{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-825.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-825.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-825.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-825.html"}],"law_id":70477,"edition_id":1,"section_id":70477,"structure_id":14285,"section_number":"6.2-825","catch_line":"State bank becoming national bank; notice required; effect on liabilities","history":"Code 1950, \u00a7 6-18; 1966, c. 584, \u00a7 6.1-35; 2010, c. 794.","full_text":"A\n\nAny bank incorporated under the laws of the Commonwealth may, upon compliance with federal law, be converted into a national banking association.B\n\nWhen any state bank becomes a corporation for carrying on the business of banking under federal law, it shall notify the Commission of such fact and file with the Commission a copy of its authorization as a national banking association certified by the Comptroller of the Currency. Such bank shall thereupon cease to be a corporation under the laws of the Commonwealth, except that, for a period not exceeding three years thereafter, its corporate existence shall be deemed to continue for the purposes of (i) prosecuting or defending suits by or against it and (ii) enabling it to settle and close its affairs, to dispose of and convey its property, and to divide its capital, but not for the purpose of continuing the business for which such bank was established.C\n\nA conversion from a state to a national bank shall not release the state bank from its obligations to pay and discharge (i) all the liabilities created by law or incurred by it before becoming a national banking association, (ii) any tax imposed by the laws of the Commonwealth up to the date of its becoming such national banking association in proportion to the time which has elapsed since the next preceding payment therefor, or (iii) any assessment, penalty, or forfeiture imposed or incurred under the laws of the Commonwealth up to the date it became a national banking association.","order_by":null,"text":{"0":{"id":254342,"text":"Any bank incorporated under the laws of the Commonwealth may, upon compliance with federal law, be converted into a national banking association.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":254343,"text":"When any state bank becomes a corporation for carrying on the business of banking under federal law, it shall notify the Commission of such fact and file with the Commission a copy of its authorization as a national banking association certified by the Comptroller of the Currency. Such bank shall thereupon cease to be a corporation under the laws of the Commonwealth, except that, for a period not exceeding three years thereafter, its corporate existence shall be deemed to continue for the purposes of (i) prosecuting or defending suits by or against it and (ii) enabling it to settle and close its affairs, to dispose of and convey its property, and to divide its capital, but not for the purpose of continuing the business for which such bank was established.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":254344,"text":"A conversion from a state to a national bank shall not release the state bank from its obligations to pay and discharge (i) all the liabilities created by law or incurred by it before becoming a national banking association, (ii) any tax imposed by the laws of the Commonwealth up to the date of its becoming such national banking association in proportion to the time which has elapsed since the next preceding payment therefor, or (iii) any assessment, penalty, or forfeiture imposed or incurred under the laws of the Commonwealth up to the date it became a national banking association.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-825\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 2010, chapter 794<\/a>.<\/p>","references":[{"id":55555,"section_number":"6.2-826","catch_line":"Effect of conversion of state bank to national bank","order_by":null,"url":"\/6.2-826\/"}],"refers_to":false,"permalink":{"id":265455,"object_type":"law","relational_id":70477,"identifier":"6.2-825","token":"6.2\/II\/8\/4\/6.2-825","url":"\/6.2-825\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-825\/","token":"6.2\/II\/8\/4\/6.2-825","dublin_core":{"Title":"State bank becoming national bank; notice required; effect on liabilities","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-825","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any bank<\/span> incorporated under the laws<\/span> of the Commonwealth may, upon compliance with federal law<\/span>, be converted into a national banking association. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> When any state bank<\/span> becomes a corporation for carrying on the business of banking under federal law<\/span>, it shall notify the Commission<\/span> of such fact<\/span> and file with the Commission<\/span> a copy of its authorization as a national banking association certified by the Comptroller of the Currency. Such bank shall thereupon cease to be a corporation under the laws<\/span> of the Commonwealth, except that, for a period not exceeding three years thereafter, its corporate existence shall be deemed to continue for the purposes of (i) prosecuting or defending suits by or against it and (ii) enabling it to settle and close its affairs, to dispose of and convey its property, and to divide its capital, but not for the purpose of continuing the business for which such bank was established. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A conversion from a state to a national bank shall not release the state bank<\/span> from its obligations to pay and discharge (i) all the liabilities created by law<\/span> or incurred by it before becoming a national banking association, (ii) any tax imposed by the laws<\/span> of the Commonwealth up to the date of its becoming such national banking association in proportion to the time which has elapsed since the next preceding payment therefor, or (iii) any assessment, penalty<\/span>, or forfeiture imposed or incurred under the laws<\/span> of the Commonwealth up to the date it became a national banking association. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATE BANK BECOMING NATIONAL BANK; NOTICE REQUIRED; EFFECT ON LIABILITIES (\u00a7\n6.2-825)\n\nA. Any bank incorporated under the laws of the Commonwealth may, upon compliance\nwith federal law, be converted into a national banking association.\n\nB. When any state bank becomes a corporation for carrying on the business of\nbanking under federal law, it shall notify the Commission of such fact and file\nwith the Commission a copy of its authorization as a national banking\nassociation certified by the Comptroller of the Currency. Such bank shall\nthereupon cease to be a corporation under the laws of the Commonwealth, except\nthat, for a period not exceeding three years thereafter, its corporate existence\nshall be deemed to continue for the purposes of (i) prosecuting or defending\nsuits by or against it and (ii) enabling it to settle and close its affairs, to\ndispose of and convey its property, and to divide its capital, but not for the\npurpose of continuing the business for which such bank was established.\n\nC. A conversion from a state to a national bank shall not release the state bank\nfrom its obligations to pay and discharge (i) all the liabilities created by law\nor incurred by it before becoming a national banking association, (ii) any tax\nimposed by the laws of the Commonwealth up to the date of its becoming such\nnational banking association in proportion to the time which has elapsed since\nthe next preceding payment therefor, or (iii) any assessment, penalty, or\nforfeiture imposed or incurred under the laws of the Commonwealth up to the date\nit became a national banking association.\n\nHISTORY: Code 1950, \u00a7 6-18; 1966, c. 584, \u00a7 6.1-35; 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}}