Virginia Code 6.2-814: Powers of banks
A. Every bank shall have power to exercise, by its board of directors or duly authorized officers or agents, subject to law, all incidental powers that are necessary to carry on the business of banking, by:
Terms Used In Virginia Code 6.2-814
- Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- International banking facility: has the meaning assigned to it by the laws of the United States or the regulations of the Board of Governors for the Federal Reserve System. See Virginia Code 6.2-800
- Personal property: All property that is not real property.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. Discounting and negotiating bills of exchange, promissory notes, drafts, and other evidences of debt;
2. Receiving deposits;
3. Buying and selling exchange, coin, and bullion;
4. Loaning money on real property, personal property, security, or collateral;
5. Guaranteeing the payment of bonds, bills, notes and other obligations that have six months or fewer until maturity;
6. Rediscounting paper;
7. Purchasing and selling bonds;
8. Acting as agent in the sale of insurance and annuities;
9. Dealing in or making a market in securities;
10. Providing financial, investment, or economic advisory services;
11. Providing other products and services deemed by the Commission to be financial in nature;
12. Engaging directly in those activities in which a controlled subsidiary corporation of a bank is authorized to engage pursuant to §§ 6.2-885 and 6.2-888 in accordance with the requirements of such sections, provided that a bank, or a controlled subsidiary corporation of a bank, that transacts business as a real estate brokerage firm shall be subject to the provisions of § 6.2-888;
13. Establishing an international banking facility, either as a division of the bank or as a separate corporate entity under § 6.2-885; and
14. Utilizing armored vehicles or other vehicles to provide adequate protection for the funds transported for receipt of deposits of its customers or to deliver currency and coin.
B. In addition to the permissible business authorized by subsection A, the Commission may, upon the Commission’s finding that an emergency exists, confer by order upon banks such temporary powers as the Commission may determine to be in the public interest. Such powers as are conferred may be (i) authorized for a limited period of time, (ii) granted selectively to fewer than all banks, and (iii) revoked by further order of the Commission.
Code 1950, § 6-23; 1966, c. 584, § 6.1-11; 1968, c. 727, § 6.1-41.1; 1978, c. 683, § 6.1-11.1, c. 453, § 6.1-11.2; 1987, c. 352; 2005, c. 320; 2010, c. 794.