6.2-882 - (Effective October 1, 2010) Bank borrowing money or rediscounting its notes. - Virginia Statutes

§ 6.2-882. (Effective October 1, 2010) Bank borrowing money or rediscountingits notes.

A. Any bank borrowing money or rediscounting any of its notes shall at alltimes show on its books and accounts and in its reports the amount of suchborrowed money or rediscounts.

B. No officer, director, or employee of any bank shall issue the note of suchbank for borrowed money or rediscount any note or pledge any of the assets ofsuch bank, except when authorized by resolution of the board of directors ofsuch bank previously made and entered upon the minutes of such bank, undersuch regulations and in such form as may be adopted by the Commission.

(Code 1950, § 6-80; 1966, c. 584, § 6.1-67; 1994, c. 7; 2010, c. 794.)