6.2-808 - (Effective October 1, 2010) Incorporation; corporate powers. - Virginia Statutes

§ 6.2-808. (Effective October 1, 2010) Incorporation; corporate powers.

A. A bank may be incorporated under the Virginia Stock Corporation Act (§13.1-601 et seq.), but need not comply with the provisions of subsection A of§ 13.1-630.

B. Except as otherwise provided in this chapter, a bank shall:

1. Have all the powers conferred on corporations, and be subject to allrestrictions imposed on corporations, by the Virginia Stock Corporation Act;

2. Not issue its shares for any consideration except money at least equal inamount to the par value of its shares; and

3. Not issue no-par stock.

(Code 1950, § 6-10; 1956, c. 433; 1966, c. 584, § 6.1-6; 1987, c. 556; 2010,c. 794.)