§ 6.2-817. (Effective October 1, 2010) Capital stock subscriptions.
A. Subscriptions to the capital stock of a bank shall be paid in money at notless than par. No bank shall begin business until the amounts specified inits certificate of authority to commence business have been received by thebank.
B. All money received for subscriptions to or for purchases of stock of abank before it opens for business shall be deposited in an escrow account inan insured financial institution or invested in United States governmentobligations, under the joint control of two organizing directors of the bank,both of whom shall be bonded for an amount equal to the total amount of themoney to be collected. Such funds, together with any income thereon, shall beremitted to the bank on the day it opens for business. If the bank is denieda certificate of authority or is refused insurance of accounts, or itotherwise is determined that the bank will not open for business, such funds,after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the bank has openedfor business, and shall be approved by a majority vote of the bank'sshareholders. In no event shall any stock option be granted at a price whichis less than 100 percent of the book value per share of the stock as shown bythe bank's last published statement prior to the granting of the option.
(Code 1950, § 6-34; 1964, c. 58; 1966, c. 584, § 6.1-14; 1980, c. 659; 2010,c. 794.)
§ 6.2-817. (Effective October 1, 2010) Capital stock subscriptions.
A. Subscriptions to the capital stock of a bank shall be paid in money at notless than par. No bank shall begin business until the amounts specified inits certificate of authority to commence business have been received by thebank.
B. All money received for subscriptions to or for purchases of stock of abank before it opens for business shall be deposited in an escrow account inan insured financial institution or invested in United States governmentobligations, under the joint control of two organizing directors of the bank,both of whom shall be bonded for an amount equal to the total amount of themoney to be collected. Such funds, together with any income thereon, shall beremitted to the bank on the day it opens for business. If the bank is denieda certificate of authority or is refused insurance of accounts, or itotherwise is determined that the bank will not open for business, such funds,after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the bank has openedfor business, and shall be approved by a majority vote of the bank'sshareholders. In no event shall any stock option be granted at a price whichis less than 100 percent of the book value per share of the stock as shown bythe bank's last published statement prior to the granting of the option.
(Code 1950, § 6-34; 1964, c. 58; 1966, c. 584, § 6.1-14; 1980, c. 659; 2010,c. 794.)
§ 6.2-817. (Effective October 1, 2010) Capital stock subscriptions.
A. Subscriptions to the capital stock of a bank shall be paid in money at notless than par. No bank shall begin business until the amounts specified inits certificate of authority to commence business have been received by thebank.
B. All money received for subscriptions to or for purchases of stock of abank before it opens for business shall be deposited in an escrow account inan insured financial institution or invested in United States governmentobligations, under the joint control of two organizing directors of the bank,both of whom shall be bonded for an amount equal to the total amount of themoney to be collected. Such funds, together with any income thereon, shall beremitted to the bank on the day it opens for business. If the bank is denieda certificate of authority or is refused insurance of accounts, or itotherwise is determined that the bank will not open for business, such funds,after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the bank has openedfor business, and shall be approved by a majority vote of the bank'sshareholders. In no event shall any stock option be granted at a price whichis less than 100 percent of the book value per share of the stock as shown bythe bank's last published statement prior to the granting of the option.
(Code 1950, § 6-34; 1964, c. 58; 1966, c. 584, § 6.1-14; 1980, c. 659; 2010,c. 794.)
