{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-817.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-817.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-817.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-817.html"}],"law_id":77490,"edition_id":1,"section_id":77490,"structure_id":15203,"section_number":"6.2-817","catch_line":"Capital stock subscriptions","history":"Code 1950, \u00a7 6-34; 1964, c. 58; 1966, c. 584, \u00a7 6.1-14; 1980, c. 659; 2010, c. 794; 2011, c. 240; 2019, cc. 253, 254.","full_text":"A\n\nSubscriptions to the capital stock of a bank shall be paid in money at not less than par. No bank shall begin business until the amounts specified in its certificate of authority to commence business have been received by the bank.B\n\nAll money received for subscriptions to or for purchases of stock of a bank before it opens for business shall be deposited in an escrow account in an insured financial institution or invested in United States government obligations, under the joint control of two organizing directors of the bank. Such funds, together with any income thereon, shall be remitted to the bank on the day it opens for business. If the bank is denied a certificate of authority or is refused insurance of accounts, or it otherwise is determined that the bank will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders.C\n\nThe requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law, of stock option plans, stock purchase plans, and restricted stock award plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the bank has opened for business, and shall be approved by a majority vote of the bank’s shareholders. In no event shall any stock option be granted at a price which is less than 100 percent of the fair market value per share of the stock.","order_by":null,"text":{"0":{"id":277972,"text":"Subscriptions to the capital stock of a bank shall be paid in money at not less than par. No bank shall begin business until the amounts specified in its certificate of authority to commence business have been received by the bank.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":277973,"text":"All money received for subscriptions to or for purchases of stock of a bank before it opens for business shall be deposited in an escrow account in an insured financial institution or invested in United States government obligations, under the joint control of two organizing directors of the bank. Such funds, together with any income thereon, shall be remitted to the bank on the day it opens for business. If the bank is denied a certificate of authority or is refused insurance of accounts, or it otherwise is determined that the bank will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":277974,"text":"The requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law, of stock option plans, stock purchase plans, and restricted stock award plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the bank has opened for business, and shall be approved by a majority vote of the bank’s shareholders. In no event shall any stock option be granted at a price which is less than 100 percent of the fair market value per share of the stock.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-817\/","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 1964, chapter 58; in 1966, chapter 584; in 1980, chapter 659; in 2010, chapter 794<\/a>; in 2011, chapter 240<\/a>; in 2019, chapters 253<\/a> and 254<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265415,"object_type":"law","relational_id":77490,"identifier":"6.2-817","token":"6.2\/II\/8\/2\/6.2-817","url":"\/6.2-817\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-817\/","token":"6.2\/II\/8\/2\/6.2-817","dublin_core":{"Title":"Capital stock subscriptions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-817","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Subscriptions to the capital stock of a bank<\/span> shall be paid in money at not less than par. No bank<\/span> shall begin business until the amounts specified in its certificate of authority to commence business have been received by the bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> All money received for subscriptions to or for purchases of stock of a bank<\/span> before it opens for business shall be deposited in an escrow account in an insured financial institution<\/span> or invested in United States government obligations, under the joint control of two organizing directors of the bank<\/span>. Such funds, together with any income thereon, shall be remitted to the bank<\/span> on the day it opens for business. If the bank<\/span> is denied a certificate of authority or is refused insurance of accounts, or it otherwise is determined that the bank<\/span> will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law<\/span>, of stock option plans, stock purchase plans, and restricted stock award plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the bank<\/span> has opened for business, and shall be approved by a majority vote of the bank<\/span>’s shareholders. In no event shall any stock option be granted at a price which is less than 100 percent of the fair market value per share of the stock. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCAPITAL STOCK SUBSCRIPTIONS (\u00a7 6.2-817)\n\nA. Subscriptions to the capital stock of a bank shall be paid in money at not\nless than par. No bank shall begin business until the amounts specified in its\ncertificate of authority to commence business have been received by the bank.\n\nB. All money received for subscriptions to or for purchases of stock of a bank\nbefore it opens for business shall be deposited in an escrow account in an\ninsured financial institution or invested in United States government\nobligations, under the joint control of two organizing directors of the bank.\nSuch funds, together with any income thereon, shall be remitted to the bank on\nthe day it opens for business. If the bank is denied a certificate of authority\nor is refused insurance of accounts, or it otherwise is determined that the bank\nwill not open for business, such funds, after payment of any amount owing for\nexpenses in connection with such attempted organization, including reasonable\nconsulting fees, attorney fees, salaries, filing fees, and other expenses, shall\nbe refunded to subscribers or shareholders.\n\nC. The requirement that capital stock be paid in money shall not be construed to\nprohibit the establishment, as otherwise authorized by law, of stock option\nplans, stock purchase plans, and restricted stock award plans, and the issuance\nof stock pursuant to such plans. Such plans shall be established only after the\nbank has opened for business, and shall be approved by a majority vote of the\nbank’s shareholders. In no event shall any stock option be granted at a\nprice which is less than 100 percent of the fair market value per share of the\nstock.\n\nHISTORY: Code 1950, \u00a7 6-34; 1964, c. 58; 1966, c. 584, \u00a7 6.1-14; 1980, c. 659;\n2010, c. 794; 2011, c. 240; 2019, cc. 253, 254.","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}}