6.2-1084 - (Effective October 1, 2010) Continuation of trust powers in the event of consolidation or merger of two or more associations. - Virginia Statutes

§ 6.2-1084. (Effective October 1, 2010) Continuation of trust powers in theevent of consolidation or merger of two or more associations.

If an association consolidates or merges with another association or a bankand the association has, prior to such consolidation or merger, exercisedtrust powers under a certificate issued by the Commission, which certificateis in effect at the time of the consolidation or merger, the rights existingunder such certificate shall pass to the resulting corporation. The resultingcorporation may exercise such trust powers in the same manner and to the sameextent as the association to which such certificate was originally issued. Nonew application to continue to exercise such powers is necessary. If the nameof the resulting corporation differs from that of the association to whichthe right to exercise trust powers was originally granted, the Commissionshall issue a certificate showing the right of such resulting corporation toexercise the trust powers theretofore granted to any of the associationsparticipating in the consolidation or merger.

(1984, c. 303, § 6.1-195.81; 2010, c. 794.)