6.2-899 - (Effective October 1, 2010) Examination of affiliates. - Virginia Statutes

§ 6.2-899. (Effective October 1, 2010) Examination of affiliates.

A. As used in this section, "affiliate" of any bank means any entity (i) ofwhich such bank, directly or indirectly, owns or controls either a majorityof the voting shares or more than 50 percent of the number of shares votedfor the election of its directors, trustees, or other persons exercisingsimilar functions at the preceding election, or controls in any manner theelection of a majority of its directors, trustees, or other personsexercising similar functions, (ii) of which control is held, directly orindirectly, through stock ownership or in any other manner, by theshareholders of such bank who own or control either a majority of the sharesof such bank or more than 50 percent of the number of shares voted for theelection of directors of such bank at the preceding election, or by trusteesfor the benefit of the shareholders of any such bank, or (iii) of which amajority of the directors, trustees, or other persons exercising similarfunctions are directors of such bank.

B. The Commission, in connection with the examination of any bank, may makeor cause to be made such examination of the affiliates of the bank as shallbe necessary to ascertain the financial condition of the bank and to disclosefully the relations between the bank and its affiliates and the effect ofsuch relations upon the affairs of the bank.

(Code 1950, § 6-107; 1966, c. 584, § 6.1-85; 2010, c. 794.)