                                 CODE OF VIRGINIA

BANK BORROWING MONEY OR REDISCOUNTING ITS NOTES (§ 6.2-882)

A. Any bank borrowing money or rediscounting any of its notes shall at all times
show on its books and accounts and in its reports the amount of such borrowed
money or rediscounts.

B. No officer, director, or employee of any bank shall issue the note of such
bank for borrowed money or rediscount any note or pledge any of the assets of
such bank, except when authorized by resolution of the board of directors of
such bank previously made and entered upon the minutes of such bank, under such
regulations and in such form as may be adopted by the Commission.

HISTORY: Code 1950, § 6-80; 1966, c. 584, § 6.1-67; 1994, c. 7; 2010, c. 794.