§ 6.1-194.96. Definitions
As used in this article and in Article 5 (§ 6.1-194.41 et seq.) of this chapter, unless a different meaning is required by the context, the following words or phrases shall have the following meanings:
"Acquire" means:
1. The merger or consolidation of one stock savings institution with another stock savings institution or of a savings institution holding company with another savings institution holding company;
2. The acquisition by a savings institution holding company or savings institution of direct or indirect ownership or control of voting shares of another savings institution holding company or a savings institution, if, after such acquisition, the savings institution holding company or savings institution making the acquisition will directly or indirectly own or control more than twenty-five percent of any class of voting shares of the other savings institution holding company or savings institution;
3. The direct or indirect acquisition by a savings institution holding company or by a savings institution of all or substantially all of the assets of another savings institution holding company or of another savings institution; or
4. Any other action that would result in direct or indirect control by a savings institution holding company or by a savings institution of another savings institution holding company or another savings institution.
"Savings institution" shall have the same meaning as set forth in § 6.1-194.2.
"Savings institution holding company" shall have the same meaning as set forth in subsection A of § 6.1-194.87.
"Principal place of business of a savings institution" shall be the state in which the largest amount of the deposits of the savings institution (excluding deposits acquired as a result of the kinds of transactions described in § 6.1-194.100) is located at the end of the last calendar year.
"Principal place of business of a savings institution holding company" shall be the state in which the largest amount of the deposits of the holding company's subsidiaries (excluding deposits acquired as a result of the kinds of transactions described in § 6.1-194.100) is located as of the end of the last calendar year.
"Out-of-state savings institution" means a savings institution:
1. That is organized under the laws of the United States or of one of the states other than Virginia; and
2. Whose principal place of business is located in a state other than Virginia.
"Out-of-state savings institution holding company" means a savings institution holding company that has its principal place of business in a state other than Virginia.
"State" includes the District of Columbia.
"Subsidiary" with respect to a savings institution holding company means:
1. Any company twenty-five percent or more of whose voting shares (excluding shares owned by the United States or by any company wholly owned by the United States) is directly or indirectly owned or controlled by such savings institution holding company, or is held by it with power to vote;
2. Any company the election of a majority of whose directors is controlled in any manner by such savings institution holding company; or
3. Any company with respect to the management or policies of which such savings institution holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.
"Virginia savings institution" means a savings institution that:
1. Is organized under the laws of this Commonwealth or of the United States; and
2. Has deposit-taking offices located only in this Commonwealth.
"Virginia savings institution holding company" means a savings institution holding company:
1. That has its principal place of business in this Commonwealth;
2. Whose financial institution subsidiaries located outside Virginia hold not greater than twenty percent of the total deposits held by all of its financial institution subsidiaries; and
3. That is not controlled by a savings institution holding company other than a Virginia savings institution holding company.
(1985, c. 425; 1988, c. 535; 1994, cc. 315, 353.)
Sections: Previous 6.1-194.90 6.1-194.91 6.1-194.92 6.1-194.93 6.1-194.93:1 6.1-194.94 6.1-194.95 6.1-194.96 6.1-194.97 6.1-194.98 6.1-194.99 6.1-194.100 6.1-194.102 6.1-194.103 6.1-194.104 NextLast modified: April 16, 2009