                                 CODE OF VIRGINIA

STATE BANK BECOMING NATIONAL BANK; NOTICE REQUIRED; EFFECT ON LIABILITIES (§
6.2-825)

A. Any bank incorporated under the laws of the Commonwealth may, upon compliance
with federal law, be converted into a national banking association.

B. When any state bank becomes a corporation for carrying on the business of
banking under federal law, it shall notify the Commission of such fact and file
with the Commission a copy of its authorization as a national banking
association certified by the Comptroller of the Currency. Such bank shall
thereupon cease to be a corporation under the laws of the Commonwealth, except
that, for a period not exceeding three years thereafter, its corporate existence
shall be deemed to continue for the purposes of (i) prosecuting or defending
suits by or against it and (ii) enabling it to settle and close its affairs, to
dispose of and convey its property, and to divide its capital, but not for the
purpose of continuing the business for which such bank was established.

C. A conversion from a state to a national bank shall not release the state bank
from its obligations to pay and discharge (i) all the liabilities created by law
or incurred by it before becoming a national banking association, (ii) any tax
imposed by the laws of the Commonwealth up to the date of its becoming such
national banking association in proportion to the time which has elapsed since
the next preceding payment therefor, or (iii) any assessment, penalty, or
forfeiture imposed or incurred under the laws of the Commonwealth up to the date
it became a national banking association.

HISTORY: Code 1950, § 6-18; 1966, c. 584, § 6.1-35; 2010, c. 794.