The Share Exchange. At the Effective Date, the Bank shall become a wholly owned subsidiary of the Holding Company through the exchange of the outstanding shares of common stock of the Bank for shares of the common stock of the Holding Company (the “Share Exchange”). The Share Exchange shall be effected in accordance with Section 3.1 of this Plan of Share Exchange and pursuant to Section 13.1-717 of the Virginia Stock Corporation Act.
Appears in 3 contracts
Samples: Agreement and Plan of Reorganization (MainStreet Bancshares, Inc.), Agreement and Plan of Reorganization (Alliance Bankshares Corp), Agreement and Plan of Reorganization (First Bankshares, Inc.)
The Share Exchange. At the Effective Date, the Bank shall become a wholly owned subsidiary of the Holding Company through the exchange of the outstanding shares of common stock of the Bank for shares of the common stock of the Holding Company (the “Share Exchange”). The Share Exchange shall be effected in accordance with Section 3.1 of this Plan of Share Exchange and pursuant to Section 13.1-717 of the Virginia Stock Corporation Act and the National Banking Act.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (Access National Corp)
