Va. Code Ann. § 6.2-701
This is the official text of Va. Code Ann. § 6.2-701, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities
Official statutory text
A. A person shall be deemed to control another entity if:
1. It owns 25 percent or more of the voting shares of the entity;
2. The person is presumed to control the entity under the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, or under Section 10 of the Home Owners' Loan Act (12 U.S.C. § 1467a), as amended; or
3. A determination has been made by the Commission that the person exercises a controlling influence over the management and policies of the entity.
B. A financial institution holding company shall be deemed to own shares owned by a subsidiary.
C. A financial institution holding company shall be deemed to engage in activities engaged in by its subsidiary or by any other entity of which it owns five percent or more of the voting shares.
1978, c. 683, § 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16 ; 2010, c. 794 .
1. It owns 25 percent or more of the voting shares of the entity;
2. The person is presumed to control the entity under the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, or under Section 10 of the Home Owners' Loan Act (12 U.S.C. § 1467a), as amended; or
3. A determination has been made by the Commission that the person exercises a controlling influence over the management and policies of the entity.
B. A financial institution holding company shall be deemed to own shares owned by a subsidiary.
C. A financial institution holding company shall be deemed to engage in activities engaged in by its subsidiary or by any other entity of which it owns five percent or more of the voting shares.
1978, c. 683, § 6.1-381; 1983, c. 194; 1985, c. 604; 1993, c. 58; 1996, c. 16 ; 2010, c. 794 .
Status: in_force · Read it on the official government site
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