Code of Virginia

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Chapter 8. BanksRead Chapter

  • Article 1. General ProvisionsRead all
  • § 6.2-800
    Definitions
    § 6.2-801
    Application of chapter
    § 6.2-802
    Effect of chapter on certain banks
    § 6.2-803
    Entities authorized to engage in banking business
    § 6.2-804
    Amendment of powers of state banks by regulation of the Commission
    § 6.2-805
    Commission authorized to confer on state banks power to make charges comparable to those permitted to national banking associations
    § 6.2-806
    Saturday closing of banks
    § 6.2-807
    Discoverability or admissibility of compliance review committee documents
  • Article 3. Conduct of Trust Business by BanksRead all
  • § 6.2-819
    Authority to engage in trust business; permission of Commission required
    § 6.2-820
    Powers of national banks as fiduciaries
    § 6.2-821
    Separation of banking and trust functions; establishment of trust department
  • Article 4. Bank Mergers and ConversionsRead all
  • § 6.2-822
    Merger and share exchange by state banks
    § 6.2-823
    Conversion of national banking association to state bank; certificate of authority
    § 6.2-824
    Status of converted bank
    § 6.2-825
    State bank becoming national bank; notice required; effect on liabilities
    § 6.2-826
    Effect of conversion of state bank to national bank
    § 6.2-827
    Rights of national bank stockholders dissenting from conversion
    § 6.2-828
    Conversion of state bank to federal savings institution
    § 6.2-829
    Conversion from state savings bank to state bank; conversion from state bank to state savings bank
    § 6.2-830
    Conversion from stock association to bank; conversion from bank to stock association
  • Article 5. Branches and FacilitiesRead all
  • § 6.2-831
    Establishment of branch banks; redesignation of main office
    § 6.2-832
    Establishment of automated teller machines and electronic terminals
    § 6.2-833
    Bank agent for depository institution
    § 6.2-834
    Operation of branch office under different name; civil penalty
    § 6.2-835
    Banking facilities in certain hospitals or federal areas
  • Article 8. Directors and Officers; DividendsRead all
  • § 6.2-860
    Bank to be managed by board of directors; number of directors
    § 6.2-861
    Application of Virginia Stock Corporation Act
    § 6.2-862
    Directors to own stock in bank
    § 6.2-863
    Oaths of directors
    § 6.2-864
    Report to Commission of election of director
    § 6.2-865
    Removal of director or officer; appeals; penalty
    § 6.2-866
    Meetings of board of directors
    § 6.2-867
    Discount by officer, director, or employee of paper refused by bank
    § 6.2-868
    Bonds required of officers and employees; blanket bond
    § 6.2-869
    Dividends; surplus; undivided profits
  • Article 9. Investments and LoansRead all
  • § 6.2-870
    Limitation of amount invested in bank premises
    § 6.2-871
    Investment in stock or securities of bank service corporations
    § 6.2-872
    For what purpose banks may purchase, hold, and convey real estate
    § 6.2-873
    Additional permissible investments in real estate
    § 6.2-874
    Prohibited uses of bank's own stock; other investments or loans
    § 6.2-875
    Limitations on obligations of borrowers
    § 6.2-876
    Loans to executive officers or directors
    § 6.2-877
    Overdrafts by bank officer or director
    § 6.2-878
    Loans secured by real estate generally
    § 6.2-879
    Certain loans not considered loans secured by real estate
    § 6.2-880
    Construction loans
    § 6.2-881
    Investment in reverse annuity mortgages
    § 6.2-882
    Bank borrowing money or rediscounting its notes
    § 6.2-883
    Acceptance of drafts or bills of exchange; issuance of letters of credit
    § 6.2-884
    Ownership and lease of personal property
    § 6.2-885
    Investment in stock or securities of controlled subsidiary corporations
    § 6.2-886
    Regulation of controlled subsidiary corporations by Commission
    § 6.2-887
    Insurance business of controlled subsidiary
    § 6.2-888
    Real estate brokerage business of controlled subsidiary
  • Article 11. Deposit AccountsRead all
  • § 6.2-893
    Payment of balance of deceased person or person under disability
    § 6.2-894
    Deposits in and withdrawals from accounts of convicts
    § 6.2-895
    Repealed
    § 6.2-896
    Deposits of minors
    § 6.2-897
    Bank need not inquire as to fiduciary funds deposited in fiduciary's personal account
  • Article 13. ReceivershipsRead all
  • § 6.2-912
    Definition
    § 6.2-913
    Closing bank; appointment of receiver
    § 6.2-914
    Merger or transfer of assets of insolvent bank
    § 6.2-915
    Protection of state deposits upon insolvency
    § 6.2-916
    Appointment of receiver
    § 6.2-917
    Execution of powers of sale by receivers
    § 6.2-918
    Rights and powers of receivers generally
    § 6.2-919
    Interest on deposits; distribution of surplus remaining after payment of depositors
    § 6.2-920
    Proceedings to bar certain claims against banks in liquidation
    § 6.2-921
    When publication of list of creditors unnecessary
    § 6.2-922
    When publication once in two newspapers sufficient
    § 6.2-923
    When claims barred
    § 6.2-924
    Power of receivers to contract for loans and make investments
  • Article 14. Appointment of FDIC As ReceiverRead all
  • § 6.2-925
    Definitions
    § 6.2-926
    Appointment of FDIC as receiver
    § 6.2-927
    Transfer of title to bank assets
    § 6.2-928
    Posting of notice; effect of posting notice
    § 6.2-929
    Powers of receiver
    § 6.2-930
    Emergency sale of assets
    § 6.2-931
    Notice and proof of claim; notice of rejection of claim; petition for hearing
    § 6.2-932
    Payment of claims filed after prescribed period
    § 6.2-933
    Distribution of assets
    § 6.2-934
    Receivership procedures involving assets held by closed bank as fiduciary
    § 6.2-935
    Termination of executory contracts and leases; liability; extension of statute of limitations
    § 6.2-936
    Subrogation to rights of bank depositors
    § 6.2-937
    Destruction of records
  • Article 15. Banking OffensesRead all
  • § 6.2-938
    Engaging in banking business without authority; Commission may examine accounts of suspected person; penalty
    § 6.2-939
    Unlawful use of terms indicating that business is bank; penalty
    § 6.2-940
    Making derogatory statements affecting banks; penalty
    § 6.2-941
    Use of bank name, logo, or symbol for marketing purposes; penalty
    § 6.2-942
    False certification of checks; penalty
    § 6.2-943
    Offenses by officer, director, agent, or employee of bank; penalties
    § 6.2-944
    Officers, directors, agents, and employees violating or causing bank to violate laws; civil liability not affected
    § 6.2-945
    Receiving deposit knowing bank to be insolvent; penalty
    § 6.2-946
    Civil penalties for violation of Commission's orders
  • Article 17. Benefits ConsortiumRead all
  • § 6.2-951
    Definitions
    § 6.2-952
    Conditions for a benefits consortium
    § 6.2-953
    Benefits consortium and sponsoring association not subject to regulation or taxation as an insurance company