A. A bank may be incorporated under the Virginia Stock Corporation Act (§ 13.1-601 et seq.), but need not comply with the provisions of subsection A of § 13.1-630.
B. Except as otherwise provided in this chapter, a bank shall:
1. Have all the powers conferred on corporations, and be subject to all restrictions imposed on corporations, by the Virginia Stock Corporation Act;
2. Not issue its shares for any consideration except money at least equal in amount to the par value of its shares; and
3. Not issue no-par stock.
Code 1950, § 6-10; 1956, c. 433; 1966, c. 584, § 6.1-6; 1987, c. 556; 2010, c. 794.
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