Virginia Code 6.2-701: Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities
A. A person shall be deemed to control another entity if:
Terms Used In Virginia Code 6.2-701
- Bank holding company: has the meaning assigned to it in 12 U. See Virginia Code 6.2-700
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
- Financial institution holding company: means any person that has control over any financial institution or that has control over any person that controls any financial institution. See Virginia Code 6.2-700
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Subsidiary: means an entity over which another person has control. See Virginia Code 6.2-700
1. It owns 25 percent or more of the voting shares of the entity;
2. The person is presumed to control the entity under the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, or under Section 10 of the Home Owners’ Loan Act (12 U.S.C. § 1467a), as amended; or
3. A determination has been made by the Commission that the person exercises a controlling influence over the management and policies of the entity.
B. A financial institution holding company shall be deemed to own shares owned by a subsidiary.
C. A financial institution holding company shall be deemed to engage in activities engaged in by its subsidiary or by any other entity of which it owns five percent or more of the voting shares.
1978, c. 683, § 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16; 2010, c. 794.