§ 6.1-194.4. Facilitating organizations or instrumentalities
Every savings institution shall have the power to become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to any organization or instrumentality, government or private, to the extent that such organization or instrumentality assists in furthering or facilitating the institution's purposes, powers, services or community responsibilities, and to comply with any reasonable requirements or conditions of eligibility. However, this section shall not be construed so as to permit a savings institution to establish deposit or reserve accounts with any financial institution or other entity the accounts of which are not insured by federal agency or other insurer approved by the Commissioner.
(1985, c. 425.)
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