Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-38 Issuance of certificate of authority to state bank converted from national bank

§ 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 federal law has been followed and that the conversion has been approved by the stockholders of the national banking association in the manner and by the percentage vote required by federal law, the Commission may issue to the newly incorporated state bank a certificate of authority to do business as a bank, in accordance with the provisions of § 6.1-13 and upon the issue of such certificate the conversion of the national banking association into a state bank shall be and become effective and automatically completed.

(Code 1950, § 6-15.1; 1952, c. 571; 1966, c. 584.)

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Last modified: April 16, 2009