6.1-33 - (Repealed effective October 1, 2010) National banking association may become state bank; procedure. - Virginia Statutes

§ 6.1-33. (Repealed effective October 1, 2010) National banking associationmay become state bank; procedure.

A national banking association, organized under the laws of the United Statesand doing business in this Commonwealth, may be converted into and become anincorporated bank of this Commonwealth by the following procedure:

1. The directors of the national banking association shall cause to beincorporated under the laws of this Commonwealth a corporation authorized byits certificate of incorporation to conduct the business of banking as thesuccessor of the national banking association.

a. The certificate of incorporation of said corporation shall conform asnearly as may be legally permissible to that of the national bankingassociation.

b. The principal office of said corporation shall be in the county or citywherein the national banking association has its principal office.

c. The amount of the capital stock of said corporation, its division intoshares, the par value of shares, their classification and preferences, ifany, shall conform to those of the national banking association, and theminimum capital of the state bank shall comply with that required for a bankunder § 6.1-13.

2. The procedure to be followed in effecting the conversion of a nationalbanking association to a state bank shall be that prescribed by the act ofCongress of August 17, 1950, Chapter 729, as it now exists or as it mayhereafter be amended.

3. Upon completion of the procedures required by federal law, the presidentof the national banking association and the official having custody of itsrecords shall execute, under the seal of the association, a certificateshowing in detail the procedures followed, the number of shares of each classof stock of the national banking association issued and outstanding and thevote of each class of stockholders in favor of the plan of conversion, andfile said certificate with the State Corporation Commission.

(Code 1950, § 6-14; 1952, c. 571; 1966, c. 584; 1993, c. 244; 1996, c. 26.)