6.1-195.81 - (Repealed effective October 1, 2010) Continuation of trust powers in the event of consolidation or merger of two or more associations. - Virginia Statutes

§ 6.1-195.81. (Repealed effective October 1, 2010) Continuation of trustpowers in the event of consolidation or merger of two or more associations.

Where an association consolidates or merges with another association or abank and such association has, prior to such consolidation or merger,exercised trust powers under a certificate issued by the Commission, whichcertificate is in effect at the time of the consolidation or merger, therights existing under such certificate shall pass to the resultingcorporation, and the resulting corporation may exercise such trust powers inthe same manner and to the same extent as the association to which suchcertificate was originally issued. No new application to continue to exercisesuch powers is necessary. However, when the name of the resulting corporationdiffers from that of the association to which the right to exercise trustpowers was originally granted, the Commission shall issue a certificateshowing the right of such resulting corporation to exercise the trust powerstheretofore granted to any of the associations participating in theconsolidation or merger.

(1984, c. 303.)