                                 CODE OF VIRGINIA

POWERS OF BANKS (§ 6.2-814)

A. 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:

   1. Discounting and negotiating bills of exchange, promissory notes, drafts,
   and other evidences of debt;

   2. Receiving deposits;

   3. Buying and selling exchange, coin, and bullion;

   4. Loaning money on real property, personal property, security, or collateral;

   5. Guaranteeing the payment of bonds, bills, notes and other obligations that
   have six months or fewer until maturity;

   6. Rediscounting paper;

   7. Purchasing and selling bonds;

   8. Acting as agent in the sale of insurance and annuities;

   9. Dealing in or making a market in securities;

   10. Providing financial, investment, or economic advisory services;

   11. Providing other products and services deemed by the Commission to be
   financial in nature;

   12. Engaging directly in those activities in which a controlled subsidiary
   corporation of a bank is authorized to engage pursuant to &#xA7;&#xA7; 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
   &#xA7; 6.2-888;

   13. Establishing an international banking facility, either as a division of
   the bank or as a separate corporate entity under &#xA7; 6.2-885; and

   14. 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.

B. In addition to the permissible business authorized by subsection A, the
Commission may, upon the Commission&#8217;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.

HISTORY: Code 1950, § 6-23; 1966, c. 584, § 6.1-11; 1968, c. 727, § 6.1-41.1;
1978, c. 683, § 6.1-11.1, c. 453, § 6.1-11.2; 1987, c. 352; 2005, c. 320;
2010, c. 794.