§ 6.1-85. Examination of affiliates
The Commission may, also in connection with the examination of any bank, make or cause to be made such examination of the affiliates of the bank as shall be necessary to ascertain the financial condition of the bank and to disclose fully the relations between the bank and its affiliates and the effect of such relations upon the affairs of the bank.
For the purpose of this section the term "affiliate" of any bank shall mean any corporation, business trust, association, or other similar organization (1) of which such bank, directly or indirectly owns or controls either a majority of the voting shares or more than fifty per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions, or (2) of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of such bank who own or control either a majority of the shares of such bank or more than fifty per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank, or (3) of which a majority of the directors, trustees, or other persons exercising similar functions are directors of such bank.
(Code 1950, § 6-107; 1966, c. 584.)
Sections: Previous 6.1-78 6.1-79 6.1-80 6.1-81 6.1-82 6.1-83 6.1-84 6.1-85 6.1-86 6.1-87 6.1-88 6.1-89 6.1-90 6.1-91 6.1-92 NextLast modified: April 2, 2009