{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-882.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-882.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-882.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-882.html"}],"law_id":60973,"edition_id":1,"section_id":60973,"structure_id":14189,"section_number":"6.2-882","catch_line":"Bank borrowing money or rediscounting its notes","history":"Code 1950, \u00a7 6-80; 1966, c. 584, \u00a7 6.1-67; 1994, c. 7; 2010, c. 794.","full_text":"A\n\nAny bank borrowing money or rediscounting any of its notes shall at all times show on its books and accounts and in its reports the amount of such borrowed money or rediscounts.B\n\nNo officer, director, or employee of any bank shall issue the note of such bank for borrowed money or rediscount any note or pledge any of the assets of such bank, except when authorized by resolution of the board of directors of such bank previously made and entered upon the minutes of such bank, under such regulations and in such form as may be adopted by the Commission.","order_by":null,"text":{"0":{"id":222974,"text":"Any bank borrowing money or rediscounting any of its notes shall at all times show on its books and accounts and in its reports the amount of such borrowed money or rediscounts.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":222975,"text":"No officer, director, or employee of any bank shall issue the note of such bank for borrowed money or rediscount any note or pledge any of the assets of such bank, except when authorized by resolution of the board of directors of such bank previously made and entered upon the minutes of such bank, under such regulations and in such form as may be adopted by the Commission.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14189,"edition_id":1,"name":"Investments and Loans","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:47:11","date_modified":"2026-06-26 03:47:11","permalink":{"id":265643,"object_type":"structure","relational_id":14189,"identifier":"9","token":"6.2\/II\/8\/9","url":"\/6.2\/II\/8\/9\/","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":63411,"structure_id":14189,"section_number":"6.2-870","catch_line":"Limitation of amount invested in bank premises","url":"\/6.2-870\/","token":"6.2\/II\/8\/9\/6.2-870","metadata":false},{"id":64130,"structure_id":14189,"section_number":"6.2-871","catch_line":"Investment in stock or securities of bank service corporations","url":"\/6.2-871\/","token":"6.2\/II\/8\/9\/6.2-871","metadata":false},{"id":61248,"structure_id":14189,"section_number":"6.2-872","catch_line":"For what purpose banks may purchase, hold, and convey real estate","url":"\/6.2-872\/","token":"6.2\/II\/8\/9\/6.2-872","metadata":false},{"id":74353,"structure_id":14189,"section_number":"6.2-873","catch_line":"Additional permissible investments in real estate","url":"\/6.2-873\/","token":"6.2\/II\/8\/9\/6.2-873","metadata":false},{"id":82541,"structure_id":14189,"section_number":"6.2-874","catch_line":"Prohibited uses of bank's own stock; other investments or loans","url":"\/6.2-874\/","token":"6.2\/II\/8\/9\/6.2-874","metadata":false},{"id":57173,"structure_id":14189,"section_number":"6.2-875","catch_line":"Limitations on obligations of borrowers","url":"\/6.2-875\/","token":"6.2\/II\/8\/9\/6.2-875","metadata":false},{"id":55367,"structure_id":14189,"section_number":"6.2-876","catch_line":"Loans to executive officers or directors","url":"\/6.2-876\/","token":"6.2\/II\/8\/9\/6.2-876","metadata":false},{"id":85468,"structure_id":14189,"section_number":"6.2-877","catch_line":"Overdrafts by bank officer or director","url":"\/6.2-877\/","token":"6.2\/II\/8\/9\/6.2-877","metadata":false},{"id":76996,"structure_id":14189,"section_number":"6.2-878","catch_line":"Loans secured by real estate generally","url":"\/6.2-878\/","token":"6.2\/II\/8\/9\/6.2-878","metadata":false},{"id":80117,"structure_id":14189,"section_number":"6.2-879","catch_line":"Certain loans not considered loans secured by real estate","url":"\/6.2-879\/","token":"6.2\/II\/8\/9\/6.2-879","metadata":false},{"id":59260,"structure_id":14189,"section_number":"6.2-880","catch_line":"Construction loans","url":"\/6.2-880\/","token":"6.2\/II\/8\/9\/6.2-880","metadata":false},{"id":78478,"structure_id":14189,"section_number":"6.2-881","catch_line":"Investment in reverse annuity mortgages","url":"\/6.2-881\/","token":"6.2\/II\/8\/9\/6.2-881","metadata":false},{"id":60973,"structure_id":14189,"section_number":"6.2-882","catch_line":"Bank borrowing money or rediscounting its notes","url":"\/6.2-882\/","token":"6.2\/II\/8\/9\/6.2-882","metadata":false},{"id":87132,"structure_id":14189,"section_number":"6.2-883","catch_line":"Acceptance of drafts or bills of exchange; issuance of letters of credit","url":"\/6.2-883\/","token":"6.2\/II\/8\/9\/6.2-883","metadata":false},{"id":76682,"structure_id":14189,"section_number":"6.2-884","catch_line":"Ownership and lease of personal property","url":"\/6.2-884\/","token":"6.2\/II\/8\/9\/6.2-884","metadata":false},{"id":64536,"structure_id":14189,"section_number":"6.2-885","catch_line":"Investment in stock or securities of controlled subsidiary corporations","url":"\/6.2-885\/","token":"6.2\/II\/8\/9\/6.2-885","metadata":false},{"id":74671,"structure_id":14189,"section_number":"6.2-886","catch_line":"Regulation of controlled subsidiary corporations by Commission","url":"\/6.2-886\/","token":"6.2\/II\/8\/9\/6.2-886","metadata":false},{"id":73096,"structure_id":14189,"section_number":"6.2-887","catch_line":"Insurance business of controlled subsidiary","url":"\/6.2-887\/","token":"6.2\/II\/8\/9\/6.2-887","metadata":false},{"id":69740,"structure_id":14189,"section_number":"6.2-888","catch_line":"Real estate brokerage business of controlled subsidiary","url":"\/6.2-888\/","token":"6.2\/II\/8\/9\/6.2-888","metadata":false}],"previous_section":{"id":78478,"structure_id":14189,"section_number":"6.2-881","catch_line":"Investment in reverse annuity mortgages","url":"\/6.2-881\/","token":"6.2\/II\/8\/9\/6.2-881","metadata":false},"next_section":{"id":87132,"structure_id":14189,"section_number":"6.2-883","catch_line":"Acceptance of drafts or bills of exchange; issuance of letters of credit","url":"\/6.2-883\/","token":"6.2\/II\/8\/9\/6.2-883","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-882\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1994, chapter 7<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265693,"object_type":"law","relational_id":60973,"identifier":"6.2-882","token":"6.2\/II\/8\/9\/6.2-882","url":"\/6.2-882\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-882\/","token":"6.2\/II\/8\/9\/6.2-882","dublin_core":{"Title":"Bank borrowing money or rediscounting its notes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-882","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any bank<\/span> borrowing money or rediscounting any of its notes shall at all times show on its books and accounts and in its reports the amount of such borrowed money or rediscounts. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No officer, director, or employee of any bank<\/span> shall issue<\/span> the note of such bank<\/span> for borrowed money or rediscount any note or pledge any of the assets<\/span> of such bank<\/span>, except when authorized by resolution of the board of directors of such bank<\/span> previously made and entered upon the minutes of such bank<\/span>, under such regulations and in such form as may be adopted by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBANK BORROWING MONEY OR REDISCOUNTING ITS NOTES (\u00a7 6.2-882)\n\nA. Any bank borrowing money or rediscounting any of its notes shall at all times\nshow on its books and accounts and in its reports the amount of such borrowed\nmoney or rediscounts.\n\nB. No officer, director, or employee of any bank shall issue the note of such\nbank for borrowed money or rediscount any note or pledge any of the assets of\nsuch bank, except when authorized by resolution of the board of directors of\nsuch bank previously made and entered upon the minutes of such bank, under such\nregulations and in such form as may be adopted by the Commission.\n\nHISTORY: Code 1950, \u00a7 6-80; 1966, c. 584, \u00a7 6.1-67; 1994, c. 7; 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}}