                                 CODE OF VIRGINIA

ENTITIES AUTHORIZED TO ENGAGE IN BANKING BUSINESS (§ 6.2-803)

A. No person, except (i) corporations duly chartered and already conducting
banking business in the Commonwealth under authority of the laws of the
Commonwealth or the United States, (ii) corporations that shall hereafter be
incorporated under, and authorized to conduct banking business in the
Commonwealth under authority of, the laws of the Commonwealth, (iii)
corporations that shall hereafter be authorized to do business in the
Commonwealth under the banking laws of the United States, and (iv) banks
authorized, after July 1, 1995, to establish and operate one or more branches in
the Commonwealth under Article 6 (&#xA7; 6.2-836 et seq.) or Article 7 (&#xA7;
6.2-849 et seq.) of this chapter, shall engage in the banking business in the
Commonwealth. No foreign corporation, except as permitted in Chapter 7 (&#xA7;
6.2-700 et seq.), shall engage in a banking business in the Commonwealth.

B. Nothing in this chapter shall prevent:

   1. An individual from qualifying and acting as trustee, personal
   representative, guardian, conservator, committee or in any other fiduciary
   capacity;

   2. Any person from (i) lending money on real estate and personal security or
   collateral, (ii) guaranteeing the payment of bonds, notes, bills and other
   obligations, or (iii) purchasing or selling stocks and bonds;

   3. Any bank organized under the laws of the Commonwealth from qualifying and
   acting in another state as trustee, personal representative, guardian of a
   minor, conservator, or committee or in any other fiduciary capacity, when
   permitted so to do by the laws of such other state; or

   4. An incorporated association that is authorized to sell burial association
   group life insurance certificates in the Commonwealth, as described in the
   definition of limited burial insurance authority in &#xA7; 38.2-1800, the
   principal purpose of which is to assist its members in (i) financial planning
   for their funerals and burials and (ii) obtaining insurance for the payment,
   in whole or in part, for funeral, burial, and related expenses, from serving
   as trustee of a trust established pursuant to &#xA7; 54.1-2822.

C. Nothing in this section shall be construed:

   1. To prevent banks organized in the Commonwealth and chartered under the laws
   of the United States from transacting business in the Commonwealth; or

   2. To prevent a real estate broker as defined in &#xA7; 54.1-2100 from owning
   or operating a bank provided that the requirements of this chapter are met.

HISTORY: Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1985, c. 544; 1995, c. 301;
1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007, c. 621; 2010, c. 794.