{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-701.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-701.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-701.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-701.html"}],"law_id":60495,"edition_id":1,"section_id":60495,"structure_id":13877,"section_number":"6.2-701","catch_line":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","history":"1978, c. 683, \u00a7 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16; 2010, c. 794.","full_text":"A\n\nA person shall be deemed to control another entity if:1\n\nIt owns 25 percent or more of the voting shares of the entity;2\n\nThe 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; or3\n\nA determination has been made by the Commission that the person exercises a controlling influence over the management and policies of the entity.B\n\nA financial institution holding company shall be deemed to own shares owned by a subsidiary.C\n\nA 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.","order_by":null,"text":{"0":{"id":221183,"text":"A person shall be deemed to control another entity if:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":221184,"text":"It owns 25 percent or more of the voting shares of the entity;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":221185,"text":"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","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":221186,"text":"A determination has been made by the Commission that the person exercises a controlling influence over the management and policies of the entity.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":221187,"text":"A financial institution holding company shall be deemed to own shares owned by a subsidiary.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":221188,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13877,"edition_id":1,"name":"Acquisitions of Interests in Financial Institutions","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:46:09","date_modified":"2026-06-26 03:46:09","permalink":{"id":264999,"object_type":"structure","relational_id":13877,"identifier":"7","token":"6.2\/II\/7","url":"\/6.2\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75055,"structure_id":13877,"section_number":"6.2-700","catch_line":"Definitions","url":"\/6.2-700\/","token":"6.2\/II\/7\/6.2-700","metadata":false},{"id":60495,"structure_id":13877,"section_number":"6.2-701","catch_line":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","url":"\/6.2-701\/","token":"6.2\/II\/7\/6.2-701","metadata":false},{"id":54906,"structure_id":13877,"section_number":"6.2-702","catch_line":"Registration; authority to transact business","url":"\/6.2-702\/","token":"6.2\/II\/7\/6.2-702","metadata":false},{"id":85442,"structure_id":13877,"section_number":"6.2-703","catch_line":"Acquisition of interest in entity other than financial institution by financial institutions","url":"\/6.2-703\/","token":"6.2\/II\/7\/6.2-703","metadata":false},{"id":69570,"structure_id":13877,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","url":"\/6.2-704\/","token":"6.2\/II\/7\/6.2-704","metadata":false},{"id":57026,"structure_id":13877,"section_number":"6.2-705","catch_line":"Investigation of application","url":"\/6.2-705\/","token":"6.2\/II\/7\/6.2-705","metadata":false},{"id":87334,"structure_id":13877,"section_number":"6.2-706","catch_line":"Cooperative agreements with other regulatory authorities","url":"\/6.2-706\/","token":"6.2\/II\/7\/6.2-706","metadata":false},{"id":72788,"structure_id":13877,"section_number":"6.2-707","catch_line":"Reports and examinations","url":"\/6.2-707\/","token":"6.2\/II\/7\/6.2-707","metadata":false},{"id":70385,"structure_id":13877,"section_number":"6.2-708","catch_line":"Unsafe or unsound practices; cease and desist orders","url":"\/6.2-708\/","token":"6.2\/II\/7\/6.2-708","metadata":false},{"id":77051,"structure_id":13877,"section_number":"6.2-709","catch_line":"Conformity with federal forms","url":"\/6.2-709\/","token":"6.2\/II\/7\/6.2-709","metadata":false},{"id":67335,"structure_id":13877,"section_number":"6.2-710","catch_line":"Regulations excluding financial institution holding companies from this chapter","url":"\/6.2-710\/","token":"6.2\/II\/7\/6.2-710","metadata":false},{"id":81309,"structure_id":13877,"section_number":"6.2-711","catch_line":"Civil penalties; injunction","url":"\/6.2-711\/","token":"6.2\/II\/7\/6.2-711","metadata":false},{"id":85696,"structure_id":13877,"section_number":"6.2-712","catch_line":"A savings institution holding company seeking to acquire a bank or bank holding company deemed a bank holding company","url":"\/6.2-712\/","token":"6.2\/II\/7\/6.2-712","metadata":false},{"id":74113,"structure_id":13877,"section_number":"6.2-713","catch_line":"Applicable laws and regulations","url":"\/6.2-713\/","token":"6.2\/II\/7\/6.2-713","metadata":false},{"id":65153,"structure_id":13877,"section_number":"6.2-714","catch_line":"Examinations of out-of-state bank holding companies and subsidiaries; reports; joint actions","url":"\/6.2-714\/","token":"6.2\/II\/7\/6.2-714","metadata":false},{"id":73214,"structure_id":13877,"section_number":"6.2-715","catch_line":"Notice of intent to acquire out-of-state bank","url":"\/6.2-715\/","token":"6.2\/II\/7\/6.2-715","metadata":false}],"previous_section":{"id":75055,"structure_id":13877,"section_number":"6.2-700","catch_line":"Definitions","url":"\/6.2-700\/","token":"6.2\/II\/7\/6.2-700","metadata":false},"next_section":{"id":54906,"structure_id":13877,"section_number":"6.2-702","catch_line":"Registration; authority to transact business","url":"\/6.2-702\/","token":"6.2\/II\/7\/6.2-702","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-701\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 683 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1978 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s 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<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":71500,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","order_by":null,"url":"\/6.2-1186\/"},{"id":72786,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","order_by":null,"url":"\/6.2-816\/"}],"refers_to":false,"permalink":{"id":265005,"object_type":"law","relational_id":60495,"identifier":"6.2-701","token":"6.2\/II\/7\/6.2-701","url":"\/6.2-701\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-701\/","token":"6.2\/II\/7\/6.2-701","dublin_core":{"Title":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-701","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A person<\/span> shall be deemed to control another entity<\/span> if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> It owns 25 percent or more of the voting shares of the entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The person<\/span> is presumed to control the entity<\/span> 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 <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A determination has been made by the Commission<\/span> that the person<\/span> exercises a controlling influence over the management and policies of the entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A financial institution holding company<\/span> shall be deemed to own shares owned by a subsidiary<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A financial institution holding company<\/span> shall be deemed to engage in activities engaged in by its subsidiary<\/span> or by any other entity<\/span> of which it owns five percent or more of the voting shares. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRESUMPTIONS REGARDING CONTROL OF ENTITIES, OWNERSHIP OF SHARES, AND ACTIVITIES\nOF SUBSIDIARIES OR OTHER ENTITIES (\u00a7 6.2-701)\n\nA. A person shall be deemed to control another entity if:\n\n 1. It owns 25 percent or more of the voting shares of the entity;\n\n 2. The person is presumed to control the entity under the Bank Holding Company\n Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, or under Section 10\n of the Home Owners’ Loan Act (12 U.S.C. § 1467a), as amended; or\n\n 3. A determination has been made by the Commission that the person exercises a\n controlling influence over the management and policies of the entity.\n\nB. A financial institution holding company shall be deemed to own shares owned\nby a subsidiary.\n\nC. A financial institution holding company shall be deemed to engage in\nactivities engaged in by its subsidiary or by any other entity of which it owns\nfive percent or more of the voting shares.\n\nHISTORY: 1978, c. 683, \u00a7 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58;\n1996, c. 16; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}