SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2019 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.2-817 of the Code of Virginia is amended and reenacted as follows:
§ 6.2-817. Capital stock subscriptions.
A. Subscriptions to the capital stock of a bank shall be paid in money at not less than par. No bank shall begin business until the amounts specified in its certificate of authority to commence business have been received by the bank.
B. All money received for subscriptions to or for purchases of
stock of a bank before it opens for business shall be deposited in an escrow
account in an insured financial institution or invested in United States
government obligations, under the joint control of two organizing directors of
the bank, both of whom shall be bonded for an amount equal to the total
amount of the money to be collected. Such funds, together with any income
thereon, shall be remitted to the bank on the day it opens for business. If the
bank is denied a certificate of authority or is refused insurance of accounts,
or it otherwise is determined that the bank will not open for business, such
funds, after payment of any amount owing for expenses in connection with such
attempted organization, including reasonable consulting fees, attorney fees,
salaries, filing fees, and other expenses, shall be refunded to subscribers or
shareholders.
C. The requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law, of stock option plans, stock purchase plans, and restricted stock award plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the bank has opened for business, and shall be approved by a majority vote of the bank's shareholders. In no event shall any stock option be granted at a price which is less than 100 percent of the fair market value per share of the stock.
2. That § 6.2-818 of the Code of Virginia is repealed.