§ 6.1-44. Effect of merger; certificate of authority required
In the event of any such merger as is authorized by § 6.1-43 the merged corporation (whether it be one of merging banks, or a new bank formed by means of such merger) shall without further act or deed succeed to, and be vested with all offices, rights, obligations and relations of trust or of a fiduciary nature, including appointments, designations and nominations, existing immediately prior to the time at which such merger became effective, or then belonging or pertaining to any one or more of the banks, parties to such merger, or which would then inure to any one or more of such banks. But no state bank resulting from any merger shall do business in Virginia until it shall have obtained from the State Corporation Commission a certificate of authority authorizing it to do so. The provisions of § 6.1-13 shall apply to the issuance, or refusal of the Commission to issue, the certificate herein provided for, to the same extent as if the merged bank were a new bank. In the case of a merger heretofore or hereafter effected, the surviving or new bank shall be deemed to have been in actual operation for the period during which the oldest of the banks involved in the merger has been in actual operation.
(Code 1950, § 6-21; 1966, c. 584; 1970, c. 536; 1987, c. 423.)
Sections: Previous 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 6.1-44.7 NextLast modified: April 16, 2009