§ 6.1-381. Definitions
A. As used in this chapter, unless a different meaning is required by the context:
"Bank" means an institution which has or is eligible for insurance of deposits by the Federal Deposit Insurance Corporation.
"Company" means any individual, corporation, partnership, business trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated association, or any other entity not specifically listed herein.
"Financial institution holding company" means any company which has control over any financial institution or which has control over any company which controls any financial institution.
"Virginia financial institution" means a financial institution authorized to do business in the Commonwealth of Virginia. As used in this chapter, the term "financial institution" shall not include consumer finance companies and savings institutions.
"Virginia financial institution holding company" means any company which has control over any financial institution authorized to do business in this Commonwealth or has control over a company which controls any such financial institution.
B. A company shall be deemed to "control" another company, referred to in this chapter as a "subsidiary," if it owns twenty-five percent or more of the voting shares of the subsidiary, or if under the Bank Holding Company Act of 1956, as amended, or under Section 408 of the National Housing Act, as amended, such company is presumed to control the subsidiary, or a determination has been made by the Commission that such company exercises a controlling influence over the management and policies of the subsidiary.
C. A financial institution holding company shall be deemed to own shares owned by a subsidiary. Such holding company shall be deemed to engage in activities engaged in by a subsidiary or by any other company of which it owns five percent or more of the voting shares.
(1978, c. 683; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16.)
Sections: 6.1-381 6.1-382 6.1-383 6.1-383.1 6.1-383.2 6.1-384 6.1-385 6.1-386 6.1-387 6.1-388 6.1-389 NextLast modified: April 2, 2009