Virginia Code 6.2-842: Powers.
A. An out-of-state state bank that establishes and maintains one or more branches in the Commonwealth under this article may conduct the same activities at such branch or branches that are authorized under Virginia law for Virginia state banks, except to the extent such activities may be prohibited by other laws, regulations, or orders applicable to the out-of-state state bank.
Terms Used In Virginia Code 6.2-842
- Affiliate: has the meaning assigned to it in Virginia Code 6.2-836
- Bank: has the meaning assigned to it in Virginia Code 6.2-836
- Commercial activities: means activities in which a bank holding company, a financial holding company, a national bank, or a national bank financial subsidiary may not engage under federal law. See Virginia Code 6.2-836
- Host state: means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain, a branch. See Virginia Code 6.2-836
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- State bank: means a bank incorporated under the laws of the Commonwealth and that has its principal place of business in the Commonwealth. See Virginia Code 6.2-800
- Virginia state bank: means a bank chartered under the laws of Virginia. See Virginia Code 6.2-836
B. A Virginia state bank may conduct the same activities at a branch outside the Commonwealth that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by other laws, regulations, or orders applicable to the Virginia state bank.
C. A bank shall not establish or maintain a branch in the Commonwealth on the premises or property of an affiliate if the affiliate engages in commercial activities.