6.1-9 - (Repealed effective October 1, 2010) State banks may become insured under Federal Reserve Act. - Virginia Statutes

§ 6.1-9. (Repealed effective October 1, 2010) State banks may become insuredunder Federal Reserve Act.

Any bank heretofore or hereafter incorporated under the laws of thisCommonwealth may, if it so elects, become an "insured bank" as that term isused in section twelve-B of the Federal Reserve Act, as amended, providingfor the creation of a Federal Deposit Insurance Corporation, and shall, uponbecoming an insured bank, be vested with all powers conferred by the sectionand any amendment thereof upon state banks which shall become insured banks.Such powers shall be exercised subject to all restrictions and limitationsimposed upon such banks by the section and any amendment thereof. Allrecords, reports, reports of examinations and information relating to insuredbanks shall be open to the inspection of, and made available to, the officersand duly accredited agents of Federal Deposit Insurance Corporation so longas like records, reports and information in the possession or under thecontrol of Federal Deposit Insurance Corporation are, by federal statute,made available and subject to the inspection of the governmental authority ofthis Commonwealth having supervisory authority over such banks.

(Code 1950, § 6-25; 1966, c. 584.)