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2005 SESSION


CHAPTER 320
An Act to amend and reenact § 6.1-11 of the Code of Virginia, relating to the Virginia Banking Act; powers of banks.
[H 2571]
Approved March 20, 2005
 

Be it enacted by the General Assembly of Virginia:

1.  That § 6.1-11 of the Code of Virginia is amended and reenacted as follows:

§ 6.1-11. Permissible business.

Every such bank shall have power to exercise, by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking, by discounting:

1. Discounting and negotiating bills of exchange, promissory notes, drafts, and other evidences of debt; by receiving

2. Receiving deposits; by buying

3. Buying and selling exchange, coin, and bullion; by loaning

4. Loaning money on real and personal security, or collateral; by guaranteeing

5. Guaranteeing the payment of bonds, bills, notes and other obligations, having not more than six months to run; by rediscounting

6. Rediscounting paper; and in purchasing

7. Purchasing and selling bonds;

8. Acting as agent in the sale of insurance and annuities;

9. Dealing in or making a market in securities;

10. Providing financial, investment, or economic advisory services;

11. Providing other products and services deemed by the Commission to be financial in nature;

12. Engaging directly in those activities in which a controlled subsidiary corporation of a bank is authorized to engage pursuant to §§ 6.1-58.1 and 6.1-58.3 in accordance with the requirements of such sections, and further provided that a bank, or a controlled subsidiary corporation of a bank, that transacts business as a real estate brokerage firm shall be subject to the provisions of § 6.1-58.3.