6.1-44 - (Repealed effective October 1, 2010) Effect of merger; certificate of authority required. - Virginia Statutes

§ 6.1-44. (Repealed effective October 1, 2010) Effect of merger; certificateof authority required.

In the event of any such merger as is authorized by § 6.1-43 the mergedcorporation (whether it be one of merging banks, or a new bank formed bymeans of such merger) shall without further act or deed succeed to, and bevested with all offices, rights, obligations and relations of trust or of afiduciary nature, including appointments, designations and nominations,existing immediately prior to the time at which such merger became effective,or then belonging or pertaining to any one or more of the banks, parties tosuch merger, or which would then inure to any one or more of such banks. Butno state bank resulting from any merger shall do business in Virginia untilit shall have obtained from the State Corporation Commission a certificate ofauthority authorizing it to do so. The provisions of § 6.1-13 shall apply tothe issuance, or refusal of the Commission to issue, the certificate hereinprovided for, to the same extent as if the merged bank were a new bank. Inthe case of a merger heretofore or hereafter effected, the surviving or newbank shall be deemed to have been in actual operation for the period duringwhich the oldest of the banks involved in the merger has been in actualoperation.

(Code 1950, § 6-21; 1966, c. 584; 1970, c. 536; 1987, c. 423.)