6.1-6 - (Repealed effective October 1, 2010) How bank incorporated; application of Virginia Stock Corporation Act; consideration for shares; no-par stock.
§ 6.1-6. (Repealed effective October 1, 2010) How bank incorporated;application of Virginia Stock Corporation Act; consideration for shares;no-par stock.
A bank may be incorporated under the Virginia Stock Corporation Act (§13.1-601 et seq.), but need not comply with the provisions of subsection A of§ 13.1-630. Except as otherwise provided in this chapter, it shall have allthe powers conferred on corporations and be subject to all restrictionsimposed on corporations by the Virginia Stock Corporation Act. Except asotherwise provided in this chapter, a bank shall not issue its shares for anyconsideration except money at least equal in amount to the par value of itsshares; and it shall not issue no-par stock.
(Code 1950, § 6-10; 1956, c. 433; 1966, c. 584; 1987, c. 556.)