The Commission may adopt regulations excluding financial institution holding companies from the provisions of this chapter, under conditions comparable to those provided in either the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.) or Section 10 of the Home Owners’ Loan Act (12 U.S.C. § 1467a et seq.), when control of a Virginia financial institution arises (i) out of the acquisition of shares in a fiduciary capacity, (ii) in connection with an underwriting of securities or proxy solicitation, or (iii) in connection with securing or collecting a debt.

Terms Used In Virginia Code 6.2-710

  • 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
  • Fiduciary: A trustee, executor, or administrator.
  • Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
  • Virginia financial institution: means a financial institution authorized to do business in the Commonwealth. See Virginia Code 6.2-700

1978, c. 683, § 6.1-387; 1984, c. 335; 2010, c. 794.

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