6.1-11.2 - (Repealed effective October 1, 2010) International banking facility. - Virginia Statutes

§ 6.1-11.2. (Repealed effective October 1, 2010) International bankingfacility.

A bank may establish an international banking facility, either as a divisionof the bank or as a separate corporate entity under § 6.1-58.1. An"international banking facility" shall mean a set of assets and liabilityaccounts segregated on the books and records of the bank, or an adjacent orother subsidiary that includes only international banking facility timedeposits and international banking facility extensions of credit. Thefacility may either be located within Virginia or outside the territorialUnited States. "International banking facility" shall have the same meaningas set forth in the laws of the United States or the regulations of the Boardof Governors for the Federal Reserve System.

(1983, c. 453.)