                                 CODE OF VIRGINIA

MEMBERSHIP IN FEDERAL RESERVE BANK SYSTEM OR FEDERAL HOME LOAN BANK SYSTEM (§
6.2-811)

Any bank that has been or is hereafter incorporated under the laws of the
Commonwealth, at its election, may become a member bank of the Federal Reserve
Bank System, subject to the provisions of the Federal Reserve Act (P.L. 63-43,
38 Stat. 251) as it may be amended to permit a bank to become a member, or the
Federal Home Loan Bank System, subject to the provisions of the Federal Home
Loan Bank Act (P.L. 72-304, 47 Stat. 785) as it may be amended to permit a bank
to become a member, or both. Upon becoming a member of either system, the bank
shall be vested with all powers conferred upon state member banks of such
systems by the terms of such acts. The powers shall be exercised subject to all
restrictions and limitations imposed by the Federal Reserve Act or the Federal
Home Loan Bank Act, or by regulations of the Federal Reserve Board or the
Federal Housing Finance Board, respectively, adopted pursuant to such acts. The
right is expressly reserved to revoke or amend the powers conferred pursuant to
this section. The Commission may disclose to the Federal Reserve Board, or to
examiners duly appointed by it, all information in reference to the affairs of
any bank which has become, or desires to become a member of the system.

HISTORY: Code 1950, § 6-24; 1966, c. 584, § 6.1-8; 1993, c. 182; 2010, c. 794.