§ 6.1-194.114. Certificate of authority to do business
A. Before any state savings bank may begin business in the Commonwealth, it shall obtain from the Commission a certificate of authority to do so and prior to the issuance of such certificate the Commission shall ascertain that:
1. All applicable provisions of law have been complied with;
2. That financially responsible persons have subscribed for capital stock in an amount deemed by the Commission to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than one million dollars. The minimum capital stock requirement under this subdivision shall apply in cases in which a state savings bank is being organized to begin business; it shall not be applicable when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state savings bank, or when this section is used in connection with the reorganization of an operating state savings bank under a holding company;
3. Regulations governing directors of the savings bank have been complied with;
4. The public interest will be served by the addition of the proposed savings bank facilities in the community where the savings bank is to be located; and
5. The officers and directors of the proposed savings bank are of (i) moral fitness, (ii) financial responsibility, and (iii) business ability.
As used in this section, "public interest" shall have the meaning set forth in subdivision A 4 of § 6.1-13.
B. No certificate of authority shall be issued unless the applicant for such certificate: (i) submits evidence of being fully insured by the Federal Deposit Insurance Corporation or (ii) submits sufficient evidence of commitment by the Federal Deposit Insurance Corporation that the applicant will be issued insurance of accounts immediately subsequent to the issuance of the certificate of authority. The Commission may issue such certificate conditioned upon the fact that the savings bank will not commence to do business until it is issued insurance of accounts by the Federal Deposit Insurance Corporation.
C. Any interested person may appeal to the Supreme Court of Virginia from any order of the Commission granting or denying such certificate of authority.
The provisions of subdivision A 2 of this section shall likewise apply to a mutual savings bank formed under this article, except that, in lieu of stock, such mutual savings bank shall have deposits in such amount as the Commission deems necessary for safe and sound operation, but in no event less than one million dollars, which deposits are pledged or deposited and not subject to withdrawal for at least one year.
(1991, c. 230; 1996, c. 26.)
Sections: Previous 6.1-194.107 6.1-194.108 6.1-194.109 6.1-194.110 6.1-194.111 6.1-194.112 6.1-194.113 6.1-194.114 6.1-194.115 6.1-194.116 6.1-194.117 6.1-194.118 6.1-194.119 6.1-194.120 6.1-194.121 NextLast modified: April 16, 2009