6.2-800 - (Effective October 1, 2010) Definitions.
§ 6.2-800. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Bank" means a corporation authorized by statute to accept deposits and tohold itself out to the public as engaged in the banking business in theCommonwealth.
"Bankers' bank" means a bank whose shares are owned exclusively by either(i) financial institutions that have or are eligible for insurance ofdeposits by a federal agency or (ii) financial institution holding companiesas defined in § 6.2-700 or savings institution holding companies as definedin § 6.2-1100 owning any financial institution described in clause (i),provided that no such financial institution or holding company owns, directlyor indirectly, more than five percent of the issued and outstanding votingshares of any bankers' bank.
"Bank holding company" means any corporation (i) that directly orindirectly owns, controls, or holds with power to vote, 25 percent or more ofthe voting shares of one or more banks or of a corporation that is or becomesa bank holding company by virtue of this definition, (ii) that controls inany manner the election of a majority of the directors of one or more banks,or (iii) for the benefit of whose shareholders or members 25 percent or moreof the voting shares of one or more banks or bank holding companies is heldby trustees. For the purpose of this definition, any successor to any suchcorporation shall be deemed to be a bank holding company from the date as ofwhich such successor corporation becomes a bank holding company.Notwithstanding the foregoing, (a) a bank shall not be a bank holding companyby virtue of its ownership or control of shares in a fiduciary capacityexcept where such shares are held for the benefit of the shareholders of suchbanks, (b) a corporation shall not be a bank holding company by virtue of itsownership or control of its shares acquired by it in connection with itsunderwriting of securities and which are held only for such period of time aswill permit the sale thereof upon a reasonable basis, (c) a corporationformed for the sole purpose of participating in a proxy solicitation shallnot be a bank holding company by virtue of its control of voting rights orshares acquired in the course of such solicitation, and (d) a corporationshall not be a bank holding company if at least 80 percent of its totalassets are composed of holdings in the field of agriculture.
"FDIC" means the Federal Deposit Insurance Corporation.
"International banking facility" means a set of assets and liabilityaccounts segregated on the books and records of the bank, or an adjacent orother subsidiary that includes only international banking facility timedeposits and international banking facility extensions of credit. Thefacility may either be located within Virginia or outside the territorialUnited States. "International banking facility" has the meaning assigned toit by the laws of the United States or the regulations of the Board ofGovernors for the Federal Reserve System.
"State bank" means a bank incorporated under the laws of the Commonwealthand that has its principal place of business in the Commonwealth.
"Trust business" has the meaning assigned to it in § 6.2-1000.
"Trust company" has the meaning assigned to it in § 6.2-1000.
(Code 1950, §§ 6-6, 6-27.1, 6-66; 1962, c. 404; 1966, c. 584, §§ 6.1-4,6.1-80; 1974, c. 665; 1982, c. 411; 1983, c. 453, § 6.1-11.2; 1987, c. 556;1989, cc. 376, 650, § 6.1-6.1; 1993, cc. 182, 432; 1994, c. 7; 1996, cc.218, 306; 2006, c. 633; 2010, c. 794.)