§ 6.1-391. Definitions
As used in this chapter:
"Bank" means a bank or trust company created under this title or a national banking association created under the National Bank Act, 12 U.S.C. § 21 et seq., after the effective date of this chapter.
"Out-of-state bank holding company" means a bank holding company as defined in the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.), with banking subsidiaries whose operations are principally conducted in a state other than Virginia. For purposes of this chapter, the state in which the operations of a bank holding company's bank subsidiaries are principally conducted is that state in which the total deposits of all such banking subsidiaries are greatest.
"Commissioner" means the Commissioner of Financial Institutions.
"Credit card bank" shall mean an institution as defined in and that has satisfied the conditions set forth in subdivisions 1 through 7 of subsection A of § 6.1-392.1.
"Divest" means to transfer all interest, legal or equitable, to a person or entity in which the transferor has no interest, direct or indirect, or which has no interest, direct or indirect, in the transferral.
"General business corporation" means any domestic corporation, any foreign corporation which is qualified to do business in Virginia and any affiliate or subsidiary thereof. Excluded from this definition are bank holding companies registered under the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.), public service corporations and subsidiaries or affiliates thereof.
"Located in this Commonwealth" means, with respect to state-chartered banks, banks created under the laws of this Commonwealth, and, with respect to national banking associations, banks whose organization certificate identifies an address in this Commonwealth as the place in which its discount and deposit operations are to be carried out.
"Subsidiary" means, with respect to an out-of-state bank holding company, (i) any company twenty-five percent or more of whose voting shares are directly or indirectly owned or controlled by such bank holding company, or held by it with power to vote; or (ii) any company in which the election of a majority of the directors is controlled in any manner by such bank holding company.
(1983, c. 193; 1989, c. 751.)
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