§ 6.2-831. (Effective October 1, 2010) Establishment of branch banks;redesignation of main office.
A. A bank may establish and operate one or more branch offices, and a bankmay relocate a main or branch office, provided the bank applies to theCommission for authority to establish or relocate any such office.Applications shall be made in writing on a form prescribed by the Commissionand shall be accompanied by the fee established pursuant to § 6.2-908.
B. The Commission shall have 30 days from the date it receives a completeapplication in which to review a branch proposal or a proposed relocation.The review period may be extended for an additional 30 days. The Commissionmay deny such an application if the Commission finds that a proposal wouldhave a detrimental effect on the applicant bank's safety and soundness orthat it is otherwise not in the public interest. A branch office that hasbeen denied shall not be established and a relocation that has been deniedshall not be carried out. If the Commission does not issue a denial of abranch proposal or a proposed relocation within 30 days, or 60 days if thereview period is extended, the proposed branch office or offices, or theproposed relocation, shall be authorized, and the branch or branches may beestablished and operated, or the relocation may be completed.
C. The office at which a bank begins business shall be designated initiallyas its main office. Thereafter, the board of directors may redesignate as themain office any authorized office of the bank in the Commonwealth. The bankshall notify the Commission of any such redesignation not later than 30 daysbefore its effective date and confirm the redesignation to the Commissionwithin 10 days of its occurrence.
D. A bank shall be subject to the prohibition in § 6.2-842 againstestablishing or maintaining a branch in the Commonwealth on the premises orproperty of an affiliate if the affiliate engages in commercial activities.
E. The Commission may impose a civil penalty not exceeding $2,000 upon anybank that it determines, in proceedings commenced in accordance with theCommission's Rules, has violated the provisions of this section.
(Code 1950, § 6-29; 1966, c. 584, § 6.1-113; 1986, c. 505, § 6.1-39.3; 1987,cc. 352, 556; 1991, c. 322; 1992, c. 136; 1994, c. 7; 1996, c. 26; 1999, c.545; 2007, c. 1; 2010, c. 794.)
§ 6.2-831. (Effective October 1, 2010) Establishment of branch banks;redesignation of main office.
A. A bank may establish and operate one or more branch offices, and a bankmay relocate a main or branch office, provided the bank applies to theCommission for authority to establish or relocate any such office.Applications shall be made in writing on a form prescribed by the Commissionand shall be accompanied by the fee established pursuant to § 6.2-908.
B. The Commission shall have 30 days from the date it receives a completeapplication in which to review a branch proposal or a proposed relocation.The review period may be extended for an additional 30 days. The Commissionmay deny such an application if the Commission finds that a proposal wouldhave a detrimental effect on the applicant bank's safety and soundness orthat it is otherwise not in the public interest. A branch office that hasbeen denied shall not be established and a relocation that has been deniedshall not be carried out. If the Commission does not issue a denial of abranch proposal or a proposed relocation within 30 days, or 60 days if thereview period is extended, the proposed branch office or offices, or theproposed relocation, shall be authorized, and the branch or branches may beestablished and operated, or the relocation may be completed.
C. The office at which a bank begins business shall be designated initiallyas its main office. Thereafter, the board of directors may redesignate as themain office any authorized office of the bank in the Commonwealth. The bankshall notify the Commission of any such redesignation not later than 30 daysbefore its effective date and confirm the redesignation to the Commissionwithin 10 days of its occurrence.
D. A bank shall be subject to the prohibition in § 6.2-842 againstestablishing or maintaining a branch in the Commonwealth on the premises orproperty of an affiliate if the affiliate engages in commercial activities.
E. The Commission may impose a civil penalty not exceeding $2,000 upon anybank that it determines, in proceedings commenced in accordance with theCommission's Rules, has violated the provisions of this section.
(Code 1950, § 6-29; 1966, c. 584, § 6.1-113; 1986, c. 505, § 6.1-39.3; 1987,cc. 352, 556; 1991, c. 322; 1992, c. 136; 1994, c. 7; 1996, c. 26; 1999, c.545; 2007, c. 1; 2010, c. 794.)
§ 6.2-831. (Effective October 1, 2010) Establishment of branch banks;redesignation of main office.
A. A bank may establish and operate one or more branch offices, and a bankmay relocate a main or branch office, provided the bank applies to theCommission for authority to establish or relocate any such office.Applications shall be made in writing on a form prescribed by the Commissionand shall be accompanied by the fee established pursuant to § 6.2-908.
B. The Commission shall have 30 days from the date it receives a completeapplication in which to review a branch proposal or a proposed relocation.The review period may be extended for an additional 30 days. The Commissionmay deny such an application if the Commission finds that a proposal wouldhave a detrimental effect on the applicant bank's safety and soundness orthat it is otherwise not in the public interest. A branch office that hasbeen denied shall not be established and a relocation that has been deniedshall not be carried out. If the Commission does not issue a denial of abranch proposal or a proposed relocation within 30 days, or 60 days if thereview period is extended, the proposed branch office or offices, or theproposed relocation, shall be authorized, and the branch or branches may beestablished and operated, or the relocation may be completed.
C. The office at which a bank begins business shall be designated initiallyas its main office. Thereafter, the board of directors may redesignate as themain office any authorized office of the bank in the Commonwealth. The bankshall notify the Commission of any such redesignation not later than 30 daysbefore its effective date and confirm the redesignation to the Commissionwithin 10 days of its occurrence.
D. A bank shall be subject to the prohibition in § 6.2-842 againstestablishing or maintaining a branch in the Commonwealth on the premises orproperty of an affiliate if the affiliate engages in commercial activities.
E. The Commission may impose a civil penalty not exceeding $2,000 upon anybank that it determines, in proceedings commenced in accordance with theCommission's Rules, has violated the provisions of this section.
(Code 1950, § 6-29; 1966, c. 584, § 6.1-113; 1986, c. 505, § 6.1-39.3; 1987,cc. 352, 556; 1991, c. 322; 1992, c. 136; 1994, c. 7; 1996, c. 26; 1999, c.545; 2007, c. 1; 2010, c. 794.)
