6.1-4 - (Repealed effective October 1, 2010) Application of chapter; definitions. - Virginia Statutes

§ 6.1-4. (Repealed effective October 1, 2010) Application of chapter;definitions.

The provisions of this chapter shall apply to all state banks, and so far asconstitutionally permissible, to all banks organized under the laws of theUnited States doing business in Virginia.

As used in this chapter, unless a different meaning is required by thecontext, the following words shall have the following meanings:

1. "Bank" means a corporation authorized by statute to accept deposits andto hold itself out to the public as engaged in the banking business in thisCommonwealth.

2. [Repealed.]

3. "Bank holding company" means any company (a) which directly orindirectly owns, controls or holds with power to vote, twenty-five percent ormore of the voting shares of one or more banks or of a company which is orbecomes a bank holding company by virtue of this section, or (b) whichcontrols in any manner the election of a majority of the directors of one ormore banks, or (c) for the benefit of whose shareholders or memberstwenty-five percent or more of the voting shares of one or more banks or bankholding company is held by trustees. For the purpose of this section, anysuccessor to any such company shall be deemed to be a bank holding companyfrom the date as of which such successor co-company becomes a bank holdingcompany. Notwithstanding the foregoing, (i) no bank shall be a bank holdingcompany by virtue of its ownership or control of shares in a fiduciarycapacity, except where such shares are held for the benefit of theshareholders of such banks, (ii) no company shall be a bank holding companyby virtue of its ownership or control of its shares acquired by it inconnection with its underwriting of securities and which are held only forsuch period of time as will permit the sale thereof upon a reasonable basis,(iii) no company formed for the sole purpose of participating in a proxysolicitation shall be a bank holding company by virtue of its control ofvoting rights or shares acquired in the course of such solicitation, and (iv)no company shall be a bank holding company if at least eighty percent of itstotal assets are composed of holdings in the field of agriculture.

4. "Trust company" has the meaning prescribed in § 6.1-32.11.

(Code 1950, §§ 6-6, 6-27.1; 1962, c. 404; 1966, c. 584; 1974, c. 665; 1987,c. 556; 1993, c. 432.)