§ 6.2-700. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Acquire" means:
1. The merger or consolidation of one bank holding company with another bankholding company;
2. The acquisition by a bank holding company of direct or indirect ownershipor control of voting shares of another bank holding company or a bank, if,after such acquisition, the bank holding company making the acquisition willdirectly or indirectly own or control more than five percent of any class ofvoting shares of the other bank holding company or the bank;
3. The direct or indirect acquisition by a bank holding company of all orsubstantially all of the assets of another bank holding company or of a bank;or
4. Any other action that would result in direct or indirect control by a bankholding company of another bank holding company or a bank.
"Bank" has the same meaning assigned to it in 12 U.S.C. § 1841(c).
"Bank holding company" has the meaning assigned to it in 12 U.S.C. §1841(a) (1).
"Financial institution" shall not include any consumer finance company orsavings institution.
"Financial institution holding company" means any person that has controlover any financial institution or that has control over any person thatcontrols any financial institution.
"Home state" means:
1. With respect to a national bank, the state in which the main office islocated;
2. With respect to a state bank, the state by which the bank is chartered; and
3. With respect to a bank holding company, the state in which the totaldeposits of all banking subsidiaries of such company are the largest on thelater of (i) July 1, 1966, or (ii) the date on which the company becomes abank holding company under the federal Bank Holding Company Act (12 U.S.C. §1841ff).
"Out-of-state bank holding company" means a bank holding company that hasas its home state a state other than the Commonwealth.
"Subsidiary" means an entity over which another person has control. Withrespect to a bank, "subsidiary" means:
1. Any entity 25 percent or more of whose voting shares, excluding sharesowned by the United States or by any company wholly owned by the UnitedStates, are directly or indirectly owned or controlled by such bank holdingcompany, or held by it with power to vote;
2. Any company the election of a majority of whose directors is controlled inany manner by such bank holding company; or
3. Any company with respect to the management or policies of which such bankholding company has the power, directly or indirectly, to exercise acontrolling influence, as determined by the Commission, after notice andopportunity for hearing.
"Virginia bank" means a bank that is organized under the laws of theCommonwealth or of the United States and that has the Commonwealth as itshome state.
"Virginia bank holding company" means a bank holding company that has theCommonwealth as its home state and is not controlled by a bank holdingcompany other than a Virginia bank holding company.
"Virginia financial institution" means a financial institution authorizedto do business in the Commonwealth.
"Virginia financial institution holding company" means any person that hascontrol over any financial institution authorized to do business in theCommonwealth or has control over a person that controls any such financialinstitution.
(1978, c. 683, § 6.1-381; 1983, c. 194; 1985, cc. 544, 604; 1986, c. 257;1993, c. 58; 1994, cc. 315, 331; 1996, c. 16; 1998, c. 231; 2010, c. 794.)
§ 6.2-700. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Acquire" means:
1. The merger or consolidation of one bank holding company with another bankholding company;
2. The acquisition by a bank holding company of direct or indirect ownershipor control of voting shares of another bank holding company or a bank, if,after such acquisition, the bank holding company making the acquisition willdirectly or indirectly own or control more than five percent of any class ofvoting shares of the other bank holding company or the bank;
3. The direct or indirect acquisition by a bank holding company of all orsubstantially all of the assets of another bank holding company or of a bank;or
4. Any other action that would result in direct or indirect control by a bankholding company of another bank holding company or a bank.
"Bank" has the same meaning assigned to it in 12 U.S.C. § 1841(c).
"Bank holding company" has the meaning assigned to it in 12 U.S.C. §1841(a) (1).
"Financial institution" shall not include any consumer finance company orsavings institution.
"Financial institution holding company" means any person that has controlover any financial institution or that has control over any person thatcontrols any financial institution.
"Home state" means:
1. With respect to a national bank, the state in which the main office islocated;
2. With respect to a state bank, the state by which the bank is chartered; and
3. With respect to a bank holding company, the state in which the totaldeposits of all banking subsidiaries of such company are the largest on thelater of (i) July 1, 1966, or (ii) the date on which the company becomes abank holding company under the federal Bank Holding Company Act (12 U.S.C. §1841ff).
"Out-of-state bank holding company" means a bank holding company that hasas its home state a state other than the Commonwealth.
"Subsidiary" means an entity over which another person has control. Withrespect to a bank, "subsidiary" means:
1. Any entity 25 percent or more of whose voting shares, excluding sharesowned by the United States or by any company wholly owned by the UnitedStates, are directly or indirectly owned or controlled by such bank holdingcompany, or held by it with power to vote;
2. Any company the election of a majority of whose directors is controlled inany manner by such bank holding company; or
3. Any company with respect to the management or policies of which such bankholding company has the power, directly or indirectly, to exercise acontrolling influence, as determined by the Commission, after notice andopportunity for hearing.
"Virginia bank" means a bank that is organized under the laws of theCommonwealth or of the United States and that has the Commonwealth as itshome state.
"Virginia bank holding company" means a bank holding company that has theCommonwealth as its home state and is not controlled by a bank holdingcompany other than a Virginia bank holding company.
"Virginia financial institution" means a financial institution authorizedto do business in the Commonwealth.
"Virginia financial institution holding company" means any person that hascontrol over any financial institution authorized to do business in theCommonwealth or has control over a person that controls any such financialinstitution.
(1978, c. 683, § 6.1-381; 1983, c. 194; 1985, cc. 544, 604; 1986, c. 257;1993, c. 58; 1994, cc. 315, 331; 1996, c. 16; 1998, c. 231; 2010, c. 794.)
§ 6.2-700. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Acquire" means:
1. The merger or consolidation of one bank holding company with another bankholding company;
2. The acquisition by a bank holding company of direct or indirect ownershipor control of voting shares of another bank holding company or a bank, if,after such acquisition, the bank holding company making the acquisition willdirectly or indirectly own or control more than five percent of any class ofvoting shares of the other bank holding company or the bank;
3. The direct or indirect acquisition by a bank holding company of all orsubstantially all of the assets of another bank holding company or of a bank;or
4. Any other action that would result in direct or indirect control by a bankholding company of another bank holding company or a bank.
"Bank" has the same meaning assigned to it in 12 U.S.C. § 1841(c).
"Bank holding company" has the meaning assigned to it in 12 U.S.C. §1841(a) (1).
"Financial institution" shall not include any consumer finance company orsavings institution.
"Financial institution holding company" means any person that has controlover any financial institution or that has control over any person thatcontrols any financial institution.
"Home state" means:
1. With respect to a national bank, the state in which the main office islocated;
2. With respect to a state bank, the state by which the bank is chartered; and
3. With respect to a bank holding company, the state in which the totaldeposits of all banking subsidiaries of such company are the largest on thelater of (i) July 1, 1966, or (ii) the date on which the company becomes abank holding company under the federal Bank Holding Company Act (12 U.S.C. §1841ff).
"Out-of-state bank holding company" means a bank holding company that hasas its home state a state other than the Commonwealth.
"Subsidiary" means an entity over which another person has control. Withrespect to a bank, "subsidiary" means:
1. Any entity 25 percent or more of whose voting shares, excluding sharesowned by the United States or by any company wholly owned by the UnitedStates, are directly or indirectly owned or controlled by such bank holdingcompany, or held by it with power to vote;
2. Any company the election of a majority of whose directors is controlled inany manner by such bank holding company; or
3. Any company with respect to the management or policies of which such bankholding company has the power, directly or indirectly, to exercise acontrolling influence, as determined by the Commission, after notice andopportunity for hearing.
"Virginia bank" means a bank that is organized under the laws of theCommonwealth or of the United States and that has the Commonwealth as itshome state.
"Virginia bank holding company" means a bank holding company that has theCommonwealth as its home state and is not controlled by a bank holdingcompany other than a Virginia bank holding company.
"Virginia financial institution" means a financial institution authorizedto do business in the Commonwealth.
"Virginia financial institution holding company" means any person that hascontrol over any financial institution authorized to do business in theCommonwealth or has control over a person that controls any such financialinstitution.
(1978, c. 683, § 6.1-381; 1983, c. 194; 1985, cc. 544, 604; 1986, c. 257;1993, c. 58; 1994, cc. 315, 331; 1996, c. 16; 1998, c. 231; 2010, c. 794.)
