A. As used in this section, "bank service corporation" means a corporation engaged primarily in rendering services, other than the renting of the bank premises or the furnishing of furniture or fixtures, to two or more banks.
B. A bank may acquire, own, and hold the stock and other securities or obligations of a bank service corporation in an amount not to exceed 10 percent of the bank's capital stock and permanent surplus. A bank may not invest in any bank service corporation unless it uses or intends to use the services of the bank service corporation. A bank may not invest in more than one bank service corporation without the consent of the Commission.
C. Stock in a Federal Reserve Bank shall not be considered stock of a bank service corporation within the meaning of this section.
Code 1950, § 6-49.1; 1962, c. 38; 1966, c. 584, § 6.1-58; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
§ 6.2-801. Application of chapter
§ 6.2-802. Effect of chapter on certain banks
§ 6.2-803. Entities authorized to engage in banking business
§ 6.2-804. Amendment of powers of state banks by regulation of the Commission
§ 6.2-806. Saturday closing of banks
§ 6.2-807. Discoverability or admissibility of compliance review committee documents
§ 6.2-808. Incorporation; corporate powers
§ 6.2-810. Effect of chapter on charter powers
§ 6.2-811. Membership in Federal Reserve Bank System or Federal Home Loan Bank System
§ 6.2-812. Inspection of records, reports, and information of insured banks
§ 6.2-813. Participation by banks in school thrift or savings plans
§ 6.2-815. Suspension of business during emergency
§ 6.2-816. Banks to obtain certificate of authority
§ 6.2-817. Capital stock subscriptions
§ 6.2-818.1. Virtual currency custody services by banks
§ 6.2-819. Authority to engage in trust business; permission of Commission required
§ 6.2-820. Powers of national banks as fiduciaries
§ 6.2-821. Separation of banking and trust functions; establishment of trust department
§ 6.2-822. Merger and share exchange by state banks
§ 6.2-823. Conversion of national banking association to state bank; certificate of authority
§ 6.2-824. Status of converted bank
§ 6.2-825. State bank becoming national bank; notice required; effect on liabilities
§ 6.2-826. Effect of conversion of state bank to national bank
§ 6.2-827. Rights of national bank stockholders dissenting from conversion
§ 6.2-828. Conversion of state bank to federal savings institution
§ 6.2-830. Conversion from stock association to bank; conversion from bank to stock association
§ 6.2-831. Establishment of branch banks; redesignation of main office
§ 6.2-832. Establishment of automated teller machines and electronic terminals
§ 6.2-833. Bank agent for depository institution
§ 6.2-834. Operation of branch office under different name; civil penalty
§ 6.2-835. Banking facilities in certain hospitals or federal areas
§ 6.2-837. Interstate branching by Virginia state banks
§ 6.2-838. Interstate branching
§ 6.2-839. Interstate branching through the acquisition of a branch
§ 6.2-840. Filing requirements
§ 6.2-843. Examination; periodic reports; cooperative agreements; assessment of fees
§ 6.2-845. Additional branches
§ 6.2-847. Notice of subsequent merger or other transaction
§ 6.2-850. Authority to branch outside the Commonwealth by merger
§ 6.2-851. Interstate merger transactions and branching permitted
§ 6.2-852. Filing requirements
§ 6.2-853. Conditions for interstate merger
§ 6.2-855. Examinations and periodic reports
§ 6.2-856. Cooperative agreements; assessment of fees
§ 6.2-859. Notice of subsequent merger
§ 6.2-860. Bank to be managed by board of directors; number of directors
§ 6.2-861. Application of Virginia Stock Corporation Act
§ 6.2-862. Directors to own stock in bank
§ 6.2-864. Report to Commission of election of director
§ 6.2-865. Removal of director or officer; appeals; penalty
§ 6.2-866. Meetings of board of directors
§ 6.2-867. Discount by officer, director, or employee of paper refused by bank
§ 6.2-868. Bonds required of officers and employees; blanket bond
§ 6.2-869. Dividends; surplus; undivided profits
§ 6.2-870. Limitation of amount invested in bank premises
§ 6.2-871. Investment in stock or securities of bank service corporations
§ 6.2-872. For what purpose banks may purchase, hold, and convey real estate
§ 6.2-873. Additional permissible investments in real estate
§ 6.2-874. Prohibited uses of bank's own stock; other investments or loans
§ 6.2-875. Limitations on obligations of borrowers
§ 6.2-876. Loans to executive officers or directors
§ 6.2-877. Overdrafts by bank officer or director
§ 6.2-878. Loans secured by real estate generally
§ 6.2-879. Certain loans not considered loans secured by real estate
§ 6.2-881. Investment in reverse annuity mortgages
§ 6.2-882. Bank borrowing money or rediscounting its notes
§ 6.2-883. Acceptance of drafts or bills of exchange; issuance of letters of credit
§ 6.2-884. Ownership and lease of personal property
§ 6.2-885. Investment in stock or securities of controlled subsidiary corporations
§ 6.2-886. Regulation of controlled subsidiary corporations by Commission
§ 6.2-887. Insurance business of controlled subsidiary
§ 6.2-888. Real estate brokerage business of controlled subsidiary
§ 6.2-890. Preferences by pledging assets
§ 6.2-891. Perfection of certain security interests
§ 6.2-892. Federal deposit insurance a credit towards certain required bonds
§ 6.2-893. Payment of balance of deceased person or person under disability
§ 6.2-894. Deposits in and withdrawals from accounts of convicts
§ 6.2-897. Bank need not inquire as to fiduciary funds deposited in fiduciary's personal account
§ 6.2-899. Examination of affiliates
§ 6.2-900. Special examinations
§ 6.2-901. Assistance in making examinations
§ 6.2-902. Notice of examination
§ 6.2-903. Revaluation of assets after examination
§ 6.2-904. Report of examination; inspection and dissemination to directors
§ 6.2-905. Communications to board or executive committee
§ 6.2-906. Disclosure of irregularities; Commission's powers
§ 6.2-907. Reports of condition and other statements
§ 6.2-908. Fees for supervision and regulation and for certain examinations and investigations
§ 6.2-909. Assessment and payment of fees; lien
§ 6.2-911. Examination of national banks
§ 6.2-913. Closing bank; appointment of receiver
§ 6.2-914. Merger or transfer of assets of insolvent bank
§ 6.2-915. Protection of state deposits upon insolvency
§ 6.2-916. Appointment of receiver
§ 6.2-917. Execution of powers of sale by receivers
§ 6.2-918. Rights and powers of receivers generally
§ 6.2-919. Interest on deposits; distribution of surplus remaining after payment of depositors
§ 6.2-920. Proceedings to bar certain claims against banks in liquidation
§ 6.2-921. When publication of list of creditors unnecessary
§ 6.2-922. When publication once in two newspapers sufficient
§ 6.2-924. Power of receivers to contract for loans and make investments
§ 6.2-926. Appointment of FDIC as receiver
§ 6.2-927. Transfer of title to bank assets
§ 6.2-928. Posting of notice; effect of posting notice
§ 6.2-930. Emergency sale of assets
§ 6.2-931. Notice and proof of claim; notice of rejection of claim; petition for hearing
§ 6.2-932. Payment of claims filed after prescribed period
§ 6.2-933. Distribution of assets
§ 6.2-934. Receivership procedures involving assets held by closed bank as fiduciary
§ 6.2-936. Subrogation to rights of bank depositors
§ 6.2-937. Destruction of records
§ 6.2-939. Unlawful use of terms indicating that business is bank; penalty
§ 6.2-940. Making derogatory statements affecting banks; penalty
§ 6.2-941. Use of bank name, logo, or symbol for marketing purposes; penalty
§ 6.2-942. False certification of checks; penalty
§ 6.2-943. Offenses by officer, director, agent, or employee of bank; penalties
§ 6.2-945. Receiving deposit knowing bank to be insolvent; penalty
§ 6.2-946. Civil penalties for violation of Commission's orders
§ 6.2-948. Privilege for self-assessment reports
§ 6.2-949. Exceptions from self-evaluation privilege
§ 6.2-950. Effect on other privileges