§ 6.1-194.33. How state association or bank may convert into federal savings institution
A state association or state bank may convert into a federal savings 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 the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) 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 association or bank into a federal savings 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 association or bank shall be transmitted to the Commission;
3. Thereafter, the state association or bank shall take such action as is necessary under federal law to make it a federal savings institution;
4. It shall file with the Commission a certified copy of the charter issued to it by the federal chartering authority, or a certificate of that authority showing the organization of the state association or bank as a federal savings institution, and the association or bank shall thereupon cease to be a state association or bank;
5. No state association or bank shall convert into a federal savings institution until it has been in operation as a state association or bank for a period of at least five years.
(Code 1950, §§ 6-201.43, 6.1-173, 6.1-195.52; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1982, c. 156; 1985, c. 425; 1990, c. 3; 1995, c. 133.)
Sections: Previous 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 6.1-194.33 6.1-194.34 6.1-194.35 6.1-194.36 6.1-194.37 6.1-194.38 6.1-194.39 6.1-194.40 NextLast modified: April 16, 2009