6.2-811 - (Effective October 1, 2010) Membership in Federal Reserve Bank System or Federal Home Loan Bank System. - Virginia Statutes

§ 6.2-811. (Effective October 1, 2010) Membership in Federal Reserve BankSystem or Federal Home Loan Bank System.

Any bank that has been or is hereafter incorporated under the laws of theCommonwealth, at its election, may become a member bank of the FederalReserve Bank System, subject to the provisions of the Federal Reserve Act(P.L. 63-43, 38 Stat. 251) as it may be amended to permit a bank to become amember, or the Federal Home Loan Bank System, subject to the provisions ofthe Federal Home Loan Bank Act (P.L. 72-304, 47 Stat. 785) as it may beamended to permit a bank to become a member, or both. Upon becoming a memberof either system, the bank shall be vested with all powers conferred uponstate member banks of such systems by the terms of such acts. The powersshall be exercised subject to all restrictions and limitations imposed by theFederal Reserve Act or the Federal Home Loan Bank Act, or by regulations ofthe Federal Reserve Board or the Federal Housing Finance Board, respectively,adopted pursuant to such acts. The right is expressly reserved to revoke oramend the powers conferred pursuant to this section. The Commission maydisclose to the Federal Reserve Board, or to examiners duly appointed by it,all information in reference to the affairs of any bank which has become, ordesires to become a member of the system.

(Code 1950, § 6-24; 1966, c. 584, § 6.1-8; 1993, c. 182; 2010, c. 794.)