Virginia Code 6.2-703: Acquisition of interest in entity other than financial institution by financial institutions
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No financial institution shall acquire more than five percent of the voting shares or otherwise gain control of any entity other than a financial institution without prior notice to the Commission.
Terms Used In Virginia Code 6.2-703
- Acquire: means :
1. 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
1978, c. 683, § 6.1-383; 1983, cc. 193, 194; 2010, c. 794.