§ 6.1-43. Merger or share exchange authorized; laws applicable
Virginia banks as defined in § 6.1-44.16 may merge upon compliance with the provisions of Article 12 (§ 13.1-715.1 et seq.) of the Virginia Stock Corporation Act. However, the provisions of § 13.1-716 that relate to a merger with a foreign corporation as foreign eligible entity shall not apply, except as hereafter provided; the provisions of § 13.1-730 shall not apply to a merger under this section. The provisions of § 13.1-716 relating to merger shall apply to the merger of a state and a national bank if the national bank is engaged in business in Virginia, and if the state bank is to be the surviving bank. A national bank shall be treated as if it were a foreign corporation and as if the United States were the state where it is organized. A bank may enter into a share exchange, as permitted by § 13.1-717, provided there is also compliance with Chapter 13 (§ 6.1-381 et seq.) or Chapter 15 (§ 6.1-398 et seq.) of this title. The exclusion in § 6.1-387 shall not apply in the case of such an exchange of shares.
(Code 1950, § 6-20; 1952, c. 571; 1956, c. 433; 1966, c. 584; 1987, c. 423; 1995, c. 301; 2005, c. 765.)
Sections: Previous 6.1-39.4 6.1-39.4:1 6.1-39.5 6.1-40 6.1-41 6.1-41.1 6.1-42 6.1-43 6.1-44 6.1-44.1 6.1-44.2 6.1-44.3 6.1-44.4 6.1-44.5 6.1-44.6 NextLast modified: April 16, 2009