§ 6.2-809. (Effective October 1, 2010) Bankers' banks.
A. A bank may be incorporated as provided in § 6.2-808 for the purpose ofbecoming a bankers' bank.
B. Except as specifically provided in this section or by regulation or orderof the Commission, a bankers' bank shall be vested with all of the powers andsubject to all of the restrictions imposed upon a bank.
C. Notwithstanding any other provision in this title to the contrary, abankers' bank shall only accept deposits from or make loans to (i) afinancial institution which has or is eligible for insurance of deposits by afederal agency, (ii) a bank in organization that has applied for insurance ofdeposits by a federal agency, (iii) a financial institution holding companyas defined in § 6.2-700 or a savings institution holding company as definedin § 6.2-1100 owning an entity described in clause (i) or (ii), (iv) theofficers, directors and employees of any such financial institution, bank inorganization or holding company, (v) any person referred to a bankers' bankby a financial institution or by a bank in organization that has applied forinsurance of deposits by a federal agency, or (vi), with the prior approvalof the Commissioner and subject to such conditions as the Commissioner mayimpose, other persons.
D. A bankers' bank may form a bank holding company upon compliance with theprovisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal law.
E. A bankers' bank may purchase investments or securities of governments orprivate corporations which are traded on the open market such as areauthorized to any other bank organized under the provisions of this chapter.
(1989, c. 650, § 6.1-6.1; 1996, c. 218; 2006, c. 633; 2010, c. 794.)
§ 6.2-809. (Effective October 1, 2010) Bankers' banks.
A. A bank may be incorporated as provided in § 6.2-808 for the purpose ofbecoming a bankers' bank.
B. Except as specifically provided in this section or by regulation or orderof the Commission, a bankers' bank shall be vested with all of the powers andsubject to all of the restrictions imposed upon a bank.
C. Notwithstanding any other provision in this title to the contrary, abankers' bank shall only accept deposits from or make loans to (i) afinancial institution which has or is eligible for insurance of deposits by afederal agency, (ii) a bank in organization that has applied for insurance ofdeposits by a federal agency, (iii) a financial institution holding companyas defined in § 6.2-700 or a savings institution holding company as definedin § 6.2-1100 owning an entity described in clause (i) or (ii), (iv) theofficers, directors and employees of any such financial institution, bank inorganization or holding company, (v) any person referred to a bankers' bankby a financial institution or by a bank in organization that has applied forinsurance of deposits by a federal agency, or (vi), with the prior approvalof the Commissioner and subject to such conditions as the Commissioner mayimpose, other persons.
D. A bankers' bank may form a bank holding company upon compliance with theprovisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal law.
E. A bankers' bank may purchase investments or securities of governments orprivate corporations which are traded on the open market such as areauthorized to any other bank organized under the provisions of this chapter.
(1989, c. 650, § 6.1-6.1; 1996, c. 218; 2006, c. 633; 2010, c. 794.)
§ 6.2-809. (Effective October 1, 2010) Bankers' banks.
A. A bank may be incorporated as provided in § 6.2-808 for the purpose ofbecoming a bankers' bank.
B. Except as specifically provided in this section or by regulation or orderof the Commission, a bankers' bank shall be vested with all of the powers andsubject to all of the restrictions imposed upon a bank.
C. Notwithstanding any other provision in this title to the contrary, abankers' bank shall only accept deposits from or make loans to (i) afinancial institution which has or is eligible for insurance of deposits by afederal agency, (ii) a bank in organization that has applied for insurance ofdeposits by a federal agency, (iii) a financial institution holding companyas defined in § 6.2-700 or a savings institution holding company as definedin § 6.2-1100 owning an entity described in clause (i) or (ii), (iv) theofficers, directors and employees of any such financial institution, bank inorganization or holding company, (v) any person referred to a bankers' bankby a financial institution or by a bank in organization that has applied forinsurance of deposits by a federal agency, or (vi), with the prior approvalof the Commissioner and subject to such conditions as the Commissioner mayimpose, other persons.
D. A bankers' bank may form a bank holding company upon compliance with theprovisions of Chapter 7 (§ 6.2-700 et seq.) and any applicable federal law.
E. A bankers' bank may purchase investments or securities of governments orprivate corporations which are traded on the open market such as areauthorized to any other bank organized under the provisions of this chapter.
(1989, c. 650, § 6.1-6.1; 1996, c. 218; 2006, c. 633; 2010, c. 794.)
