{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-814.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-814.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-814.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-814.html"}],"law_id":78611,"edition_id":1,"section_id":78611,"structure_id":15203,"section_number":"6.2-814","catch_line":"Powers of banks","history":"Code 1950, \u00a7 6-23; 1966, c. 584, \u00a7 6.1-11; 1968, c. 727, \u00a7 6.1-41.1; 1978, c. 683, \u00a7 6.1-11.1, c. 453, \u00a7 6.1-11.2; 1987, c. 352; 2005, c. 320; 2010, c. 794.","full_text":"A\n\nEvery 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:1\n\nDiscounting and negotiating bills of exchange, promissory notes, drafts, and other evidences of debt;2\n\nReceiving deposits;3\n\nBuying and selling exchange, coin, and bullion;4\n\nLoaning money on real property, personal property, security, or collateral;5\n\nGuaranteeing the payment of bonds, bills, notes and other obligations that have six months or fewer until maturity;6\n\nRediscounting paper;7\n\nPurchasing and selling bonds;8\n\nActing as agent in the sale of insurance and annuities;9\n\nDealing in or making a market in securities;10\n\nProviding financial, investment, or economic advisory services;11\n\nProviding other products and services deemed by the Commission to be financial in nature;12\n\nEngaging 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\n\nEstablishing an international banking facility, either as a division of the bank or as a separate corporate entity under § 6.2-885; and14\n\nUtilizing 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\n\nIn 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.","order_by":null,"text":{"0":{"id":281692,"text":"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:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":281693,"text":"Discounting and negotiating bills of exchange, promissory notes, drafts, and other evidences of debt;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":281694,"text":"Receiving deposits;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":281695,"text":"Buying and selling exchange, coin, and bullion;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":281696,"text":"Loaning money on real property, personal property, security, or collateral;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":281697,"text":"Guaranteeing the payment of bonds, bills, notes and other obligations that have six months or fewer until maturity;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":281698,"text":"Rediscounting paper;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":281699,"text":"Purchasing and selling bonds;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":281700,"text":"Acting as agent in the sale of insurance and annuities;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":281701,"text":"Dealing in or making a market in securities;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":281702,"text":"Providing financial, investment, or economic advisory services;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":281703,"text":"Providing other products and services deemed by the Commission to be financial in nature;","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":281704,"text":"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;","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":281705,"text":"Establishing an international banking facility, either as a division of the bank or as a separate corporate entity under § 6.2-885; and","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":281706,"text":"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.","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"B"},"15":{"id":281707,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A14"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-814\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1966, chapter 584; in 1968, chapter 727; in 1978, chapter 683; in 1987, chapter 352; in 2005, chapter 320<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":64536,"section_number":"6.2-885","catch_line":"Investment in stock or securities of controlled subsidiary corporations","order_by":null,"url":"\/6.2-885\/"},{"id":69740,"section_number":"6.2-888","catch_line":"Real estate brokerage business of controlled subsidiary","order_by":null,"url":"\/6.2-888\/"}],"permalink":{"id":265403,"object_type":"law","relational_id":78611,"identifier":"6.2-814","token":"6.2\/II\/8\/2\/6.2-814","url":"\/6.2-814\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-814\/","token":"6.2\/II\/8\/2\/6.2-814","dublin_core":{"Title":"Powers of banks","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-814","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every bank<\/span> shall have power to exercise, by its board of directors or duly authorized officers or agents, subject to law<\/span>, all incidental powers that are necessary to carry on the business of banking, by: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Discounting and negotiating bills of exchange, promissory notes, drafts, and other evidences<\/span> of debt; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Receiving deposits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Buying and selling exchange, coin, and bullion; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Loaning money on real property, personal property, security, or collateral<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Guaranteeing the payment of bonds<\/span>, bills, notes and other obligations that have six months or fewer until maturity; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Rediscounting paper; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Purchasing and selling bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Acting as agent in the sale of insurance and annuities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Dealing in or making a market in securities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Providing financial, investment, or economic advisory services; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Providing other products and services deemed by the Commission<\/span> to be financial in nature; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Engaging directly in those activities in which a controlled subsidiary corporation of a bank<\/span> is authorized to engage pursuant to §§ 6.2-885<\/a> and 6.2-888<\/a> in accordance with the requirements of such sections, provided that a bank<\/span>, or a controlled subsidiary corporation of a bank<\/span>, that transacts business as a real estate brokerage firm shall be subject to the provisions of § 6.2-888<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Establishing an international banking facility<\/span>, either as a division of the bank<\/span> or as a separate corporate entity<\/span> under § 6.2-885<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In addition to the permissible business authorized by subsection A, the Commission<\/span> may, upon the Commission<\/span>’s finding<\/span> that an emergency exists, confer by order<\/span> upon banks<\/span> such temporary powers as the Commission<\/span> 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<\/span>, and (iii) revoked by further order<\/span> of the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF BANKS (\u00a7 6.2-814)\n\nA. Every bank shall have power to exercise, by its board of directors or duly\nauthorized officers or agents, subject to law, all incidental powers that are\nnecessary to carry on the business of banking, by:\n\n 1. Discounting and negotiating bills of exchange, promissory notes, drafts,\n and other evidences of debt;\n\n 2. Receiving deposits;\n\n 3. Buying and selling exchange, coin, and bullion;\n\n 4. Loaning money on real property, personal property, security, or collateral;\n\n 5. Guaranteeing the payment of bonds, bills, notes and other obligations that\n have six months or fewer until maturity;\n\n 6. Rediscounting paper;\n\n 7. Purchasing and selling bonds;\n\n 8. Acting as agent in the sale of insurance and annuities;\n\n 9. Dealing in or making a market in securities;\n\n 10. Providing financial, investment, or economic advisory services;\n\n 11. Providing other products and services deemed by the Commission to be\n financial in nature;\n\n 12. Engaging directly in those activities in which a controlled subsidiary\n corporation of a bank is authorized to engage pursuant to §§ 6.2-885\n and 6.2-888 in accordance with the requirements of such sections, provided\n that a bank, or a controlled subsidiary corporation of a bank, that transacts\n business as a real estate brokerage firm shall be subject to the provisions of\n § 6.2-888;\n\n 13. Establishing an international banking facility, either as a division of\n the bank or as a separate corporate entity under § 6.2-885; and\n\n 14. Utilizing armored vehicles or other vehicles to provide adequate\n protection for the funds transported for receipt of deposits of its customers\n or to deliver currency and coin.\n\nB. In addition to the permissible business authorized by subsection A, the\nCommission may, upon the Commission’s finding that an emergency exists,\nconfer by order upon banks such temporary powers as the Commission may determine\nto be in the public interest. Such powers as are conferred may be (i) authorized\nfor a limited period of time, (ii) granted selectively to fewer than all banks,\nand (iii) revoked by further order of the Commission.\n\nHISTORY: Code 1950, \u00a7 6-23; 1966, c. 584, \u00a7 6.1-11; 1968, c. 727, \u00a7 6.1-41.1;\n1978, c. 683, \u00a7 6.1-11.1, c. 453, \u00a7 6.1-11.2; 1987, c. 352; 2005, c. 320;\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}}