upon the Commission's finding that an emergency exists, confer by ...
6.1-11.2 International banking facility
A bank may establish an international banking facility, either as a division of the bank or as a separate corporate entity under § 6.1-58.1. An ...
6.1-12 Suspension of business during actual or threatened enemy attack or other emergency
Every bank and trust company doing business in this Commonwealth is authorized temporarily to suspend its usual business during a period of actual or threatened ...
6.1-13 Bank to obtain certificate of authority before beginning business; prerequisites to issuance of cer...
A. Before any bank shall begin business it shall obtain from the State Corporation Commission a certificate of authority authorizing it to do so. Prior ...
6.1-14 How subscriptions to stock to be paid; bank not to begin business until amounts specified in certif...
Subscriptions to the capital stock of a bank shall be paid in money at not less than par. No bank shall begin business until the ...
6.1-15 Commissions, fees, etc., for sale of stock not permitted
The State Corporation Commission shall not issue a certificate of authority to any bank to commence business if commissions, fees, brokerage, or other compensation, by ...
6.1-16 What banks may engage in trust business; permission of State Corporation Commission require...
A bank shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the ...
6.1-17 Powers of banks and trust companies; national banks as fiduciaries
All banks that are authorized to do a trust business, and all trust companies heretofore and hereafter chartered, shall have the following rights, powers and ...
6.1-18 When security not required
No bank or trust company of this Commonwealth, with a minimum unimpaired capital stock of $50,000 or more, shall be required by any officer or ...
6.1-19 Who may take oath for corporate fiduciary
In all cases where any bank, trust company or trust subsidiary in this Commonwealth shall be appointed to act as trustee, executor or administrator of ...
6.1-20 Separation of banking and trust functions
Every state bank which obtains permission from the State Corporation Commission to do a trust business, and every trust company chartered prior to January 1, ...
6.1-21 Deposit or other use of trust funds
Funds received or held in the trust department of a bank or trust company awaiting investment or distribution shall not be used by the bank ...
6.1-22 Trust securities to be kept separate; custody thereof; federal securities and obligations
The securities and investments held in each trust shall be kept separate and distinct from the securities owned by the bank, trust company or trust ...
6.1-23 Investment of trust funds
Funds received or held by the trust department of a bank or a trust company, or in a trust subsidiary, awaiting investment or distribution, shall ...
6.1-24 Dealings with self or affiliates
No trust company or bank doing a trust business or trust subsidiary shall buy any property for a trust or estate from itself, or a ...
6.1-25 through 6.1-30
Repealed by Acts 1983, c. 454. ...
6.1-30.1 Establishment of common trust and collective investment funds
A. Any bank, trust company or trust subsidiary may establish and maintain one or more common trust funds for the collective investment of qualified employee ...
6.1-30.2 Court accountings
Unless ordered by a court of competent jurisdiction the maintaining bank operating such common trust fund or funds shall not be required to render a ...
6.1-30.3 Supervision by Commission
All common trust funds established under the provisions of § 6.1-30.1 shall be operated in conformity with the regulations issued from time to time by ...
6.1-31 Bank, trust company or trust subsidiary holding stock or other securities as fiduciary
A bank, trust company or trust subsidiary holding stock or other securities as fiduciary may hold it in the name of a nominee without mention ...
6.1-31.1 Voting of bank shares held by bank, trust company or trust subsidiary as fiduciary; when bank, trus...
When shares of a national banking association or of a banking corporation organized under the laws of Virginia or another state are held by a ...
6.1-31.2 Same; appointment of cofiduciary for purpose of voting
When a bank, trust company or trust subsidiary has qualified or is serving under the laws of this Commonwealth as personal representative of a decedent, ...
6.1-32 Suspension of bank, trust company or trust subsidiary
Any trust company or any bank doing a trust business, failing to comply with the provisions of §§ 6.1-20 to 6.1-22 and 6.1-24 or any ...
6.1-32.1 Title of article
This Article 3.1 consisting of §§ 6.1-32.1 through 6.1-32.10 shall be known as the "Trust Subsidiary Act." (1974, c. 286.) ...
6.1-32.2 Definitions
As used in this article, unless the context requires otherwise, "Bank" has the meaning specified in § 6.1-4; "Bank holding company" has the meaning specified ...
6.1-32.3 Organization of subsidiary trust companies
A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal ...
6.1-32.4 Directors of such companies
The affairs of every trust subsidiary incorporated under the laws of this Commonwealth shall be managed by a board of directors which shall consist of ...
6.1-32.5 Permissible business
The permissible business of a trust subsidiary shall be to engage in such trust business and activities as may be engaged in by a bank ...
6.1-32.6 Trust offices
Such trust subsidiary may have trust offices at locations where branches are permitted under § 6.1-39.3, upon approval of the Commission. (1974, c. 286; 1987, ...
6.1-32.7 When security not required of trust subsidiaries
No trust subsidiary with combined unimpaired capital stock and surplus of $200,000 or more shall be required by any officer or court of this Commonwealth ...
6.1-32.8 Deposits of funds held or received by trust subsidiaries or subsidiary bank with affiliate banks; s...
Funds received or held by such trust subsidiary or subsidiary bank while awaiting investment or distribution shall not be used by an affiliate bank or ...
6.1-32.9 Substitution of trust subsidiary or subsidiary bank under common ownership as fiduciary
A. Upon the grant to a trust subsidiary of permission to engage in the trust business, the trust subsidiary may file an application in the ...
6.1-32.10 Trust subsidiaries to have same powers and restrictions as bank trust departments
Wherever there is granted to or imposed upon a bank having and exercising trust powers any further powers in the nature of trust powers or ...
6.1-32.11 Definitions
As used in this article: "Affiliated trust company" means a trust company that is controlled by a trust company holding company. "Agent" shall have the ...
6.1-32.12 Exemptions
For the purposes of this article, a person or legal entity does not engage in the trust business by: 1. Rendering services as an attorney ...
6.1-32.13 Certificate required
No person or legal entity shall engage in the trust business without first obtaining a certificate of authority from the Commission; however, a bank or ...
6.1-32.14 Application for certificate; fee
A. An application for a certificate shall be in writing, in such form as the Commission prescribes, verified under oath and supported by such information, ...
6.1-32.14:1 Description unavailable
Repealed by Acts 1995, c. 140, effective April 1, 1995. ...
6.1-32.14:2 Certain transactions prohibited
An affiliated trust company shall not, during the underwriting period, purchase from an affiliated broker-dealer, for any trust account or for its own account, any ...
6.1-32.15 Minimum capital
A certificate shall not be issued to an applicant unless it meets the minimum capital requirement for a trust company prescribed by § 6.1-32.18. (1993, ...
6.1-32.16 State of incorporation; form of entity
A certificate shall not be issued to an applicant other than a corporation organized under the laws of this Commonwealth. (1993, c. 432.) ...
6.1-32.17 Bond required
A. No corporation shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission ...
6.1-32.18 Procedure for granting or denying certificate
Before any trust company shall begin business, it shall obtain from the Commission a certificate of authority authorizing it to do so. Prior to the ...
6.1-32.18:1 Par value of shares; payment of shares; reacquisition of shares; how subscriptions to stock to be p...
A. A trust company shall not issue no-par stock. The stock of a trust company shall be paid for in money at not less than ...
6.1-32.18:2 Commissions, fees, etc., for sale of stock not permitted
The Commission shall not issue a certificate of authority to a trust company if any commissions, fees, brokerage, or other compensation by whatever name have ...
6.1-32.18:3 Reacquisition of shares; dividends
A trust company may not purchase, redeem or otherwise reacquire shares of stock it has issued, except that the Commission, upon the petition of a ...
6.1-32.19 Acquisition of stock; application
A. Except as provided in this section, no person shall acquire directly or indirectly 10 percent or more of the voting shares of a trust ...
6.1-32.20 Restrictions on control, officers and directors
A. None of the following individuals or entities shall acquire control of any trust company under § 6.1-32.19: 1. An agent; 2. A broker-dealer; 3. ...
6.1-32.21 Offices
When satisfied that the public interest, as defined in subdivision 4 of subsection A of § 6.1-13, will be served, the Commission may authorize a ...
6.1-32.22 Directors
The affairs of every trust company shall be directed by a board of directors which shall consist of not less than five nor more than ...
6.1-32.23 Reports
Each trust company and each trust company holding company shall file statements of condition and other reports with the Commission in accordance with requirements established ...
6.1-32.24 Investigations; examinations
The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises and records of ...
6.1-32.25 Fees
In order to defray the costs of their examination, supervision and regulation, every trust company shall pay a fee in the same amount as that ...
6.1-32.26 Regulations
The Commission may promulgate such regulations as it deems appropriate to effect the purposes of this article. Before promulgating any such regulation, the Commission shall ...
6.1-32.27 Audits
The Commission may require trust companies or trust company holding companies to have audits made of their books, records and methods of operation annually, or ...
6.1-32.28 Commission's remedial powers
A. If the Commission finds that a trust company (i) has failed to fully observe the laws of this Commonwealth, (ii) is being operated in ...
6.1-32.29 Continuation of provisions
If a trust company surrenders its certificate or its certificate is revoked, the trust company, its assets and the assets it holds in trust shall ...
6.1-32.30 Description unavailable
Repealed by Acts 1994, c. 7. ...
6.1-32.30:1 Definitions
As used in this article: "Designated relative" means the individual to or through whom the family members are related. "Family" means a designated relative and ...
6.1-32.30:2 Organization; minimum capital; notice to Bureau of Financial Institutions; control
A. No person other than a corporation or limited liability company organized under the laws of this Commonwealth to engage exclusively in the private trust ...
6.1-32.30:3 Operation and powers
Every private trust company shall have and shall conduct its business in accordance with an operating plan and in accordance with generally accepted fiduciary standards. ...
6.1-32.30:4 Reacquisition of shares or interests; dividends
A private trust company shall not purchase, redeem or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or ...
6.1-32.30:5 Offices
A. The office at which a private trust company begins business shall be designated initially as its principal office. The board of directors or managers ...
6.1-32.30:6 Directors or managers
The affairs of every private trust company shall be directed by a board of directors if a corporation, and managers or board of directors if ...
6.1-32.30:7 Limitation on powers
A. In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have ...
6.1-32.31 Title and purpose
A. This article may be cited as the "Multistate Trust Institutions Act." B. It is the intent of this article to enable and promote the ...
6.1-32.32 Definitions
As used in this article, unless the context requires otherwise: "Acquisition of a trust office" means the acquisition of a trust office located in a ...
6.1-32.33 Interstate trust offices by Virginia state banks
A. With the prior approval of the Commission, any Virginia state bank or state trust company may establish a new trust office or acquire a ...
6.1-32.34 Trust business of out-of-state trust institution
An out-of-state trust institution which establishes or maintains one or more offices in this Commonwealth under this article may conduct any activity at each such ...
6.1-32.35 Trust business at a branch or trust office
An out-of-state trust institution may engage in a trust business at an office in this state only if it maintains (i) a trust office in ...
6.1-32.36 Establishing an interstate trust office
An out-of-state trust institution that does not already maintain a trust office in this Commonwealth and that meets the requirements of this article may establish ...
6.1-32.37 Acquiring an interstate trust office
An out-of-state trust institution that does not already maintain a trust office in this Commonwealth and that meets the requirements of this article may acquire ...
6.1-32.38 Filing requirements
An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this Commonwealth pursuant to ...
6.1-32.39 Conditions for approval
No trust office of an out-of-state trust institution may be acquired or established under this article unless: 1. In the case of a new trust ...
6.1-32.40 Examinations; periodic reports; cooperative agreements; assessment of fees
A. The Commission may make such examinations of any office established and maintained in this Commonwealth pursuant to this article by an out-of-state trust institution ...
6.1-32.41 Enforcement
If the Commission determines that there is any violation of any applicable law or regulation in the operation of an out-of-state trust institution engaged in ...
6.1-32.42 Additional trust offices
An out-of-state trust institution that maintains a trust office in this Commonwealth under this article may establish or acquire additional trust offices in this Commonwealth ...
6.1-32.43 Regulations; certain fees
The Commission may promulgate such regulations, and may provide for the payment of such reasonable application and administration fees, as it finds necessary and appropriate ...
6.1-32.44 Notice of subsequent merger, closing, etc
An out-of-state trust institution that maintains an office in Virginia under this article shall give at least thirty days' prior written notice (or in the ...
6.1-32.45 Severability
If any provision of this article is held to be invalid for any reason by a final order of any Virginia or federal court of ...
6.1-33 National banking association may become state bank; procedure
A national banking association, organized under the laws of the United States and doing business in this Commonwealth, may be converted into and become an ...
6.1-34 New bank considered same business and corporate entity as old; reference to latter in contract, wil...
Upon the conversion of a national banking association to a state bank, as provided in §§ 6.1-33 and 6.1-38 the state bank shall be considered ...
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 ...
6.1-36 General effect of change of state bank to national bank
At the time when such a conversion of a state bank into a national banking association under the authority granted by the preceding section (§ ...
6.1-37 Rights of national bank stockholders dissenting from conversion
The rights of stockholders of the national banking association who dissent from the action of the stockholders, approving the conversion of the national banking corporation ...
6.1-38 Issuance of certificate of authority to state bank converted from national bank
The State Corporation Commission shall examine the certificate filed pursuant to § 6.1-33 and if from such examination it appears that the procedure required by ...
6.1-39 through 6.1-39.2
Repealed by Acts 1986, c. 505. ...
6.1-39.3 When and where branch banks may be established; redesignation of main office
A. A bank may establish and operate one or more branch offices, and a bank may relocate a main or branch office, provided the bank ...
6.1-39.4 Description unavailable
Repealed by Acts 1997, c. 141. ...
6.1-39.4:1 Electronic fund transfers; authority to utilize
A. A bank may establish and operate electronic, computer or similar terminals and may otherwise provide for electronic fund transfers by its customers, provided: (i) ...
6.1-39.5 Bank agent for depository institution
A bank may act as the agent of any other depository institution in receiving deposits and providing other services without being deemed a branch of ...
6.1-40 Description unavailable
Repealed by Acts 1978, c. 683. ...
6.1-41 Operation of branch office under different name
No branch office shall be operated or advertised under any other name than that of the identical name of the bank, unless permission be first ...
6.1-41.1 Use of armored vehicles to pick up customers' deposits or deliver currency
Any bank holding a certificate of authority from the State Corporation Commission or national bank whose principal office is in Virginia may utilize armored vehicles ...
6.1-42 Banking facilities in certain hospitals or federal areas
The Commission, when in its discretion the same is required for patients in, students at, and employees of hospitals operated by the Veterans Administration or ...
6.1-43 Merger or share exchange authorized; laws applicable
Virginia banks as defined in § 6.1-44.16 may merge upon compliance with the provisions of Article 12 (§ 13.1-715.1 et seq.) of the Virginia Stock ...
6.1-44 Effect of merger; certificate of authority required
In the event of any such merger as is authorized by § 6.1-43 the merged corporation (whether it be one of merging banks, or a ...
6.1-44.1 Purpose
It is the intent of this article to permit interstate branching under §§ 102 and 103 of the Riegle-Neal Interstate Banking and Branching Efficiency Act ...
6.1-44.2 Definitions
As used in this article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: "Acquisition ...
6.1-44.3 Interstate branching by Virginia state banks
A. With the prior approval of the Commission, any Virginia state bank may establish and maintain a de novo branch or acquire a branch in ...
6.1-44.4 Interstate branching by de novo entry
An out-of-state bank that does not already maintain a branch in this Commonwealth and that meets the requirements of this article may establish and maintain ...
6.1-44.5 Interstate branching through the acquisition of a branch
An out-of-state bank that does not already maintain a branch in this Commonwealth and that meets the requirements of this article may establish and maintain ...
6.1-44.6 Filing requirements
An out-of-state bank desiring to establish and maintain a de novo branch or to acquire a branch in this Commonwealth shall submit to the Commission ...
6.1-44.7 Conditions for approval
No branch of an out-of-state bank may be established under this article, unless: 1. In the case of a de novo branch, the laws of ...
6.1-44.8 Powers
An out-of-state state bank which establishes and maintains one or more branches in Virginia under this article may conduct the same activities at such branch ...
6.1-44.9 Examination; periodic reports; cooperative agreements; assessment of fees
A. The Commission may make such examinations of any branch established under this article by an out-of-state state bank as the Commission may deem necessary ...
6.1-44.10 Enforcement
If the Commission determines that there is any violation of Virginia law in the operation of a branch of an out-of-state state bank, or that ...
6.1-44.11 Additional branches
An out-of-state bank that has established or acquired a branch in this Commonwealth under this article may establish or acquire additional branches in this Commonwealth ...
6.1-44.12 Regulations; certain fees
The Commission may promulgate such regulations and may provide for the payment of such reasonable application and administration fees as it finds necessary and appropriate ...
6.1-44.13 Notice of subsequent merger, etc
An out-of-state state bank that maintains a branch in Virginia under this article shall give thirty days' prior written notice of any merger, consolidation, or ...
6.1-44.14 Nonseverability
It is the purpose of this article to authorize the establishment of branches in this Commonwealth by out-of-state banks whose home state permits Virginia banks ...
6.1-44.15 Purpose
It is the intent of this article to permit interstate branching by merger under § 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act ...
6.1-44.16 Definitions
As used in this article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: "Bank" ...
6.1-44.17 Authority to branch outside Virginia by merger
With the prior approval of the Commission, any Virginia state bank may maintain and operate one or more branches in a state other than Virginia ...
6.1-44.18 Interstate merger transactions and branching permitted
Virginia banks may merge with out-of-state banks under this article, and an out-of-state bank resulting from such an interstate merger transaction may maintain and operate ...
6.1-44.19 Filing requirements
Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a Virginia bank shall submit to the Commission a ...
6.1-44.20 Conditions for interstate merger
An interstate merger transaction involving a Virginia bank shall not be consummated, and any out-of-state bank resulting from such a merger shall not operate any ...
6.1-44.21 Powers
An out-of-state state bank which establishes and maintains one or more branches in Virginia under this article may conduct the same activities at such branch ...
6.1-44.22 Examination; periodic reports; cooperative agreements; assessment of fees
A. The Commission may make such examinations of any branch of an out-of-state state bank located in Virginia as the Commission may deem necessary to ...
6.1-44.23 Enforcement
If the Commission determines that there is any violation of Virginia law in the operation of a branch of an out-of-state state bank, or that ...
6.1-44.24 Regulations; certain fees
The Commission may promulgate such regulations, and may provide for the payment of such reasonable application and administration fees, as it finds necessary and appropriate ...
6.1-44.25 Notice of subsequent merger, etc
An out-of-state state bank that maintains a branch in Virginia under this article shall give thirty days' prior written notice of any merger, consolidation, or ...
6.1-45 Bank to be managed by board of directors; number of directors
The affairs of every bank or banking institution incorporated under the laws of this Commonwealth shall be managed by a board of directors which shall ...
6.1-46 Application of Virginia Stock Corporation Act
The provisions of the Virginia Stock Corporation Act (§ 13.1-601 et seq.) relating to officers of a corporation shall apply to banks except that, if ...
6.1-47 Directors must be stockholders
Every director of a bank incorporated under the laws of this Commonwealth shall be the owner in his sole name and have in his personal ...
6.1-48 Oaths of directors
Every director of a bank incorporated under the laws of this Commonwealth shall, within thirty days after his election or reelection, take and subscribe to ...
6.1-48.1 Report to Commission of election of director
Within sixty days following the election or reelection of any person as a director of a bank, the bank shall furnish such information to the ...
6.1-49 Removal of director or officer
Whenever any director or officer of a bank doing business in this Commonwealth, shall have continued to violate any law relating to such bank or ...
6.1-50 Appeal from order granting or refusing such removal
Any director or officer aggrieved by any order of the Commission entered under § 6.1-49 removing such director or officer from office and restraining him ...
6.1-51 Penalty for acting after removal
Any director or officer removed and restrained under the provisions of § 6.1-49 from participating in any manner in the management of any bank of ...
6.1-51.1 "Bank" construed
For the purposes of §§ 6.1-48.1, 6.1-49, 6.1-50 and 6.1-51 the term bank shall include trust companies and trust subsidiaries organized under the laws of ...
6.1-52 Meetings of board of directors
The board of directors of every bank shall hold meetings at least once in each calendar month, at which meeting a majority of the whole ...
6.1-53 Discount by officer, director or employee of paper refused by bank
No officer, director or employee of a bank or trust company may purchase or discount any note or paper at a rate of interest in ...
6.1-54 Bonds required of officers and employees; blanket bond
A. The board of directors of every bank, trust company and trust subsidiary shall require bonds from all of the active officials and employees of ...
6.1-55 Description unavailable
Repealed by Acts 1976, c. 658. ...
6.1-55.1 Description unavailable
Repealed by Acts 1982, c. 328. ...
6.1-56 Dividends; surplus; undivided profits
The board of directors of any bank may declare a dividend of so much as they shall judge expedient of the net undivided profits of ...
6.1-57 Limitation of amount invested in bank building, etc
No bank, without the approval of the Commission, shall invest in its bank building and premises, or property held for future accommodation, or in stock ...
6.1-58 Investment in stock or securities of bank service corporations
A bank may acquire, own and hold the stock and other securities or obligations of a bank service corporation in an amount not to exceed ...
6.1-58.1 Investment in stock or securities of controlled subsidiary corporations
A. A bank may acquire, own and hold the stock, securities or obligations of one or more controlled subsidiary corporations. Such investment in stock, securities ...
6.1-58.2 Insurance business of controlled subsidiary
In addition to the types of business authorized in § 6.1-58.1, a controlled subsidiary corporation may be formed (i) to transact the type of insurance ...
6.1-58.3 Real estate brokerage business of controlled subsidiary
A. In addition to the types of business authorized in §§ 6.1-58.1 and 6.1-58.2, a controlled subsidiary corporation may be formed and licensed to transact ...
6.1-59 For what purpose banks may purchase, hold and convey real estate
A. In addition to the authority provided in § 6.1-59.1, every bank incorporated under the laws of this Commonwealth may purchase, hold and convey real ...
6.1-59.1 Bank's investment in real estate other than allowed by { 6.1-59
A. In addition to the ownership of real estate permitted in § 6.1-59, a bank may invest: 1. In real estate, (i) for the purpose ...
6.1-60 Description unavailable
Repealed by Acts 1982, c. 185. ...
6.1-60.1 Acquisition of or loans on own stock; other investments or loans
A. No bank shall acquire or own its own stock except to protect itself against loss from debts previously contracted, in which case it shall ...
6.1-61 Limitations on obligations of borrowers
Subject to the exceptions hereinafter stated, the total obligations of any person, partnership (including, as hereinafter provided, the partners having a five percent or greater ...
6.1-62 Loans to executive officers or directors
A. The maximum amount of loans and other extensions of credit a bank may make to any of its executive officers or directors, and the ...
6.1-62.1 Overdrafts by bank officer or director
No bank shall pay an overdraft of an executive officer or director of the bank on an account at the bank, unless the payment of ...
6.1-63 Limitation on amount of loans secured by real estate generally
A. No bank shall make any loan secured by real estate when such loan, together with all prior liens or encumbrances on such real estate, ...
6.1-64 Construction loans
Loans made to finance the construction of a building or otherwise to improve real estate, and having maturities of not to exceed 60 months if ...
6.1-65 Form of loans secured by real estate; certain loans not prohibited by { 6.1-63
A. A loan secured by real estate within the meaning of § 6.1-63 shall be in the form of an obligation or obligations executed or ...
6.1-65.1 Investment in reverse annuity mortgages
A bank may invest in reverse annuity mortgages to the extent and in the manner that may be provided in regulations adopted by the Commission. ...
6.1-66 Certain loans for home improvement purposes not considered loans secured by real estate
Loans made to home owners for maintenance, repair, landscaping, modernization, alteration, improvement, furnishings and equipment to their homes, whether or not secured, shall not be ...
6.1-67 Bank borrowing money or rediscounting its notes; reports; resolutions
Any bank borrowing money or rediscounting any of its notes shall at all times show on its books and accounts and in its reports the ...
6.1-68 Acceptance of drafts or bills of exchange; issuance of letters of credit
Any bank doing business in this Commonwealth may, subject to conditions, limitations and restrictions imposed by the State Corporation Commission, accept for payment at a ...
6.1-68.1 Ownership and lease of personal property
A. A bank may become the owner and lessor of personal property, which term as used herein shall include fixtures, subject to the following limitations: ...
6.1-69 Required reserves
Every bank shall maintain a reserve related to its demand deposits and to its time deposits. Such reserve on demand deposits shall consist of actual ...
6.1-70 Payment of balance of deceased person or person under disability to personal representative, commit...
Any bank may pay any balance on deposit to the credit of any deceased person or of any person under disabilities, to the personal representative, ...
6.1-70.1 Deposits in and withdrawals from accounts of convicts
Notwithstanding the provisions of Chapter 11 (§ 53.1-221 et seq.) of Title 53.1, a person convicted of a felony and sentenced to confinement in a ...
6.1-71 Payment of small balance to distributees or other persons
When the balance in any bank to the credit of a deceased person, upon whose estate there shall have been no qualification, does not exceed ...
6.1-72 , 6.1-73
Repealed by Acts 1979, c. 407. ...
6.1-73.1 Description unavailable
Repealed by Acts 1988, c. 171. ...
6.1-74 Deposits of minors
Whenever any deposit shall be made in any bank by or in the name of any infant or minor, such deposit shall be held for ...
6.1-75 Bank need not inquire as to fiduciary funds deposited in fiduciary's personal account
If any fiduciary or agent makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his ...
6.1-76 Description unavailable
Repealed by Acts 1991, c. 429. ...
6.1-77 Description unavailable
Repealed by Acts 1979, c. 407. ...
6.1-78 Preferences; giving preference by pledging assets
No bank shall give preference to any depositor or creditor by pledging the assets of such bank, except as otherwise authorized in the two succeeding ...
6.1-79 Same; exception as to governmental deposits; insolvent national bank funds, proceeds of sale of fed...
Notwithstanding the provisions of § 6.1-78, any bank may deposit securities for the purpose of securing deposits of the United States government, and its agencies; ...
6.1-80 Preferences; exceptions for certain borrowings and for repurchase agreements
Notwithstanding the provisions of § 6.1-78, any bank is authorized: 1. To pledge its assets as security for amounts of borrowed money which shall not, ...
6.1-81 Perfection of certain security interests
When securities are sold by a bank subject to an obligation of repurchase, any security interest or interest of ownership therein may be perfected: 1. ...
6.1-82 Description unavailable
Reserved. ...
6.1-83 Federal deposit insurance a credit towards certain required bonds
In every case in which a bank is required by the laws of this Commonwealth to furnish or deposit a surety bond or securities as ...
6.1-84 Examinations
The Commission, as often as it deems necessary in the public interest, shall cause to be examined each bank incorporated under the laws of, and ...
6.1-85 Examination of affiliates
The Commission may, also in connection with the examination of any bank, make or cause to be made such examination of the affiliates of the ...
6.1-86 Special examinations
The Commission shall also, upon written application made to it by the board of directors or by the stockholders representing two-fifths of the total outstanding ...
6.1-87 Assistance in making examinations
Upon the making of any examination under the provisions of any of the three preceding sections (§§ 6.1-84, 6.1-85, 6.1-86), the officers, directors and employees ...
6.1-88 Notice of examination
No previous notice of any examination shall be given any bank or any of its directors, officers, or employees; provided, however, that if the Bureau ...
6.1-89 Revaluation of assets after examination
Whenever it shall appear to the Commission, from an examination of any bank, that any of the assets thereof are valued by the bank at ...
6.1-90 Report of examination; inspection and dissemination to directors
When any bank is examined under the provisions of this article, a copy of the report of such examination at any time after completion thereof ...
6.1-91 Communications to be submitted to board or executive committee
Each official communication directed by the Commission, or any state bank examiner, to any bank, or to any officer thereof, relating to an examination or ...
6.1-92 Disclosure of irregularities, etc.; Commission's powers
If upon the examination of any bank, the Commission shall ascertain that the banking laws of this Commonwealth are not being fully observed, or that ...
6.1-93 Reports of condition and other statements
Every bank shall make to the State Corporation Commission statements of its financial condition at such times as the Commission may require. Such statements shall ...
6.1-94 Fees for supervision and regulation and for certain examinations and investigations
A. Every bank shall pay for its supervision and regulation annual and additional fees as follows: 1. A bank's annual fee shall be calculated according ...
6.1-95 Assessment and payment of fees; lien
Except as hereinafter provided all such fees and charges shall be assessed against each such bank by the Commission on or before July 1 of ...
6.1-96 Reduction of fees
If the Commission is of the opinion that the amounts of the several charges and fees fixed by § 6.1-94 will produce a greater sum ...
6.1-97 Description unavailable
Repealed by Acts 1984, c. 343. ...
6.1-98 Description unavailable
Repealed by Acts 1994, c. 312. ...
6.1-99 Examination of national banks
Every national bank which is now or may be designated as a state depository, shall, so long as it acts as such, be subject to ...
6.1-100 Closing bank upon insolvency, etc.; appointment of receiver
If upon the examination of any bank it shall be found to be insolvent, or it is deemed necessary by the Commission for the protection ...
6.1-100.1 Merger or transfer of assets of insolvent bank
A. If the Commission shall find that any bank is insolvent, that its merger into another bank is desirable for the protection of its depositors ...
6.1-101 Protection of state deposits upon insolvency, etc
If, upon the examination of any bank, it shall appear to the Commission that any such bank, which is designated as a state depository, is ...
6.1-102 Appointment of receiver
In any case the Commission shall, whenever, in its judgment, it is necessary for the protection of the interests of the Commonwealth or of the ...
6.1-103 Execution of powers of sale by receivers
And when any receiver shall be appointed under the provisions of this article for any bank authorized to do a trust business or for any ...
6.1-104 Rights and powers of receivers generally
Any receiver appointed under the provisions of this article shall be and become assignee of the assets and property of the bank or trust company ...
6.1-105 Interest on deposits; distribution of surplus remaining after payment of depositors
When any court of competent jurisdiction shall, on a proper application therefor, appoint a receiver for any state bank, banking institution, or trust company, such ...
6.1-106 Proceedings to bar certain claims against banks in liquidation
Whenever in a pending suit, having for its object the administration or liquidation of the assets of an insolvent bank or trust company operating in ...
6.1-107 Same; when publication of list of creditors unnecessary
If any bank or trust company under the circumstances referred to in the preceding section (§ 6.1-106) shall have been in liquidation for a period ...
6.1-108 Same; when publication once in two newspapers sufficient
Whenever there are two or more newspapers having general circulation in the county or city where such suit or petition as is referred to in ...
6.1-109 Same; when such claims barred
After the lapse of six months from the date of the last publication of the notice prescribed by §§ 6.1-106, 6.1-107 or 6.1-108 the court ...
6.1-110 Power of receivers to contract for loans and make investments
Any court in this Commonwealth having jurisdiction to appoint receivers may, in its discretion, authorize any receiver appointed by such court for any bank or ...
6.1-110.1 Definitions
As used in this article: "Bank" means any bank, trust company, or bank and trust company which is now organized or may be organized hereafter ...
6.1-110.2 Appointment of FDIC
In any case where the Commission has closed and taken possession of a bank, the Commission may apply to any court in the Commonwealth having ...
6.1-110.3 Transfer of title to bank assets
Upon the appointment of the FDIC as receiver, title to all assets of the bank shall vest in the FDIC without the execution of any ...
6.1-110.4 Posting of notice
Immediately upon closing any bank with the intention of proceeding under the provisions of this article, the Commissioner shall post an appropriate notice of closing ...
6.1-110.5 Powers of receiver
The FDIC as receiver shall have the following powers: 1. To take possession of all books, records and assets of the bank; 2. To collect ...
6.1-110.6 Emergency sale of assets
The FDIC as receiver, with ex parte approval of the receivership court, may sell all or any part of the closed bank's assets. All or ...
6.1-110.7 Notice and proof of claim; notice of rejection of claim; petition for hearing
All parties having claims against the closed bank shall present their claims, substantiated by legal proof, to the receiver within 180 days after the closing ...
6.1-110.8 Payment of claims filed after prescribed period
Any claim filed after the 180-day claim period prescribed by § 6.1-110.7, and subsequently accepted by the receiver or allowed by the receivership court, shall ...
6.1-110.9 Distribution of assets
All claims against the bank's estate, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order: 1. ...
6.1-110.10 Receivership procedures involving assets, etc., held by closed bank as fiduciary
The receiver, with the approval of the receivership court, has the authority to appoint a successor to all rights, obligations, assets, deposits, agreements and trusts ...
6.1-110.11 Termination of executory contracts and leases; liability; extension of statute of limitation...
Within 180 days of the date of the closing of the bank, the FDIC, as receiver, may at its election reject any executory contract to ...
6.1-110.12 Subrogation to rights of bank depositors
Whenever the FDIC pays or makes available for payment the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as ...
6.1-110.13 Destruction of records
Subject to the approval of the receivership court, the closed bank's records may be destroyed after the FDIC, as receiver, determines that there is no ...
6.1-111 Doing banking or trust business without authority; Commission may examine accounts, etc., of suspec...
Every person, association or company who shall trade or deal as a bank or trust company, or carry on banking or do a trust business, ...
6.1-112 Unlawful use of terms indicating that business is bank, trust company, etc.; penalty
A. No person, entity or organization not authorized to engage in the banking business or trust business in this Commonwealth by the provisions of this ...
6.1-113 Penalty for violation of { 6.1-39.3 or { 6.1-41
Any bank violating the provisions of § 6.1-39.3 or § 6.1-41 shall be fined up to $2,000 to be imposed and judgment entered therefor by ...
6.1-114 Penalty for failure to comply with { 6.1-93 or { 6.1-87
Any such bank, trust company or trust subsidiary failing to comply with any of the provisions of § 6.1-93, for a period of longer than ...
6.1-115 through 6.1-118
Repealed by Acts 1975, c. 589. ...
6.1-118.1 Recovery of costs in civil actions for bad checks
A. In any civil action by a holder to recover the sum payable of a check drawn by the defendant on which payment has been ...
6.1-119 Making derogatory statements affecting banks
Any person who willfully and maliciously makes, circulates or transmits to another, any statement, rumor or suggestion, written, printed or by word of mouth, which ...
6.1-119.1 Use of bank or trust company name, logo or symbol for marketing purposes; penalty
A. Except as provided in subsection B, no person shall use the name, logo, or symbol, or any combination thereof, of a bank or trust ...
6.1-120 False certification of checks
Whoever, being an officer, employee, agent or director of a bank, certifies a check drawn on such bank and willfully fails forthwith to charge the ...
6.1-121 Description unavailable
Repealed by Acts 1981, c. 339. ...
6.1-122 Embezzlement, fraud, false statements, etc., by officer, director, agent or employee of bank, trus...
Any officer, director, agent or employee of any bank, trust company or trust subsidiary who embezzles, abstracts, or willfully misapplies any of the moneys, funds ...
6.1-123 Officers, directors, agents and employees violating or causing bank, trust company or trust subsidi...
Any officer, director, agent or employee of any bank, trust company or trust subsidiary who knowingly violates or who knowingly causes any bank, trust company ...
6.1-124 Receiving deposit knowing bank or broker to be insolvent
Any officer or director of any bank and any private banker or broker or any employee of any such bank, banker or broker, who shall ...
6.1-125 Penalties for violation of Commission's orders
The Commission may impose, enter judgment for, and enforce by its process, a fine not in excess of $10,000 against any bank, trust company or ...

Last modified: April 2, 2009