6.1-38 - (Repealed effective October 1, 2010) Issuance of certificate of authority to state bank converted from national bank.
§ 6.1-38. (Repealed effective October 1, 2010) Issuance of certificate ofauthority to state bank converted from national bank.
The State Corporation Commission shall examine the certificate filed pursuantto § 6.1-33 and if from such examination it appears that the procedurerequired by federal law has been followed and that the conversion has beenapproved by the stockholders of the national banking association in themanner and by the percentage vote required by federal law, the Commission mayissue to the newly incorporated state bank a certificate of authority to dobusiness as a bank, in accordance with the provisions of § 6.1-13 and uponthe issue of such certificate the conversion of the national bankingassociation into a state bank shall be and become effective and automaticallycompleted.
(Code 1950, § 6-15.1; 1952, c. 571; 1966, c. 584.)