There is a newer version of the Code of Virginia
2006 Code of Virginia - Chapter 2 - Banking Act
- 6.1-3 - Short title
- 6.1-4 - Application of chapter; definitions
- 6.1-5 - Who shall not do a banking or trust business
- 6.1-5.1 - Amendment of powers of state banks by regulation of the Commission
- 6.1-5.2 - Conferring on state banks power to make charges comparable to those permitted to national banking a...
- 6.1-5.3 - Rate of interest chargeable by state banks
- 6.1-5.4 - Saturday closing of banks
- 6.1-6 - How bank incorporated; application of Virginia Stock Corporation Act; consideration for shares; no-...
- 6.1-6.1 - Bankers' bank; formation; applicability of banking code
- 6.1-7 - Effect of chapter on charter powers; investments
- 6.1-8 - State banks may become members of Federal Reserve Bank System or the Federal Home Loan Bank Syste...
- 6.1-9 - State banks may become insured under Federal Reserve Act
- 6.1-10 - Participation by banks in school thrift or savings plans
- 6.1-11 - Permissible business
- 6.1-11.1 - Grant of special powers to banks by the Commission
- 6.1-11.2 - International banking facility
- 6.1-12 - Suspension of business during actual or threatened enemy attack or other emergency
- 6.1-13 - Bank to obtain certificate of authority before beginning business; prerequisites to issuance of cer...
- 6.1-14 - How subscriptions to stock to be paid; bank not to begin business until amounts specified in certif...
- 6.1-15 - Commissions, fees, etc., for sale of stock not permitted
- 6.1-16 - What banks may engage in trust business; permission of State Corporation Commission require...
- 6.1-17 - Powers of banks and trust companies; national banks as fiduciaries
- 6.1-18 - When security not required
- 6.1-19 - Who may take oath for corporate fiduciary
- 6.1-20 - Separation of banking and trust functions
- 6.1-21 - Deposit or other use of trust funds
- 6.1-22 - Trust securities to be kept separate; custody thereof; federal securities and obligations
- 6.1-23 - Investment of trust funds
- 6.1-24 - Dealings with self or affiliates
- 6.1-25 - through 6.1-30
- 6.1-30.1 - Establishment of common trust and collective investment funds
- 6.1-30.2 - Court accountings
- 6.1-30.3 - Supervision by Commission
- 6.1-31 - Bank, trust company or trust subsidiary holding stock or other securities as fiduciary
- 6.1-31.1 - Voting of bank shares held by bank, trust company or trust subsidiary as fiduciary; when bank, trus...
- 6.1-31.2 - Same; appointment of cofiduciary for purpose of voting
- 6.1-32 - Suspension of bank, trust company or trust subsidiary
- 6.1-32.1 - Title of article
- 6.1-32.2 - Definitions
- 6.1-32.3 - Organization of subsidiary trust companies
- 6.1-32.4 - Directors of such companies
- 6.1-32.5 - Permissible business
- 6.1-32.6 - Trust offices
- 6.1-32.7 - When security not required of trust subsidiaries
- 6.1-32.8 - Deposits of funds held or received by trust subsidiaries or subsidiary bank with affiliate banks; s...
- 6.1-32.9 - Substitution of trust subsidiary or subsidiary bank under common ownership as fiduciary
- 6.1-32.10 - Trust subsidiaries to have same powers and restrictions as bank trust departments
- 6.1-32.11 - Definitions
- 6.1-32.12 - Exemptions
- 6.1-32.13 - Certificate required
- 6.1-32.14 - Application for certificate; fee
- 6.1-32.14:1 - Description unavailable
- 6.1-32.14:2 - Certain transactions prohibited
- 6.1-32.15 - Minimum capital
- 6.1-32.16 - State of incorporation; form of entity
- 6.1-32.17 - Bond required
- 6.1-32.18 - Procedure for granting or denying certificate
- 6.1-32.18:1 - Par value of shares; payment of shares; reacquisition of shares; how subscriptions to stock to be p...
- 6.1-32.18:2 - Commissions, fees, etc., for sale of stock not permitted
- 6.1-32.18:3 - Reacquisition of shares; dividends
- 6.1-32.19 - Acquisition of stock; application
- 6.1-32.20 - Restrictions on control, officers and directors
- 6.1-32.21 - Offices
- 6.1-32.22 - Directors
- 6.1-32.23 - Reports
- 6.1-32.24 - Investigations; examinations
- 6.1-32.25 - Fees
- 6.1-32.26 - Regulations
- 6.1-32.27 - Audits
- 6.1-32.28 - Commission's remedial powers
- 6.1-32.29 - Continuation of provisions
- 6.1-32.30 - Description unavailable
- 6.1-32.30:1 - Definitions
- 6.1-32.30:2 - Organization; minimum capital; notice to Bureau of Financial Institutions; control
- 6.1-32.30:3 - Operation and powers
- 6.1-32.30:4 - Reacquisition of shares or interests; dividends
- 6.1-32.30:5 - Offices
- 6.1-32.30:6 - Directors or managers
- 6.1-32.30:7 - Limitation on powers
- 6.1-32.31 - Title and purpose
- 6.1-32.32 - Definitions
- 6.1-32.33 - Interstate trust offices by Virginia state banks
- 6.1-32.34 - Trust business of out-of-state trust institution
- 6.1-32.35 - Trust business at a branch or trust office
- 6.1-32.36 - Establishing an interstate trust office
- 6.1-32.37 - Acquiring an interstate trust office
- 6.1-32.38 - Filing requirements
- 6.1-32.39 - Conditions for approval
- 6.1-32.40 - Examinations; periodic reports; cooperative agreements; assessment of fees
- 6.1-32.41 - Enforcement
- 6.1-32.42 - Additional trust offices
- 6.1-32.43 - Regulations; certain fees
- 6.1-32.44 - Notice of subsequent merger, closing, etc
- 6.1-32.45 - Severability
- 6.1-33 - National banking association may become state bank; procedure
- 6.1-34 - New bank considered same business and corporate entity as old; reference to latter in contract, wil...
- 6.1-35 - State bank becoming national bank; notice required; effect on liabilities
- 6.1-36 - General effect of change of state bank to national bank
- 6.1-37 - Rights of national bank stockholders dissenting from conversion
- 6.1-38 - Issuance of certificate of authority to state bank converted from national bank
- 6.1-39 - through 6.1-39.2
- 6.1-39.3 - When and where branch banks may be established; redesignation of main office
- 6.1-39.4 - Description unavailable
- 6.1-39.4:1 - Electronic fund transfers; authority to utilize
- 6.1-39.5 - Bank agent for depository institution
- 6.1-40 - Description unavailable
- 6.1-41 - Operation of branch office under different name
- 6.1-41.1 - Use of armored vehicles to pick up customers' deposits or deliver currency
- 6.1-42 - Banking facilities in certain hospitals or federal areas
- 6.1-43 - Merger or share exchange authorized; laws applicable
- 6.1-44 - Effect of merger; certificate of authority required
- 6.1-44.1 - Purpose
- 6.1-44.2 - Definitions
- 6.1-44.3 - Interstate branching by Virginia state banks
- 6.1-44.4 - Interstate branching by de novo entry
- 6.1-44.5 - Interstate branching through the acquisition of a branch
- 6.1-44.6 - Filing requirements
- 6.1-44.7 - Conditions for approval
- 6.1-44.8 - Powers
- 6.1-44.9 - Examination; periodic reports; cooperative agreements; assessment of fees
- 6.1-44.10 - Enforcement
- 6.1-44.11 - Additional branches
- 6.1-44.12 - Regulations; certain fees
- 6.1-44.13 - Notice of subsequent merger, etc
- 6.1-44.14 - Nonseverability
- 6.1-44.15 - Purpose
- 6.1-44.16 - Definitions
- 6.1-44.17 - Authority to branch outside Virginia by merger
- 6.1-44.18 - Interstate merger transactions and branching permitted
- 6.1-44.19 - Filing requirements
- 6.1-44.20 - Conditions for interstate merger
- 6.1-44.21 - Powers
- 6.1-44.22 - Examination; periodic reports; cooperative agreements; assessment of fees
- 6.1-44.23 - Enforcement
- 6.1-44.24 - Regulations; certain fees
- 6.1-44.25 - Notice of subsequent merger, etc
- 6.1-45 - Bank to be managed by board of directors; number of directors
- 6.1-46 - Application of Virginia Stock Corporation Act
- 6.1-47 - Directors must be stockholders
- 6.1-48 - Oaths of directors
- 6.1-48.1 - Report to Commission of election of director
- 6.1-49 - Removal of director or officer
- 6.1-50 - Appeal from order granting or refusing such removal
- 6.1-51 - Penalty for acting after removal
- 6.1-51.1 - "Bank" construed
- 6.1-52 - Meetings of board of directors
- 6.1-53 - Discount by officer, director or employee of paper refused by bank
- 6.1-54 - Bonds required of officers and employees; blanket bond
- 6.1-55 - Description unavailable
- 6.1-55.1 - Description unavailable
- 6.1-56 - Dividends; surplus; undivided profits
- 6.1-57 - Limitation of amount invested in bank building, etc
- 6.1-58 - Investment in stock or securities of bank service corporations
- 6.1-58.1 - Investment in stock or securities of controlled subsidiary corporations
- 6.1-58.2 - Insurance business of controlled subsidiary
- 6.1-58.3 - Real estate brokerage business of controlled subsidiary
- 6.1-59 - For what purpose banks may purchase, hold and convey real estate
- 6.1-59.1 - Bank's investment in real estate other than allowed by { 6.1-59
- 6.1-60 - Description unavailable
- 6.1-60.1 - Acquisition of or loans on own stock; other investments or loans
- 6.1-61 - Limitations on obligations of borrowers
- 6.1-62 - Loans to executive officers or directors
- 6.1-62.1 - Overdrafts by bank officer or director
- 6.1-63 - Limitation on amount of loans secured by real estate generally
- 6.1-64 - Construction loans
- 6.1-65 - Form of loans secured by real estate; certain loans not prohibited by { 6.1-63
- 6.1-65.1 - Investment in reverse annuity mortgages
- 6.1-66 - Certain loans for home improvement purposes not considered loans secured by real estate
- 6.1-67 - Bank borrowing money or rediscounting its notes; reports; resolutions
- 6.1-68 - Acceptance of drafts or bills of exchange; issuance of letters of credit
- 6.1-68.1 - Ownership and lease of personal property
- 6.1-69 - Required reserves
- 6.1-70 - Payment of balance of deceased person or person under disability to personal representative, commit...
- 6.1-70.1 - Deposits in and withdrawals from accounts of convicts
- 6.1-71 - Payment of small balance to distributees or other persons
- 6.1-72 - , 6.1-73
- 6.1-73.1 - Description unavailable
- 6.1-74 - Deposits of minors
- 6.1-75 - Bank need not inquire as to fiduciary funds deposited in fiduciary's personal account
- 6.1-76 - Description unavailable
- 6.1-77 - Description unavailable
- 6.1-78 - Preferences; giving preference by pledging assets
- 6.1-79 - Same; exception as to governmental deposits; insolvent national bank funds, proceeds of sale of fed...
- 6.1-80 - Preferences; exceptions for certain borrowings and for repurchase agreements
- 6.1-81 - Perfection of certain security interests
- 6.1-82 - Description unavailable
- 6.1-83 - Federal deposit insurance a credit towards certain required bonds
- 6.1-84 - Examinations
- 6.1-85 - Examination of affiliates
- 6.1-86 - Special examinations
- 6.1-87 - Assistance in making examinations
- 6.1-88 - Notice of examination
- 6.1-89 - Revaluation of assets after examination
- 6.1-90 - Report of examination; inspection and dissemination to directors
- 6.1-91 - Communications to be submitted to board or executive committee
- 6.1-92 - Disclosure of irregularities, etc.; Commission's powers
- 6.1-93 - Reports of condition and other statements
- 6.1-94 - Fees for supervision and regulation and for certain examinations and investigations
- 6.1-95 - Assessment and payment of fees; lien
- 6.1-96 - Reduction of fees
- 6.1-97 - Description unavailable
- 6.1-98 - Description unavailable
- 6.1-99 - Examination of national banks
- 6.1-100 - Closing bank upon insolvency, etc.; appointment of receiver
- 6.1-100.1 - Merger or transfer of assets of insolvent bank
- 6.1-101 - Protection of state deposits upon insolvency, etc
- 6.1-102 - Appointment of receiver
- 6.1-103 - Execution of powers of sale by receivers
- 6.1-104 - Rights and powers of receivers generally
- 6.1-105 - Interest on deposits; distribution of surplus remaining after payment of depositors
- 6.1-106 - Proceedings to bar certain claims against banks in liquidation
- 6.1-107 - Same; when publication of list of creditors unnecessary
- 6.1-108 - Same; when publication once in two newspapers sufficient
- 6.1-109 - Same; when such claims barred
- 6.1-110 - Power of receivers to contract for loans and make investments
- 6.1-110.1 - Definitions
- 6.1-110.2 - Appointment of FDIC
- 6.1-110.3 - Transfer of title to bank assets
- 6.1-110.4 - Posting of notice
- 6.1-110.5 - Powers of receiver
- 6.1-110.6 - Emergency sale of assets
- 6.1-110.7 - Notice and proof of claim; notice of rejection of claim; petition for hearing
- 6.1-110.8 - Payment of claims filed after prescribed period
- 6.1-110.9 - Distribution of assets
- 6.1-110.10 - Receivership procedures involving assets, etc., held by closed bank as fiduciary
- 6.1-110.11 - Termination of executory contracts and leases; liability; extension of statute of limitation...
- 6.1-110.12 - Subrogation to rights of bank depositors
- 6.1-110.13 - Destruction of records
- 6.1-111 - Doing banking or trust business without authority; Commission may examine accounts, etc., of suspec...
- 6.1-112 - Unlawful use of terms indicating that business is bank, trust company, etc.; penalty
- 6.1-113 - Penalty for violation of { 6.1-39.3 or { 6.1-41
- 6.1-114 - Penalty for failure to comply with { 6.1-93 or { 6.1-87
- 6.1-115 - through 6.1-118
- 6.1-118.1 - Recovery of costs in civil actions for bad checks
- 6.1-119 - Making derogatory statements affecting banks
- 6.1-119.1 - Use of bank or trust company name, logo or symbol for marketing purposes; penalty
- 6.1-120 - False certification of checks
- 6.1-121 - Description unavailable
- 6.1-122 - Embezzlement, fraud, false statements, etc., by officer, director, agent or employee of bank, trus...
- 6.1-123 - Officers, directors, agents and employees violating or causing bank, trust company or trust subsidi...
- 6.1-124 - Receiving deposit knowing bank or broker to be insolvent
- 6.1-125 - Penalties for violation of Commission's orders
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.