{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-808.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-808.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-808.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-808.html"}],"law_id":57883,"edition_id":1,"section_id":57883,"structure_id":15203,"section_number":"6.2-808","catch_line":"Incorporation; corporate powers","history":"Code 1950, \u00a7 6-10; 1956, c. 433; 1966, c. 584, \u00a7 6.1-6; 1987, c. 556; 2010, c. 794.","full_text":"A\n\nA bank may be incorporated under the Virginia Stock Corporation Act (&#xA7; 13.1-601 et seq.), but need not comply with the provisions of subsection A of &#xA7; 13.1-630.B\n\nExcept as otherwise provided in this chapter, a bank shall:1\n\nHave all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act;2\n\nNot issue its shares for any consideration except money at least equal in amount to the par value of its shares; and3\n\nNot issue no-par stock.","order_by":null,"text":{"0":{"id":212023,"text":"A bank may be incorporated under the Virginia Stock Corporation Act (&#xA7; 13.1-601 et seq.), but need not comply with the provisions of subsection A of &#xA7; 13.1-630.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":212024,"text":"Except as otherwise provided in this chapter, a bank shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":212025,"text":"Have all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":212026,"text":"Not issue its shares for any consideration except money at least equal in amount to the par value of its shares; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":212027,"text":"Not issue no-par stock.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2"}},"ancestry":[{"id":15203,"edition_id":1,"name":"Incorporation and Powers","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:52:57","date_modified":"2026-06-26 03:52:57","permalink":{"id":265377,"object_type":"structure","relational_id":15203,"identifier":"2","token":"6.2\/II\/8\/2","url":"\/6.2\/II\/8\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":57883,"structure_id":15203,"section_number":"6.2-808","catch_line":"Incorporation; corporate powers","url":"\/6.2-808\/","token":"6.2\/II\/8\/2\/6.2-808","metadata":false},{"id":64462,"structure_id":15203,"section_number":"6.2-809","catch_line":"Bankers' banks","url":"\/6.2-809\/","token":"6.2\/II\/8\/2\/6.2-809","metadata":false},{"id":66337,"structure_id":15203,"section_number":"6.2-810","catch_line":"Effect of chapter on charter powers","url":"\/6.2-810\/","token":"6.2\/II\/8\/2\/6.2-810","metadata":false},{"id":71469,"structure_id":15203,"section_number":"6.2-811","catch_line":"Membership in Federal Reserve Bank System or Federal Home Loan Bank System","url":"\/6.2-811\/","token":"6.2\/II\/8\/2\/6.2-811","metadata":false},{"id":61874,"structure_id":15203,"section_number":"6.2-812","catch_line":"Inspection of records, reports, and information of insured banks","url":"\/6.2-812\/","token":"6.2\/II\/8\/2\/6.2-812","metadata":false},{"id":61122,"structure_id":15203,"section_number":"6.2-813","catch_line":"Participation by banks in school thrift or savings plans","url":"\/6.2-813\/","token":"6.2\/II\/8\/2\/6.2-813","metadata":false},{"id":78611,"structure_id":15203,"section_number":"6.2-814","catch_line":"Powers of banks","url":"\/6.2-814\/","token":"6.2\/II\/8\/2\/6.2-814","metadata":false},{"id":70892,"structure_id":15203,"section_number":"6.2-815","catch_line":"Suspension of business during emergency","url":"\/6.2-815\/","token":"6.2\/II\/8\/2\/6.2-815","metadata":false},{"id":72786,"structure_id":15203,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","url":"\/6.2-816\/","token":"6.2\/II\/8\/2\/6.2-816","metadata":false},{"id":77490,"structure_id":15203,"section_number":"6.2-817","catch_line":"Capital stock subscriptions","url":"\/6.2-817\/","token":"6.2\/II\/8\/2\/6.2-817","metadata":false},{"id":70515,"structure_id":15203,"section_number":"6.2-818","catch_line":"Repealed","url":"\/6.2-818\/","token":"6.2\/II\/8\/2\/6.2-818","metadata":false},{"id":60477,"structure_id":15203,"section_number":"6.2-818.1","catch_line":"Virtual currency custody services by banks","url":"\/6.2-818.1\/","token":"6.2\/II\/8\/2\/6.2-818.1","metadata":false}],"next_section":{"id":64462,"structure_id":15203,"section_number":"6.2-809","catch_line":"Bankers' banks","url":"\/6.2-809\/","token":"6.2\/II\/8\/2\/6.2-809","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-808\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1956, chapter 433; in 1966, chapter 584; in 1987, chapter 556; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":[{"id":64462,"section_number":"6.2-809","catch_line":"Bankers' banks","order_by":null,"url":"\/6.2-809\/"}],"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"}],"permalink":{"id":265379,"object_type":"law","relational_id":57883,"identifier":"6.2-808","token":"6.2\/II\/8\/2\/6.2-808","url":"\/6.2-808\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-808\/","token":"6.2\/II\/8\/2\/6.2-808","dublin_core":{"Title":"Incorporation; corporate powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-808","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> A <span class=\"dictionary\">bank<\/span> may be incorporated under the Virginia Stock Corporation Act (&#xA7; <a class=\"law\" title=\"Short title\" href=\"\/13.1-601\/\">13.1-601<\/a> et seq.), but need not comply with the provisions of subsection A of &#xA7; <a class=\"law\" title=\"Corporate name\" href=\"\/13.1-630\/\">13.1-630<\/a>. <a id=\"paragraph-212023\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-808\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Except as otherwise provided in this chapter, a <span class=\"dictionary\">bank<\/span> shall: <a id=\"paragraph-212024\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-808\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Have all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act; <a id=\"paragraph-212025\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-808\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Not <span class=\"dictionary\">issue<\/span> its shares for any consideration except money at least equal in amount to the par value of its shares; and <a id=\"paragraph-212026\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-808\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Not <span class=\"dictionary\">issue<\/span> no-par stock. <a id=\"paragraph-212027\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-808\/#B3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nINCORPORATION; CORPORATE POWERS (\u00a7 6.2-808)\n\nA. A bank may be incorporated under the Virginia Stock Corporation Act (&#xA7;\n13.1-601 et seq.), but need not comply with the provisions of subsection A of\n&#xA7; 13.1-630.\n\nB. Except as otherwise provided in this chapter, a bank shall:\n\n   1. Have all the powers conferred on corporations, and be subject to all\n   restrictions imposed on corporations, by the Virginia Stock Corporation Act;\n\n   2. Not issue its shares for any consideration except money at least equal in\n   amount to the par value of its shares; and\n\n   3. Not issue no-par stock.\n\nHISTORY: Code 1950, \u00a7 6-10; 1956, c. 433; 1966, c. 584, \u00a7 6.1-6; 1987, c. 556;\n2010, 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}}