6.1-85 - (Repealed effective October 1, 2010) Examination of affiliates. - Virginia Statutes

§ 6.1-85. (Repealed effective October 1, 2010) Examination of affiliates.

The Commission may, also in connection with the examination of any bank, makeor cause to be made such examination of the affiliates of the bank as shallbe necessary to ascertain the financial condition of the bank and to disclosefully the relations between the bank and its affiliates and the effect ofsuch relations upon the affairs of the bank.

For the purpose of this section the term "affiliate" of any bank shall meanany corporation, business trust, association, or other similar organization(1) of which such bank, directly or indirectly owns or controls either amajority of the voting shares or more than fifty per centum of the number ofshares voted for the election of its directors, trustees, or other personsexercising similar functions at the preceding election, or controls in anymanner the election of a majority of its directors, trustees, or otherpersons exercising similar functions, or (2) of which control is held,directly or indirectly, through stock ownership or in any other manner, bythe shareholders of such bank who own or control either a majority of theshares of such bank or more than fifty per centum of the number of sharesvoted for the election of directors of such bank at the preceding election,or by trustees for the benefit of the shareholders of any such bank, or (3)of which a majority of the directors, trustees, or other persons exercisingsimilar functions are directors of such bank.

(Code 1950, § 6-107; 1966, c. 584.)