{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-823.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-823.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-823.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-823.html"}],"law_id":84764,"edition_id":1,"section_id":84764,"structure_id":14285,"section_number":"6.2-823","catch_line":"Conversion of national banking association to state bank; certificate of authority","history":"Code 1950, \u00a7\u00a7 6-14, 6-15.1; 1952, c. 571; 1966, c. 584, \u00a7\u00a7 6.1-33, 6.1-38; 1993, c. 244; 1996, c. 26; 2010, c. 794.","full_text":"A\n\nA national banking association, organized under the laws of the United States and doing business in the Commonwealth, may be converted into and become a state bank by the following procedure:1\n\nThe directors of the national banking association shall cause to be incorporated under the laws of the Commonwealth a corporation authorized by its certificate of incorporation to conduct the business of banking as the successor of the national banking association. With regard to such incorporation:\n\t\t\t\ta. The certificate of incorporation of the corporation shall conform as nearly as may be legally permissible to that of the national banking association;\n\t\t\t\tb. The principal office of the corporation shall be in the county or city wherein the national banking association has its principal office; and\n\t\t\t\tc. The amount of the capital stock of the corporation, its division into shares, the par value of shares, their classification and preferences, if any, shall conform to those of the national banking association, and the minimum capital of the state bank shall comply with that required for a bank under § 6.2-816.2\n\nThe national banking association shall effect its conversion to a state bank in accordance with the procedure prescribed by Subchapter XV of Chapter 2 of Title 12 of the United States Code (12 U.S.C. § 214 et seq.), as it now exists or as it may hereafter be amended.3\n\nUpon completion of the procedures required by subdivision 2, the president of the national banking association and the official having custody of its records shall execute, under the seal of the association, a certificate showing in detail the procedures followed, the number of shares of each class of stock of the national banking association issued and outstanding, and the vote of each class of stockholders in favor of the plan of conversion. The national banking association shall then file the certificate with the Commission.B\n\nThe Commission shall examine the certificate filed pursuant to subdivision A 3. If from such examination it appears that the procedure required by subdivision A 2 has been followed and that the conversion has been approved by the stockholders of the national banking association in the manner and by the percentage vote required by federal law, the Commission may issue to the newly incorporated state bank a certificate of authority to do business as a bank, in accordance with the provisions of § 6.2-816. Upon the issue of such certificate, the conversion of the national banking association into a state bank shall become effective and be automatically completed.","order_by":null,"text":{"0":{"id":303729,"text":"A national banking association, organized under the laws of the United States and doing business in the Commonwealth, may be converted into and become a state bank by the following procedure:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":303730,"text":"The directors of the national banking association shall cause to be incorporated under the laws of the Commonwealth a corporation authorized by its certificate of incorporation to conduct the business of banking as the successor of the national banking association. With regard to such incorporation:\n\t\t\t\ta. The certificate of incorporation of the corporation shall conform as nearly as may be legally permissible to that of the national banking association;\n\t\t\t\tb. The principal office of the corporation shall be in the county or city wherein the national banking association has its principal office; and\n\t\t\t\tc. The amount of the capital stock of the corporation, its division into shares, the par value of shares, their classification and preferences, if any, shall conform to those of the national banking association, and the minimum capital of the state bank shall comply with that required for a bank under § 6.2-816.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":303731,"text":"The national banking association shall effect its conversion to a state bank in accordance with the procedure prescribed by Subchapter XV of Chapter 2 of Title 12 of the United States Code (12 U.S.C. § 214 et seq.), as it now exists or as it may hereafter be amended.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":303732,"text":"Upon completion of the procedures required by subdivision 2, the president of the national banking association and the official having custody of its records shall execute, under the seal of the association, a certificate showing in detail the procedures followed, the number of shares of each class of stock of the national banking association issued and outstanding, and the vote of each class of stockholders in favor of the plan of conversion. The national banking association shall then file the certificate with the Commission.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":303733,"text":"The Commission shall examine the certificate filed pursuant to subdivision A 3. If from such examination it appears that the procedure required by subdivision A 2 has been followed and that the conversion has been approved by the stockholders of the national banking association in the manner and by the percentage vote required by federal law, the Commission may issue to the newly incorporated state bank a certificate of authority to do business as a bank, in accordance with the provisions of § 6.2-816. Upon the issue of such certificate, the conversion of the national banking association into a state bank shall become effective and be automatically completed.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"ancestry":[{"id":14285,"edition_id":1,"name":"Bank Mergers and Conversions","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:47:36","date_modified":"2026-06-26 03:47:36","permalink":{"id":265441,"object_type":"structure","relational_id":14285,"identifier":"4","token":"6.2\/II\/8\/4","url":"\/6.2\/II\/8\/4\/","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":63809,"structure_id":14285,"section_number":"6.2-822","catch_line":"Merger and share exchange by state banks","url":"\/6.2-822\/","token":"6.2\/II\/8\/4\/6.2-822","metadata":false},{"id":84764,"structure_id":14285,"section_number":"6.2-823","catch_line":"Conversion of national banking association to state bank; certificate of authority","url":"\/6.2-823\/","token":"6.2\/II\/8\/4\/6.2-823","metadata":false},{"id":59646,"structure_id":14285,"section_number":"6.2-824","catch_line":"Status of converted bank","url":"\/6.2-824\/","token":"6.2\/II\/8\/4\/6.2-824","metadata":false},{"id":70477,"structure_id":14285,"section_number":"6.2-825","catch_line":"State bank becoming national bank; notice required; effect on liabilities","url":"\/6.2-825\/","token":"6.2\/II\/8\/4\/6.2-825","metadata":false},{"id":55555,"structure_id":14285,"section_number":"6.2-826","catch_line":"Effect of conversion of state bank to national bank","url":"\/6.2-826\/","token":"6.2\/II\/8\/4\/6.2-826","metadata":false},{"id":76999,"structure_id":14285,"section_number":"6.2-827","catch_line":"Rights of national bank stockholders dissenting from conversion","url":"\/6.2-827\/","token":"6.2\/II\/8\/4\/6.2-827","metadata":false},{"id":70763,"structure_id":14285,"section_number":"6.2-828","catch_line":"Conversion of state bank to federal savings institution","url":"\/6.2-828\/","token":"6.2\/II\/8\/4\/6.2-828","metadata":false},{"id":67840,"structure_id":14285,"section_number":"6.2-829","catch_line":"Conversion from state savings bank to state bank; conversion from state bank to state savings bank","url":"\/6.2-829\/","token":"6.2\/II\/8\/4\/6.2-829","metadata":false},{"id":68881,"structure_id":14285,"section_number":"6.2-830","catch_line":"Conversion from stock association to bank; conversion from bank to stock association","url":"\/6.2-830\/","token":"6.2\/II\/8\/4\/6.2-830","metadata":false}],"previous_section":{"id":63809,"structure_id":14285,"section_number":"6.2-822","catch_line":"Merger and share exchange by state banks","url":"\/6.2-822\/","token":"6.2\/II\/8\/4\/6.2-822","metadata":false},"next_section":{"id":59646,"structure_id":14285,"section_number":"6.2-824","catch_line":"Status of converted bank","url":"\/6.2-824\/","token":"6.2\/II\/8\/4\/6.2-824","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-823\/","history_text":"

The record of this law\u2019s original creation isn\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 1952, chapter 571; in 1966, chapter 584; in 1993, chapter 244; in 1996, chapter 26<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":59646,"section_number":"6.2-824","catch_line":"Status of converted bank","order_by":null,"url":"\/6.2-824\/"}],"refers_to":[{"id":72786,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","order_by":null,"url":"\/6.2-816\/"}],"permalink":{"id":265447,"object_type":"law","relational_id":84764,"identifier":"6.2-823","token":"6.2\/II\/8\/4\/6.2-823","url":"\/6.2-823\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-823\/","token":"6.2\/II\/8\/4\/6.2-823","dublin_core":{"Title":"Conversion of national banking association to state bank; certificate of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-823","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A national banking association, organized under the laws<\/span> of the United States and doing business in the Commonwealth, may be converted into and become a state bank<\/span> by the following procedure: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The directors of the national banking association shall cause to be incorporated under the laws<\/span> of the Commonwealth a corporation authorized by its certificate of incorporation to conduct the business of banking as the successor of the national banking association. With regard to such incorporation:\n\t\t\t\ta. The certificate of incorporation of the corporation shall conform as nearly as may be legally permissible to that of the national banking association;\n\t\t\t\tb. The principal office of the corporation shall be in the county or city wherein the national banking association has its principal office; and\n\t\t\t\tc. The amount of the capital stock of the corporation, its division into shares, the par value of shares, their classification and preferences, if any, shall conform to those of the national banking association, and the minimum capital of the state bank<\/span> shall comply with that required for a bank under § 6.2-816<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The national banking association shall effect its conversion to a state bank<\/span> in accordance with the procedure prescribed by Subchapter XV of Chapter 2 of Title 12 of the United States Code (12 U.S.C. § 214 et seq.), as it now exists or as it may hereafter be amended. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Upon completion of the procedures required by subdivision 2, the president of the national banking association and the official having custody<\/span> of its records shall execute, under the seal of the association, a certificate showing in detail the procedures followed, the number of shares of each class of stock of the national banking association issued and outstanding, and the vote of each class of stockholders in favor of the plan of conversion. The national banking association shall then file the certificate with the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> shall examine the certificate filed pursuant to subdivision A 3. If from such examination it appears that the procedure required by subdivision A 2 has been followed and that the conversion has been approved by the stockholders of the national banking association in the manner and by the percentage vote required by federal law<\/span>, the Commission<\/span> may issue<\/span> to the newly incorporated state bank<\/span> a certificate of authority to do business as a bank, in accordance with the provisions of § 6.2-816<\/a>. Upon the issue<\/span> of such certificate, the conversion of the national banking association into a state bank<\/span> shall become effective and be automatically completed. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF NATIONAL BANKING ASSOCIATION TO STATE BANK; CERTIFICATE OF\nAUTHORITY (\u00a7 6.2-823)\n\nA. A national banking association, organized under the laws of the United States\nand doing business in the Commonwealth, may be converted into and become a state\nbank by the following procedure:\n\n 1. The directors of the national banking association shall cause to be\n incorporated under the laws of the Commonwealth a corporation authorized by\n its certificate of incorporation to conduct the business of banking as the\n successor of the national banking association. With regard to such\n incorporation:\n \t\t\t\ta. The certificate of incorporation of the corporation shall conform as\n nearly as may be legally permissible to that of the national banking\n association;\n \t\t\t\tb. The principal office of the corporation shall be in the county or city\n wherein the national banking association has its principal office; and\n \t\t\t\tc. The amount of the capital stock of the corporation, its division into\n shares, the par value of shares, their classification and preferences, if any,\n shall conform to those of the national banking association, and the minimum\n capital of the state bank shall comply with that required for a bank under\n § 6.2-816.\n\n 2. The national banking association shall effect its conversion to a state\n bank in accordance with the procedure prescribed by Subchapter XV of Chapter 2\n of Title 12 of the United States Code (12 U.S.C. § 214 et seq.), as it\n now exists or as it may hereafter be amended.\n\n 3. Upon completion of the procedures required by subdivision 2, the president\n of the national banking association and the official having custody of its\n records shall execute, under the seal of the association, a certificate\n showing in detail the procedures followed, the number of shares of each class\n of stock of the national banking association issued and outstanding, and the\n vote of each class of stockholders in favor of the plan of conversion. The\n national banking association shall then file the certificate with the\n Commission.\n\nB. The Commission shall examine the certificate filed pursuant to subdivision A\n3. If from such examination it appears that the procedure required by\nsubdivision A 2 has been followed and that the conversion has been approved by\nthe stockholders of the national banking association in the manner and by the\npercentage vote required by federal law, the Commission may issue to the newly\nincorporated state bank a certificate of authority to do business as a bank, in\naccordance with the provisions of § 6.2-816. Upon the issue of such\ncertificate, the conversion of the national banking association into a state\nbank shall become effective and be automatically completed.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-14, 6-15.1; 1952, c. 571; 1966, c. 584, \u00a7\u00a7 6.1-33,\n6.1-38; 1993, c. 244; 1996, c. 26; 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}}