6.1-13 - (Repealed effective October 1, 2010) Bank to obtain certificate of authority before beginning business; prerequisites to issuance of certificate.
§ 6.1-13. (Repealed effective October 1, 2010) Bank to obtain certificate ofauthority before beginning business; prerequisites to issuance of certificate.
A. Before any bank shall begin business it shall obtain from the StateCorporation Commission a certificate of authority authorizing it to do so.Prior to the issuance of such certificate, the Commission shall ascertain:
1. That all of the provisions of law have been complied with;
2. That financially responsible individuals have subscribed for capital stockand surplus in an amount deemed by the Commission to be sufficient to warrantsuccessful operation, provided that the capital stock shall not be less thantwo million dollars, except that the capital stock shall not be less than$500,000 for any trust company incorporated for the sole purpose ofexercising fiduciary powers authorized by the provisions of Article 3 (§6.1-16 et seq.) of this chapter. The minimum capital stock requirement underthis subdivision shall apply in cases in which a bank is being organized tobegin business; it shall not be applicable when this section is referred toor used in connection with the conversion of an operating savings institutionor national bank to a state bank, or when this section is used in connectionwith the reorganization of an operating bank under a holding company;
3. That oaths of all the directors have been taken and filed in accordancewith the provisions of § 6.1-48;
4. That, in its opinion, the public interest will be served by bankingfacilities or additional banking facilities, as the case may be, in thecommunity where the bank is proposed. The addition of such facilities shallbe deemed in the public interest if, based on all relevant evidence andinformation, advantages such as, but not limited to, increased competition,additional convenience, or gains in efficiency outweigh possible adverseeffects such as, but not limited to, diminished or unfair competition, undueconcentration of resources, conflicts of interests, or unsafe or unsoundpractices;
5. That the corporation is formed for no other reason than a legitimatebanking business;
6. That the moral fitness, financial responsibility, and businessqualifications of those named as officers and directors of the proposed bankare such as to command the confidence of the community in which the bank isproposed to be located;
7. That its deposits are to be insured or guaranteed by a state or federalagency up to the limits of the insurance provided thereby, except that anytrust company incorporated for the sole purpose of exercising fiduciarypowers authorized by the provisions of Article 3 (§ 6.1-16 et seq.) of thischapter shall not be required to obtain such insurance and guarantees;
8. Anything else deemed pertinent.
B. The Commission shall not be required to ascertain the findings set forthin subdivisions 4, 5 and 7 of subsection A of this section in order to granta certificate of authority to a bank which is formed for the purpose of itsbeing acquired in accordance with the provisions of Chapter 14 (§ 6.1-390 etseq.) of this title.
(Code 1950, § 6-31; 1966, c. 584; 1973, c. 454; 1976, c. 658; 1979, c. 57;1983, c. 193; 1989, c. 751; 1989, Sp. Sess., cc. 4, 7; 1992, c. 460; 1996, c.26; 1998, c. 18.)