6.1-11 - (Repealed effective October 1, 2010) Permissible business. - Virginia Statutes

§ 6.1-11. (Repealed effective October 1, 2010) Permissible business.

Every such bank shall have power to exercise, by its board of directors, orduly authorized officers or agents, subject to law, all such incidentalpowers as shall be necessary to carry on the business of banking, by:

1. Discounting and negotiating bills of exchange, promissory notes, drafts,and other evidences of debt;

2. Receiving deposits;

3. Buying and selling exchange, coin, and bullion;

4. Loaning money on real and personal security, or collateral;

5. Guaranteeing the payment of bonds, bills, notes and other obligations,having not more than six months to run;

6. Rediscounting paper;

7. Purchasing and selling bonds;

8. Acting as agent in the sale of insurance and annuities;

9. Dealing in or making a market in securities;

10. Providing financial, investment, or economic advisory services;

11. Providing other products and services deemed by the Commission to befinancial in nature;

12. Engaging directly in those activities in which a controlled subsidiarycorporation of a bank is authorized to engage pursuant to §§ 6.1-58.1 and6.1-58.3 in accordance with the requirements of such sections, and furtherprovided that a bank, or a controlled subsidiary corporation of a bank, thattransacts business as a real estate brokerage firm shall be subject to theprovisions of § 6.1-58.3.

(Code 1950, § 6-23; 1966, c. 584; 2005, c. 320.)