§ 6.1-398. Definitions
As used in this chapter, unless a different meaning is required by the context, the following words or phrases shall have the following meanings:
"Acquire" means:
1. The merger or consolidation of one bank holding company with another bank holding company;
2. The acquisition by a bank holding company of direct or indirect ownership or control of voting shares of another bank holding company or a bank, if, after such acquisition, the bank holding company making the acquisition will directly or indirectly own or control more than five percent of any class of voting shares of the other bank holding company or the bank;
3. The direct or indirect acquisition by a bank holding company of all or substantially all of the assets of another bank holding company or of a bank; or
4. Any other action that would result in direct or indirect control by a bank holding company of another bank holding company or a bank.
"Bank" shall have the same meaning set forth in 12 U.S.C. § 1841 (c).
"Bank holding company" shall have the same meaning set forth in 12 U.S.C. § 1841 (a) (1).
"Control" shall have the same meaning set forth in 12 U.S.C. § 1841 (a) (2).
"Home state" means:
1. With respect to a national bank, the state in which the main office is located;
2. With respect to a state bank, the state by which the bank is chartered; and
3. With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of such company are the largest on the later of (i) July 1, 1966, or (ii) the date on which the company becomes a bank holding company under the federal Bank Holding Company Act (12 U.S.C. § 1841 ff).
"Out-of-state bank holding company" means a bank holding company that has as its home state a state other than Virginia.
"State" means any state of the United States or the District of Columbia.
"Subsidiary" with respect to a bank means:
1. Any company twenty-five percent or more of whose voting shares (excluding shares owned by the United States or by any company wholly owned by the United States) are directly or indirectly owned or controlled by such bank holding company, or held by it with power to vote;
2. Any company the election of a majority of whose directors is controlled in any manner by such bank holding company; or
3. Any company with respect to the management or policies of which such bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.
"Virginia bank" means a bank that:
1. Is organized under the laws of this Commonwealth or of the United States;
2. Has Virginia as its home state; and
3. Is not a bank acquired under the provisions of § 6.1-392.
"Virginia bank holding company" means a bank holding company that:
1. Has Virginia as its home state; and
2. Is not controlled by a bank holding company other than a Virginia bank holding company.
(1985, c. 544; 1986, c. 257; 1994, cc. 315, 351; 1998, c. 231.)
Sections: 6.1-398 6.1-399 6.1-399.1 6.1-400 6.1-401 6.1-402 6.1-403 6.1-404 6.1-405 6.1-406 6.1-407 NextLast modified: April 16, 2009