6.2-804 - (Effective October 1, 2010) Amendment of powers of state banks by regulation of the Commission. - Virginia Statutes

§ 6.2-804. (Effective October 1, 2010) Amendment of powers of state banks byregulation of the Commission.

A. In addition to the powers specifically granted to banks by the provisionsof this chapter, the Commission may by regulation amend the powers of statebanks so as to allow such state banks to engage in any activity in which abank subject to the jurisdiction of the federal government may be authorizedby federal legislation or regulation to engage.

B. The Commission, by regulation, may specify the activities that arepermitted to be conducted at a location that is not authorized as a branchunder § 6.2-831, in order to allow a state bank to engage in any activity inwhich a bank subject to the jurisdiction of the federal government may engageat a location other than a branch.

C. Regulations authorized by this section shall be adopted as provided in theCommission's Rules.

(1968, c. 325, § 6.1-5.1; 1975, c. 81; 1987, c. 556; 1997, c. 111; 2010, c.794.)