Virginia § 6.2-808 Incorporation; corporate powers

Virginia Statutes

§ 6.2-808 — Incorporation; corporate powers

Virginia § 6.2-808

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIDEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS

Ch. 8BANKS

Art. 2INCORPORATION AND POWERS

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Bluebook

Va. Code Ann. § 6.2-808 (2026).

Text

A.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.

B.Except as otherwise provided in this chapter, a bank shall:

1.Have all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act;

2.Not issue its shares for any consideration except money at least equal in amount to the par value of its shares; and

3.Not issue no-par stock.

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A. 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.

B. Except as otherwise provided in this chapter, a bank shall:

1. Have all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act;

2. Not issue its shares for any consideration except money at least equal in amount to the par value of its shares; and

3. Not issue no-par stock.