§ 6.2-814. (Effective October 1, 2010) Powers of banks.
A. Every bank shall have power to exercise, by its board of directors or dulyauthorized officers or agents, subject to law, all incidental powers that arenecessary to carry on the business of banking, by:
1. Discounting and negotiating bills of exchange, promissory notes, drafts,and other evidences of debt;
2. Receiving deposits;
3. Buying and selling exchange, coin, and bullion;
4. Loaning money on real property, personal property, security, or collateral;
5. Guaranteeing the payment of bonds, bills, notes and other obligations thathave six months or fewer until maturity;
6. Rediscounting paper;
7. Purchasing and selling bonds;
8. Acting as agent in the sale of insurance and annuities;
9. Dealing in or making a market in securities;
10. Providing financial, investment, or economic advisory services;
11. Providing other products and services deemed by the Commission to befinancial in nature;
12. Engaging directly in those activities in which a controlled subsidiarycorporation of a bank is authorized to engage pursuant to §§ 6.2-885 and6.2-888 in accordance with the requirements of such sections, provided that abank, or a controlled subsidiary corporation of a bank, that transactsbusiness as a real estate brokerage firm shall be subject to the provisionsof § 6.2-888;
13. Establishing an international banking facility, either as a division ofthe bank or as a separate corporate entity under § 6.2-885; and
14. Utilizing armored vehicles or other vehicles to provide adequateprotection for the funds transported for receipt of deposits of its customersor to deliver currency and coin.
B. In addition to the permissible business authorized by subsection A, theCommission may, upon the Commission's finding that an emergency exists,confer by order upon banks such temporary powers as the Commission maydetermine to be in the public interest. Such powers as are conferred may be(i) authorized for a limited period of time, (ii) granted selectively tofewer than all banks, and (iii) revoked by further order of the Commission.
(Code 1950, § 6-23; 1966, c. 584, § 6.1-11; 1968, c. 727, § 6.1-41.1; 1978,c. 683, §§ 6.1-11.1, 6.1-11.2; 1987, c. 352; 2005, c. 320; 2010, c. 794.)
§ 6.2-814. (Effective October 1, 2010) Powers of banks.
A. Every bank shall have power to exercise, by its board of directors or dulyauthorized officers or agents, subject to law, all incidental powers that arenecessary to carry on the business of banking, by:
1. Discounting and negotiating bills of exchange, promissory notes, drafts,and other evidences of debt;
2. Receiving deposits;
3. Buying and selling exchange, coin, and bullion;
4. Loaning money on real property, personal property, security, or collateral;
5. Guaranteeing the payment of bonds, bills, notes and other obligations thathave six months or fewer until maturity;
6. Rediscounting paper;
7. Purchasing and selling bonds;
8. Acting as agent in the sale of insurance and annuities;
9. Dealing in or making a market in securities;
10. Providing financial, investment, or economic advisory services;
11. Providing other products and services deemed by the Commission to befinancial in nature;
12. Engaging directly in those activities in which a controlled subsidiarycorporation of a bank is authorized to engage pursuant to §§ 6.2-885 and6.2-888 in accordance with the requirements of such sections, provided that abank, or a controlled subsidiary corporation of a bank, that transactsbusiness as a real estate brokerage firm shall be subject to the provisionsof § 6.2-888;
13. Establishing an international banking facility, either as a division ofthe bank or as a separate corporate entity under § 6.2-885; and
14. Utilizing armored vehicles or other vehicles to provide adequateprotection for the funds transported for receipt of deposits of its customersor to deliver currency and coin.
B. In addition to the permissible business authorized by subsection A, theCommission may, upon the Commission's finding that an emergency exists,confer by order upon banks such temporary powers as the Commission maydetermine to be in the public interest. Such powers as are conferred may be(i) authorized for a limited period of time, (ii) granted selectively tofewer than all banks, and (iii) revoked by further order of the Commission.
(Code 1950, § 6-23; 1966, c. 584, § 6.1-11; 1968, c. 727, § 6.1-41.1; 1978,c. 683, §§ 6.1-11.1, 6.1-11.2; 1987, c. 352; 2005, c. 320; 2010, c. 794.)
§ 6.2-814. (Effective October 1, 2010) Powers of banks.
A. Every bank shall have power to exercise, by its board of directors or dulyauthorized officers or agents, subject to law, all incidental powers that arenecessary to carry on the business of banking, by:
1. Discounting and negotiating bills of exchange, promissory notes, drafts,and other evidences of debt;
2. Receiving deposits;
3. Buying and selling exchange, coin, and bullion;
4. Loaning money on real property, personal property, security, or collateral;
5. Guaranteeing the payment of bonds, bills, notes and other obligations thathave six months or fewer until maturity;
6. Rediscounting paper;
7. Purchasing and selling bonds;
8. Acting as agent in the sale of insurance and annuities;
9. Dealing in or making a market in securities;
10. Providing financial, investment, or economic advisory services;
11. Providing other products and services deemed by the Commission to befinancial in nature;
12. Engaging directly in those activities in which a controlled subsidiarycorporation of a bank is authorized to engage pursuant to §§ 6.2-885 and6.2-888 in accordance with the requirements of such sections, provided that abank, or a controlled subsidiary corporation of a bank, that transactsbusiness as a real estate brokerage firm shall be subject to the provisionsof § 6.2-888;
13. Establishing an international banking facility, either as a division ofthe bank or as a separate corporate entity under § 6.2-885; and
14. Utilizing armored vehicles or other vehicles to provide adequateprotection for the funds transported for receipt of deposits of its customersor to deliver currency and coin.
B. In addition to the permissible business authorized by subsection A, theCommission may, upon the Commission's finding that an emergency exists,confer by order upon banks such temporary powers as the Commission maydetermine to be in the public interest. Such powers as are conferred may be(i) authorized for a limited period of time, (ii) granted selectively tofewer than all banks, and (iii) revoked by further order of the Commission.
(Code 1950, § 6-23; 1966, c. 584, § 6.1-11; 1968, c. 727, § 6.1-41.1; 1978,c. 683, §§ 6.1-11.1, 6.1-11.2; 1987, c. 352; 2005, c. 320; 2010, c. 794.)
