6.1-381 - (Repealed effective October 1, 2010) Definitions. - Virginia Statutes

§ 6.1-381. (Repealed effective October 1, 2010) Definitions.

A. As used in this chapter, unless a different meaning is required by thecontext:

"Bank" means an institution which has or is eligible for insurance ofdeposits by the Federal Deposit Insurance Corporation.

"Company" means any individual, corporation, partnership, business trust,association, joint venture, pool, syndicate, sole proprietorship,unincorporated association, or any other entity not specifically listedherein.

"Financial institution holding company" means any company which has controlover any financial institution or which has control over any company whichcontrols any financial institution.

"Virginia financial institution" means a financial institution authorizedto do business in the Commonwealth of Virginia. As used in this chapter, theterm "financial institution" shall not include consumer finance companiesand savings institutions.

"Virginia financial institution holding company" means any company whichhas control over any financial institution authorized to do business in thisCommonwealth or has control over a company which controls any such financialinstitution.

B. A company shall be deemed to "control" another company, referred to inthis chapter as a "subsidiary," if it owns twenty-five percent or more ofthe voting shares of the subsidiary, or if under the Bank Holding Company Actof 1956, as amended, or under Section 408 of the National Housing Act, asamended, such company is presumed to control the subsidiary, or adetermination has been made by the Commission that such company exercises acontrolling influence over the management and policies of the subsidiary.

C. A financial institution holding company shall be deemed to own sharesowned by a subsidiary. Such holding company shall be deemed to engage inactivities engaged in by a subsidiary or by any other company of which itowns five percent or more of the voting shares.

(1978, c. 683; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16.)