Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-9 State banks may become insured under Federal Reserve Act

§ 6.1-9. State banks may become insured under Federal Reserve Act

Any bank heretofore or hereafter incorporated under the laws of this Commonwealth may, if it so elects, become an "insured bank" as that term is used in section twelve-B of the Federal Reserve Act, as amended, providing for the creation of a Federal Deposit Insurance Corporation, and shall, upon becoming an insured bank, be vested with all powers conferred by the section and any amendment thereof upon state banks which shall become insured banks. Such powers shall be exercised subject to all restrictions and limitations imposed upon such banks by the section and any amendment thereof. All records, reports, reports of examinations and information relating to insured banks shall be open to the inspection of, and made available to, the officers and duly accredited agents of Federal Deposit Insurance Corporation so long as like records, reports and information in the possession or under the control of Federal Deposit Insurance Corporation are, by federal statute, made available and subject to the inspection of the governmental authority of this Commonwealth having supervisory authority over such banks.

(Code 1950, § 6-25; 1966, c. 584.)

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Last modified: April 2, 2009