Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-34 New bank considered same business and corporate entity as old; reference to latter in contract, wil...

§ 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 to be the same business and corporate entity as the former national banking association but with rights, powers and duties as prescribed by state law. Any reference to the former national banking association in any contract, will or document shall be considered and construed as a reference to the state bank if not inconsistent with the provisions of the contract, will or document or with applicable law.

(Code 1950, § 6-15.2; 1952, c. 571; 1966, c. 584.)

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Last modified: April 16, 2009