6.1-5 - (Repealed effective October 1, 2010) Who shall not do a banking or trust business.
§ 6.1-5. (Repealed effective October 1, 2010) Who shall not do a banking ortrust business.
No person, copartnership or corporation, except corporations duly charteredand already conducting the banking business or trust business in thisCommonwealth under authority of the laws of this Commonwealth or the UnitedStates, or which shall hereafter be incorporated under the laws of thisCommonwealth or authorized to do business in this Commonwealth under thebanking laws of the United States, and except banks which may be authorized,after July 1, 1995, to establish and operate one or more branches in thisCommonwealth under Article 5.1 (§ 6.1-44.1 et seq.) or 5.2 (§ 6.1-44.15 etseq.) of this chapter, and except trust companies or institutions that may beauthorized to establish and operate one or more trust offices or conductbusiness in this Commonwealth under Article 3.1 (§ 6.1-32.1 et seq.), Article3.2 (§ 6.1-32.11 et seq.), Article 3.2:1 (§ 6.1-32.30:1 et seq.) or Article3.3 (§ 6.1-32.31 et seq.) of this chapter, shall engage in the bankingbusiness or trust business in this Commonwealth, and no foreign corporation,except as permitted in Chapter 14 (§ 6.1-390 et seq.) and Chapter 15 (§6.1-398 et seq.) of this title, shall do a banking or trust business in thisCommonwealth. Nothing in this chapter, however, shall:
1. Prevent a natural person from qualifying and acting as trustee, personalrepresentative, guardian, conservator, committee or in any other fiduciarycapacity;
2. Prevent any person or copartnership or corporation from lending money onreal estate and personal security or collateral, or from guaranteeing thepayment of bonds, notes, bills and other obligations, or from purchasing orselling stocks and bonds;
3. Prevent any bank or trust company organized under the laws of thisCommonwealth from qualifying and acting in another state or in the Districtof Columbia, as trustee, personal representative, guardian of a minor,conservator or committee or in any other fiduciary capacity, when permittedso to do by the laws of such other state or District; or
4. Prevent an incorporated association that is authorized to sell burialassociation group life insurance certificates in the Commonwealth, asdescribed in the definition of limited burial insurance authority in §38.2-1800, whose principal purpose is to assist its members in (i) financialplanning for their funerals and burials and (ii) obtaining insurance for thepayment, in whole or in part, for funeral, burial, and related expenses, fromserving as trustee of a trust established pursuant to § 54.1-2822.
Nothing in this section shall be construed to prevent banks or trustcompanies organized in this Commonwealth and chartered under the laws of theUnited States from transacting business in Virginia.
Nothing in this section shall be construed to prevent a real estate broker asdefined in § 54.1-2100 from owning or operating a bank provided that therequirements of this chapter are met.
(Code 1950, § 6-9; 1966, c. 584; 1985, c. 544; 1995, c. 301; 1997, c. 801;1999, c. 835; 2003, cc. 536, 558, 910; 2007, c. 621.)