Code of Virginia § 6.2-1084. Continuation of trust powers in the event of consolidation or merger of two or more associations.
159 words·~1 min read·
/va/title-6-2/chapter-10/6-2-1084·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If an association consolidates or merges with another association or a bank and the association has, prior to such consolidation or merger, exercised trust powers under a certificate issued by the Commission, which certificate is in effect at the time of the consolidation or merger, the rights existing under such certificate shall pass to the resulting corporation. The resulting corporation may exercise such trust powers in the same manner and to the same extent as the association to which such certificate was originally issued.
No new application to continue to exercise such powers is necessary. If the name of the resulting corporation differs from that of the association to which the right to exercise trust powers was originally granted, the Commission shall issue a certificate showing the right of such resulting corporation to exercise the trust powers theretofore granted to any of the associations participating in the consolidation or merger.
1984, c. 303, § 6.1-195.81; 2010, c. 794 .