Code of Virginia § 6.2-824. Status of converted bank.

112 words·~1 min read·/va/title-6-2/chapter-8/6-2-824

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Upon the conversion of a national banking association to a state bank as provided in § 6.2-823 , the state bank shall be considered to be the same business and corporate entity as the former national banking association, except that the state bank shall have the rights, powers, and duties as prescribed by state law. Any reference to the former national banking association in any contract, will, or document shall be deemed to be a reference to the state bank if not inconsistent with the provisions of the contract, will, or document or with applicable law.

Code 1950, § 6-15.2; 1952, c. 571; 1966, c. 584, § 6.1-34; 2010, c. 794 .