§ 6.1-194.124. How state savings bank may convert into federal financial institution
A state savings bank may convert into a federal financial institution as follows:
1. At any meeting of the members or stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or Nonstock Corporation Act (§ 13.1-801 et seq.), whichever is applicable, to consider such action, the members or stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present, in person or by proxy, may resolve to convert the state savings bank into a federal financial institution;
2. A copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state savings bank shall be transmitted to the Commission;
3. Thereafter, the state savings bank shall take such action as is necessary under federal law to make it a federal financial institution; and
4. It shall file with the Commission a certified copy of the charter issued to it by the appropriate federal agency, or a certificate of the board showing the organization of the state savings bank as a federal financial institution; and the savings bank shall thereupon cease to be a state savings bank.
No state savings bank shall convert into a federal financial institution until it has been in operation as a state savings bank for a period of at least five years.
(1991, c. 230.)
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