6.1-5.1 - (Repealed effective October 1, 2010) Amendment of powers of state banks by regulation of the Commission. - Virginia Statutes

§ 6.1-5.1. (Repealed effective October 1, 2010) Amendment of powers of statebanks by regulation of the Commission.

In addition to the powers specifically granted to banks by the provisions ofthis chapter, the Commission may by regulation amend the powers of statebanks so as to allow such state banks to engage in any activity in which abank subject to the jurisdiction of the federal government may be authorizedby federal legislation or regulation to engage.

Furthermore, by adopting regulations the Commission may specify theactivities that are permitted to be conducted at a location which is notauthorized as a branch under § 6.1-39.3, so as to allow a state bank toengage in any activity in which a bank subject to the jurisdiction of thefederal government may engage at a location other than a branch. Regulationsauthorized by this section shall be adopted as provided in the Commission'sRules of Practice and Procedure (5 VAC 5-10-10 et seq.).

(1968, c. 325; 1975, c. 81; 1987, c. 556; 1997, c. 111.)