6.1-387 - (Repealed effective October 1, 2010) Exclusions from this chapter. - Virginia Statutes

§ 6.1-387. (Repealed effective October 1, 2010) Exclusions from this chapter.

The provisions of §§ 6.1-383.1 and 6.1-383.2 shall not apply where afinancial institution itself forms a corporation for the purpose to acquireand hold the stock of such financial institution and it is proposed that theshareholders of the financial institution will become the shareholders of theholding company being organized. This exclusion shall apply regardless of thefact that some shareholders of the financial institution may dissent from theproposal. The Commission may promulgate regulations excluding financialinstitution holding companies from the provisions of this chapter, underconditions comparable to those provided in either the Bank Holding CompanyAct of 1956 or Section 408 of the National Housing Act, where control of aVirginia financial institution arises out of the acquisition of shares in afiduciary capacity, or in connection with an underwriting of securities orproxy solicitation, or in connection with securing or collecting a debt.

(1978, c. 683; 1984, c. 335.)