                                 CODE OF VIRGINIA

INCORPORATION; CORPORATE POWERS (§ 6.2-808)

A. A bank may be incorporated under the Virginia Stock Corporation Act (&#xA7;
13.1-601 et seq.), but need not comply with the provisions of subsection A of
&#xA7; 13.1-630.

B. Except as otherwise provided in this chapter, a bank shall:

   1. Have all the powers conferred on corporations, and be subject to all
   restrictions imposed on corporations, by the Virginia Stock Corporation Act;

   2. Not issue its shares for any consideration except money at least equal in
   amount to the par value of its shares; and

   3. Not issue no-par stock.

HISTORY: Code 1950, § 6-10; 1956, c. 433; 1966, c. 584, § 6.1-6; 1987, c. 556;
2010, c. 794.