State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-15 > 6-1-404§ 6.1-404. (Repealed effective October 1, 2010) Periodic reports; interstateagreements.
The Commission shall have the authority to examine any out-of-state bankholding company owning a Virginia bank and each of its Virginia ornon-Virginia bank or nonbank subsidiaries. The Commission shall requirereports of each out-of-state bank holding company subject to this chapter.Such reports shall be filed under oath with such frequency and in such scopeand detail as may be appropriate for the purpose of assuring continuingcompliance with the provisions of this chapter.
Prior to approving the acquisition of any Virginia bank or Virginia bankholding company by any out-of-state bank holding company, or the acquisitionof any out-of-state bank or out-of-state bank holding company by any Virginiabank holding company, the Commission shall enter into cooperative agreementswith the appropriate regulatory authorities for the periodic examination ofany out-of-state bank holding company that has a Virginia bank subsidiary, orany subsidiary of such holding company, and may accept reports of examinationand other records from such authorities in lieu of conducting its ownexaminations. The Commission may enter into joint actions with otherregulatory authorities having concurrent jurisdiction over any out-of-statebank holding company that has a Virginia bank subsidiary or may take suchactions independently to carry out its responsibilities under this chapter,assure the safety and soundness of any Virginia banks, and assure compliancewith the provisions of this chapter and the applicable banking laws of thisCommonwealth.
(1985, c. 544; 1994, c. 351.)
