6.1-35 - (Repealed effective October 1, 2010) State bank becoming national bank; notice required; effect on liabilities. - Virginia Statutes

§ 6.1-35. (Repealed effective October 1, 2010) State bank becoming nationalbank; notice required; effect on liabilities.

Any bank incorporated under the laws of this Commonwealth may, uponcompliance with the laws of the United States, be converted into a nationalbanking association.

Whenever any such bank shall have become a corporation for carrying on thebusiness of banking under the laws of the United States, it shall notify theState Corporation Commission of such fact, and shall file with it a copy ofits authorization as a national banking association certified by theComptroller of the Currency. It shall thereupon cease to be a corporationunder the laws of this Commonwealth, except that for a period not exceedingthree years thereafter, its corporate existence shall be deemed to continuefor the purpose of prosecuting or defending suits by or against it, and ofenabling it to settle and close its affairs, to dispose of and convey itsproperty, and to divide its capital, but not for the purpose of continuingthe business for which such bank shall have been established.

Such change from a state to a national bank shall not release any such bankfrom its obligations to pay and discharge all the liabilities created by lawor incurred by it before becoming a national banking association, or any taximposed by the laws of this Commonwealth up to the date of its becoming suchnational banking association in proportion to the time which has elapsedsince the next preceding payment therefor, or any assessment, penalty orforfeiture imposed or incurred under the laws of this Commonwealth up to thedate of its becoming a national banking association.

(Code 1950, § 6-18; 1966, c. 584.)