CHAPTER 58

An Act to amend and reenact § 6-84 of the Code of Virginia, relating to
the payment of subscriptions to the capital stock of banks. tH 14]

Approved February 21, 1964

Be it enacted by the General Assembly of Virginia:
ls That § 6-34 of the Code of Virginia be amended and reenacted, as
ollows:

6-34. Subscriptions to the capital stock of any bank incorporated
under the laws of this State shall be paid in money at not less than par,
and at least the minimum amount of capital prescribed by the charter
shall be subscribed, and at least fifty per centum of the subscription of each
subscriber shall actually be paid in cash before such bank shall be author-
ized to begin business. The remainder of the capital stock of such bank
shall be paid in monthly installments of at least ten per centum of the
whole capital, payable at the end of each succeeding month from the date
of the certificate of the State Corporation Commission, authorizing such
bank to begin business. The payment of each monthly installment shall be
certified to the Commission, under oath, by the president or cashier of
such bank. But no bank shall be authorized to begin business until at least
twenty-five thousand dollars of its capital stock has been actually paid in
money, and no trust company shall be authorized to begin business until
the provisions of § 6-92 shall have been complied with.

The requirement that capital stock be paid in money shall not be
ronstrued to prohibit the establishment, as otherwise authorized by law,
of stock option plans and stock purchase plans, and the issuance of stock
pursuant to such plans. In no event shall any stock option be granted ata
price which is less than one hundred per cent of the book value per share
of the stock as shown by the bank’s last published statement prior to the
jranting of the option.