§ 6.1-383.1. Acquisition of interests in financial institutions and financial institution holding companies; pre...
A. Except as provided in Chapter 14 (§ 6.1-390 et seq.) and Chapter 15 (§ 6.1-398 et seq.) of this title, no company shall acquire or make any public offer to acquire, directly or indirectly, control of a Virginia financial institution or a Virginia financial institution holding company, and no Virginia financial institution holding company shall acquire more than five percent of the voting shares of any Virginia financial institution or of any other Virginia financial institution holding company, unless it first shall:
1. File with the Commission an application in such form as the Commission may prescribe from time to time;
2. Deliver to the Commission such other information as the Commission may require with such certification of financial information and such verification by oath or affirmation of other data as the Commission may deem appropriate;
3. Pay such application fee as the Commission may prescribe from time to time; and
4. Except in the case of a company which is a domestic corporation or a foreign corporation qualified to do business in Virginia, deliver to the Commission a written consent to service of process in any action or suit arising out of or in connection with said proposed acquisition through service of process on the Secretary of the Commonwealth.
B. Upon receipt of an application, the Commission shall notify the affected Virginia financial institution or Virginia financial institution holding company, and shall solicit the views of the affected Virginia financial institution or Virginia financial institution holding company. The application and all other information required by the Commission under this section, except such additional information as the Commission determines should be kept confidential, shall be held as part of the public records and made available to the public.
C. Notwithstanding any other provision of law, except as permitted in Chapter 14 and Chapter 15 of this title, no holding company, other than a bank holding company with bank subsidiaries whose operations are principally conducted in the Commonwealth of Virginia, or whose bank subsidiaries are presently conducting business in Virginia, may acquire or own a bank organized under the laws of Virginia with its main office or branch in Virginia or a national banking association whose main office is located in Virginia.
(1983, c. 194; 1985, cc. 544, 604.)
Sections: Previous 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 16, 2009