6.2-701 - (Effective October 1, 2010) Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities. - Virginia Statutes

§ 6.2-701. (Effective October 1, 2010) Presumptions regarding control ofentities, ownership of shares, and activities of subsidiaries or otherentities.

A. A person shall be deemed to control another entity if:

1. It owns 25 percent or more of the voting shares of the entity;

2. The person is presumed to control the entity under the Bank HoldingCompany Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, or under Section10 of the Home Owners' Loan Act (12 U.S.C. § 1467a), as amended; or

3. A determination has been made by the Commission that the person exercisesa controlling influence over the management and policies of the entity.

B. A financial institution holding company shall be deemed to own sharesowned by a subsidiary.

C. A financial institution holding company shall be deemed to engage inactivities engaged in by its subsidiary or by any other entity of which itowns five percent or more of the voting shares.

(1978, c. 683, § 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c.16; 2010, c. 794.)