§ 6.2-701 Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities
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.
History
This law was first created in 1978. The record of its establishment is cataloged in chapter 683 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1978 “Acts” aren’t available online. It has been modified 5 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1983, chapter 194; in 1985, chapter 604; in 1993, chapter 58; in 1996, chapter 16; in 2010, chapter 794.
1978, c. 683, § 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16; 2010, c. 794.