§ 6.1-387. Exclusions from this chapter
The provisions of §§ 6.1-383.1 and 6.1-383.2 shall not apply where a financial institution itself forms a corporation for the purpose to acquire and hold the stock of such financial institution and it is proposed that the shareholders of the financial institution will become the shareholders of the holding company being organized. This exclusion shall apply regardless of the fact that some shareholders of the financial institution may dissent from the proposal. The Commission may promulgate regulations excluding financial institution holding companies from the provisions of this chapter, under conditions comparable to those provided in either the Bank Holding Company Act of 1956 or Section 408 of the National Housing Act, where control of a Virginia financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in connection with securing or collecting a debt.
(1978, c. 683; 1984, c. 335.)
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