Chap. 271.—An ACT to amend and re-enact section 9-a of an act known as the
Virginia banking act, being chapter 507 of the acts of 1928, approved
March 27, 1928, so as to provide how State banks may be merged or con-
solidated with other State banks or national banks; by what laws such
mergers and consolidations are governed and vote required; the effect upon
fiduciary offices; the effect of such consolidations with national banks ;
the extent to which the property rights and benefits of such State banks,
when so consolidated or merged into a national bank, or of a State bank
converted into a national bank, may be transferred; to provide that, in
case said State bank be acting as administrator, co-administrator, executor,
co-executor, trustee or co-trustee of or in respect to any estate or trust ad-
ministered under the laws of this State, such relation, as well as any other
or similar fiduciary relations, and all rights, privileges, duties and obligations
connected therewith shall remain unimpaired and shall continue into said
national bank. [S B 236]

Approved March 24, 1930

1. Be it enacted by the general assembly of Virginia, That section
nine-a of the Virginia banking act, being chapter five hundred and seven
of the acts of nineteen hundred and twenty-eight, approved March
twenty-seventh, nineteen hundred and twenty-eight, be amended and
re-enacted so as to read as follows:

Section 9-a. Any bank organized and doing business under the
laws of this State may be merged or consolidated with another bank
organized and doing business under the laws of this State, or with a
banking corporation organized under the laws of the United States
doing business in this State, upon compliance with the provisions of
sections thirty-eight hundred and twenty-one and thirty-eight hundred
and twenty-two of the Code of Virginia relating to mergers or consoli-
dations of corporations, except that such mergers or consolidations of
banks shall be ratified and confirmed by an affirmative vote of the
shareholders of each of such banks owning at least two-thirds of its
capital stock outstanding and having voting power. The provisions of
sections thirty-eight hundred and twenty-three, thirty-eight hundred
and twenty-five and thirty-eight hundred and twenty-six of the Code
of Virginia shall apply to such merged or consolidated corporation
except as otherwise provided in this act; or any bank incorporated
under the laws of this State may, upon compliance with the laws of
the United States, be converted into a national banking association.

In event of any such merger or consolidation, the merged or con-
solidated corporation (whether it be one of said merging or consolidat-
ing banks, or a new bank, State or national, formed by means of such
merger or consolidation) shall succeed to, and be vested with, without
further act or deed, all offices of trust or of a fiduciary nature with
which any one or more of the banks, parties to such consolidation or
merger, were vested immediately prior to the time at which such con-
solidation or merger became effective.

At the time when such conversion of a State bank becomes effec-
tive as a national bank, all the property of said State bank, including all
its right, title and interest in and to all property, whether real, personal
or mixed, and things in action, and every right, privilege, interest and
asset of any conceivable value or benefit then existing, belonging or
pertaining to it, or which would inure to it, shall immediately, by act
of law and without any conveyance or transfer, and without and fur-
ther act or deed, be vested in and become the property of such national
bank, which shall have, hold and enjoy the same in its own right as
fully and to the same extent as if the same were possessed, held or
enjoyed by said State bank, and such national bank shall be deemed
to be a continuation of the entity and identity of said State banking
corporation operated pursuant to the laws of the United States, and
all the rights, obligations and relations of said State banking corpora-
tion to or in respect to any person, estate, creditor, depositor, trustee
or beneficiary of any trust, and in or in respect to any executorship or
trusteeship or other trust or fiduciary function, shall remain unim-
paired, and such national bank, as of said beginning of its corporate
existence, shall, by operation of this section, succeed to all such rights,
obligations, relations and trusts, and the duties and liabilities con-
nected therewith, and shall execute and perform each and every such
trust and relation in the same manner as if such national bank had
itself assumed the trust or relation, including the obligations and lia-
bilities connected therewith. If said State banking corporation be
acting as administrator, co-administrator, executor, co-executor, trus-
tee, or co-trustee of or in respect to any estate or trust being adminis-
tered under the laws of this State, such relation, as well as any other
or similar fiduciary relations, and all rights, privileges, duties and
obligations connected therewith shall remain unimpaired and shall con-
tinue into and in said national bank from and as of the said beginning
of its corporate existence, irrespective of the date when any such rela-
tions may have been created or established, and irrespective of the date
of any trust agreement relating thereto or the date of the death of any
testator or decedent whose estate is being so administered. Nothing
done in connection with the change from a State to a national bank
shall, in respect to any such executorship, trusteeship or similar fidu-
ciary relation be deemed to be or to effect, under the laws of this State,
a renunciation or revocation of any letters of administration or letters
testamentary pertaining to such relation, nor a removal or resigna-
tion from any such executorship or trusteeship, nor shall such act or
any other thing done be deemed to be of the same effect: as if the
executor or trustee had died or otherwise become incompetent to act;
provided, however, that nothing in this section shall in any way affect
any provisions of law in case of a national bank becoming a State
bank... , ,