Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-231 Sale of certificates on fully paid or partial payment plan

§ 6.1-231. Sale of certificates on fully paid or partial payment plan

An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system; provided, however, that any such association which has not obtained insurance of its liability for such certificates through either a state or federal agency up to the limits of insurance provided thereby prior to July 1, 1975, shall not thereafter sell such certificates. The Commission, upon finding that an association has applied for such insurance prior to July 1, 1975, and that the insurance has not been issued, may suspend the prohibition against its sale of such certificates to a date not later than July 1, 1976.

(Code 1950, § 6-255; 1960, c. 63; 1966, c. 584; 1974, c. 176.)

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Last modified: April 2, 2009