§ 6.1-194.91. Effect of chapter as to preexisting savings institutions
A. The powers, privileges, duties and restrictions conferred and imposed upon any savings and loan association existing under the laws of this Commonwealth on July 1, 1985, are hereby abridged, enlarged or modified, as each particular case requires, to conform to the provisions of this chapter, but nothing in this chapter shall affect the legality of any investment heretofore made or transaction heretofore had under authority of any provision of law in force when such investment was made or transaction had.
B. Notwithstanding any other provision of law with respect to the rates of interest which may be charged, an association which on September 1, 1959, was operating on a share accumulation loan plan whereby its earnings were equitably distributed to both its borrowers and its shareholders may continue to operate upon the same plan, but no additional loans shall be made or shares issued under such plan after July 1, 1974.
C. Any savings institution, doing business in the Commonwealth on July 1, 1986, or thereafter, which does not have its accounts insured by the Federal Deposit Insurance Corporation or other federal insurance agency, up to the limits of the insurance provided thereby, shall not accept any deposits.
(Code 1950, §§ 6-201.2, 6.1-127, 6.1-195.2; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1974, c. 565; 1985, c. 425; 1986, cc. 500, 509; 1990, c. 3.)
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