§ 6.1-194.2. Definitions
As used in this chapter, the following definitions shall apply unless a different meaning is required by the context:
"Account" means any account with a savings institution and includes a checking, time, interest, or savings account.
"Association" means a savings and loan association, building and loan association or building association which is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings and loan business.
"Branch office" means an office of a savings institution where, in addition to conducting other business activities of the institution, the institution accepts deposits.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of Financial Institutions.
"Federal savings institution" means a savings institution incorporated or organized in accordance with the laws of the United States.
"Financial institution" means a savings institution, commercial bank, trust company, industrial loan association or credit union.
"Foreign savings institution" means a savings institution incorporated under the laws of a state, territory or possession of the United States, other than the Commonwealth of Virginia, whose principal business office is located outside the territorial limits of the Commonwealth. The term "foreign savings institution" does not include a savings institution incorporated under the laws of the United States.
"Home loan" means a real estate loan the security for which is a lien on real estate comprising a single-family dwelling or a dwelling unit for four or fewer families in the aggregate.
"Insured savings institution" means a savings institution whose accounts are insured by the Federal Deposit Insurance Corporation or other federal insurance agency.
"Liquid assets" means cash on hand; cash on deposit in Federal Home Loan Banks, Federal Reserve Banks, savings institutions, or in commercial banks, which is withdrawable upon not more than thirty days' notice and which is not pledged as security for indebtedness; the liquid asset fund of the United States League of Saving Institutions; obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States; or any other asset which the Commissioner designates as a liquid asset. Any deposits in financial institutions under the control or in the possession of any supervisory authority shall not be considered as liquid assets.
"Main office" means the office where a savings institution first commences to do business or, where the savings institution has more than one office, the office designated by the institution's board of directors as the institution's main office.
"Manufactured building" means a manufactured home or other building or structure designed for use as a dwelling or business facility which is manufactured and assembled at a location other than the site where such manufactured home, building or structure is placed for use as a dwelling or business facility, or both.
"Member" means a person holding a savings account of a mutual association, and a person borrowing from or assuming or obligated upon a loan or interest therein held by such association, or a person purchasing real estate securing a loan or interest therein held by such association. A joint and survivorship or other multiple owner or borrower relationship constitutes a single membership.
"Mutual association" means an association which is organized and operated exclusively for the benefit of its members and which does not issue shares of capital stock.
"Mutual savings institution" means a savings institution which is organized and operated exclusively for the benefit of its members and which does not issue shares of capital stock.
"Real estate loan" means a loan on the security of any instrument, whether a mortgage, deed of trust, or land contract, which makes the interest in real estate described therein, whether in fee or in a leasehold or subleasehold extending or renewable automatically or at the option of the holder, or at the option of the savings institution, for a period of at least ten years beyond the maturity of the loan, specific security for the payment of the obligations secured by such instrument. The term also includes a loan, or interest therein, secured by cooperative housing units on the security of (i) a security interest in the stock or membership certificate issued to a tenant-stockholder or resident member of a cooperative housing corporation (as defined in § 13.1-501) coupled with (ii) the assignment by way of security of the borrower's interest in the proprietary lease or other right of tenancy in the property owned by such corporation.
"Savings account" means an interest-bearing account not subject to withdrawal by check or other negotiable instrument.
"Savings institution" means a savings and loan association, a building and loan association, building association, or savings bank, whether organized as a capital stock corporation or a nonstock corporation which is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings institution business.
"Service corporation" means a stock corporation whose entire stock is owned directly by one or more savings institutions, or any such corporation which is owned indirectly through a subsidiary or subsidiaries of one or more savings institutions.
"State association" means a savings and loan association or building and loan association incorporated under the laws of the Commonwealth of Virginia. "State association" includes such an association which uses the term "savings bank" as a part of its corporate name.
"Stock association" means an association which issues shares of capital stock.
"Stock institution" means a savings institution which issues shares of capital stock.
"Withdrawal value" means the amount credited to an account less lawful deductions therefrom, as shown by the records of the savings institution.
(Code 1950, §§ 6-201.4, 6-201.5, 6.1-129, 6.1-130, 6.1-195.4; 1960, c. 402; 1966, c. 584; 1970, c. 396; 1972, c. 796; 1975, c. 73; 1978, c. 14; 1980, c. 350; 1982, c. 80; 1985, c. 425; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1999, c. 77.)
Sections: Previous 6.1-194.1 6.1-194.2 6.1-194.3 6.1-194.4 6.1-194.5 6.1-194.6 6.1-194.7 6.1-194.8 6.1-194.9 6.1-194.10 6.1-194.11 6.1-194.12 6.1-194.13 6.1-194.14 6.1-194.15 NextLast modified: April 16, 2009