§ 6.1-194.26. Offices and other facilities of state associations and foreign savings institutions; approval of br...
A. A state association may establish and operate such offices and other facilities as are authorized by its board of directors. However, a state association shall not establish a branch office, or other office or facility where deposits are accepted, without obtaining the prior approval of the Commission as provided in subsection B of this section. Prior to establishing or permanently closing any office or other facility, the association shall give at least thirty days' written notice to the Commissioner, in such form as may be prescribed by the Commissioner. The association shall also give written notice to the Commission in such form as may be prescribed by the Commission within ten days after it has established or permanently closed an office or other facility.
B. Applications for authorization to establish a branch office, or other office or facility where deposits are accepted, shall be made in writing, in such form as may be prescribed by the Commission. Upon review of an association's application and any other information which the Commission may reasonably require, the Commission shall approve the establishment of such office or facility if it is satisfied that the public interest will be served thereby. Such offices or facilities may be closed without the prior approval of the Commission. However, written notice of the closing of such an office shall be given to the Commissioner as provided in subsection A of this section.
C. The requirements of subsections A and B of this section shall also apply to the establishment and closing of the offices of a foreign savings institution authorized to transact business in the Commonwealth.
(Code 1950, §§ 6-201.41, 6.1-171, 6.1-195.48; 1960, c. 402; 1966, c. 584; 1970, c. 397; 1972, c. 796; 1976, c. 658; 1978, c. 683; 1985, c. 425.)
Sections: Previous 6.1-194.19 6.1-194.20 6.1-194.21 6.1-194.22 6.1-194.23 6.1-194.24 6.1-194.25 6.1-194.26 6.1-194.27 6.1-194.28 6.1-194.29 6.1-194.30 6.1-194.31 6.1-194.32 6.1-194.32:1 NextLast modified: April 2, 2009