§ 6.1-4. Application of chapter; definitions
The provisions of this chapter shall apply to all state banks, and so far as constitutionally permissible, to all banks organized under the laws of the United States doing business in Virginia.
As used in this chapter, unless a different meaning is required by the context, the following words shall have the following meanings:
1. "Bank" means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in this Commonwealth.
2. [Repealed.]
3. "Bank holding company" means any company (a) which directly or indirectly owns, controls or holds with power to vote, twenty-five percent or more of the voting shares of one or more banks or of a company which is or becomes a bank holding company by virtue of this section, or (b) which controls in any manner the election of a majority of the directors of one or more banks, or (c) for the benefit of whose shareholders or members twenty-five percent or more of the voting shares of one or more banks or bank holding company is held by trustees. For the purpose of this section, any successor to any such company shall be deemed to be a bank holding company from the date as of which such successor co-company becomes a bank holding company. Notwithstanding the foregoing, (i) no bank shall be a bank holding company by virtue of its ownership or control of shares in a fiduciary capacity, except where such shares are held for the benefit of the shareholders of such banks, (ii) no company shall be a bank holding company by virtue of its ownership or control of its shares acquired by it in connection with its underwriting of securities and which are held only for such period of time as will permit the sale thereof upon a reasonable basis, (iii) no company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights or shares acquired in the course of such solicitation, and (iv) no company shall be a bank holding company if at least eighty percent of its total assets are composed of holdings in the field of agriculture.
4. "Trust company" has the meaning prescribed in § 6.1-32.11.
(Code 1950, §§ 6-6, 6-27.1; 1962, c. 404; 1966, c. 584; 1974, c. 665; 1987, c. 556; 1993, c. 432.)
Sections: Previous 6.1-3 6.1-4 6.1-5 6.1-5.1 6.1-5.2 6.1-5.3 6.1-5.4 6.1-6 6.1-6.1 6.1-7 6.1-8 6.1-9 6.1-10 6.1-11 6.1-11.1 NextLast modified: April 16, 2009