§ 6.1-194.126. How federal financial institution may convert into state savings bank
A federal financial institution doing business in the Commonwealth may become a state savings bank as follows:
1. It shall take such action as will effect its dissolution as a federal financial institution on a specified date;
2. Its directors, before its dissolution becomes effective, shall organize a corporation under this article and, in the case of a stock savings bank, the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or, in the case of a mutual savings bank, the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.); and
3. The new corporation shall apply for a certificate of authority to do business under § 6.1-194.114.
(1991, c. 230.)
Sections: Previous 6.1-194.120 6.1-194.121 6.1-194.122 6.1-194.123 6.1-194.123:1 6.1-194.124 6.1-194.125 6.1-194.126 6.1-194.127 6.1-194.128 6.1-194.129 6.1-194.130 6.1-194.131 6.1-194.132 6.1-194.133 NextLast modified: April 16, 2009