§ 6.1-194.87. Regulation of savings institution holding companies
A. Any person which, directly or indirectly, or acting in concert with one or more other companies or with one or more subsidiaries or affiliates, acquires, owns, controls or holds with power to vote twenty-five percent or more of the voting shares of a stock savings institution, or which controls in any manner the election of a majority of the directors of such institution, shall for purposes of this chapter be deemed to be a savings institution holding company.
B. The Commission may promulgate regulations governing savings institution holding companies doing business in the Commonwealth, including the activities of such companies and their subsidiaries. Any savings institution holding company which does not have any subsidiaries which are state savings institutions and which is subject to regulations adopted by the appropriate federal authority shall be deemed to be in substantial compliance with the regulations promulgated by the Commission if it is in compliance with the regulations promulgated by the appropriate federal authority.
C. Notwithstanding the provisions of subsection B of this section, no person, whether acting alone or in concert with others, shall acquire ownership or control of twenty-five percent or more of the voting shares of a state stock savings institution, or otherwise control the election of a majority of the directors of such institution, without the approval of the Commission. The Commission shall not approve the proposed acquisition unless the Commission determines that the proposed acquisition is in the public interest.
(1985, c. 425; 1990, c. 3; 1996, c. 16.)
Sections: Previous 6.1-194.81 6.1-194.82 6.1-194.83 6.1-194.84 6.1-194.84:1 6.1-194.85 6.1-194.86 6.1-194.87 6.1-194.88 6.1-194.89 6.1-194.90 6.1-194.91 6.1-194.92 6.1-194.93 6.1-194.93:1 NextLast modified: April 2, 2009