6.2-842 - (Effective October 1, 2010) Powers. - Virginia Statutes

§ 6.2-842. (Effective October 1, 2010) Powers.

A. An out-of-state state bank that establishes and maintains one or morebranches in the Commonwealth under this article may conduct the sameactivities at such branch or branches that are authorized under Virginia lawfor Virginia state banks, except to the extent such activities may beprohibited by other laws, regulations, or orders applicable to theout-of-state state bank.

B. A Virginia state bank may conduct the same activities at a branch outsidethe Commonwealth that are permissible for a bank chartered by the host statewhere the branch is located, except to the extent such activities areexpressly prohibited by other laws, regulations, or orders applicable to theVirginia state bank.

C. A bank shall not establish or maintain a branch in the Commonwealth on thepremises or property of an affiliate if the affiliate engages in commercialactivities.

(1995, c. 301, § 6.1-44.8; 2007, c. 1; 2010, c. 794.)