§ 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 incorporated bank of this Commonwealth by the following procedure:
1. The directors of the national banking association shall cause to be incorporated under the laws of this Commonwealth a corporation authorized by its certificate of incorporation to conduct the business of banking as the successor of the national banking association.
a. The certificate of incorporation of said corporation shall conform as nearly as may be legally permissible to that of the national banking association.
b. The principal office of said corporation shall be in the county or city wherein the national banking association has its principal office.
c. The amount of the capital stock of said corporation, its division into shares, the par value of shares, their classification and preferences, if any, shall conform to those of the national banking association, and the minimum capital of the state bank shall comply with that required for a bank under § 6.1-13.
2. The procedure to be followed in effecting the conversion of a national banking association to a state bank shall be that prescribed by the act of Congress of August 17, 1950, Chapter 729, as it now exists or as it may hereafter be amended.
3. Upon completion of the procedures required by federal law, the president of the national banking association and the official having custody of its records shall execute, under the seal of the association, a certificate showing in detail the procedures followed, the number of shares of each class of stock of the national banking association issued and outstanding and the vote of each class of stockholders in favor of the plan of conversion, and file said certificate with the State Corporation Commission.
(Code 1950, § 6-14; 1952, c. 571; 1966, c. 584; 1993, c. 244; 1996, c. 26.)
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