§ 6.1-232. Prohibitions as to associations having certificates issued and outstanding
An association that has certificates of investment issued and outstanding shall not:
1. Advertise that it is subject to regulation or supervision by the State Corporation Commission or the Bureau of Financial Institutions, or publish any advertisement suggesting that it is engaged in the business of banking or that it receives deposits;
2. Advertise that it carries insurance unless its certificates of investment are insured or guaranteed by a state or federal agency;
3. Own any shares of stock issued by any other corporation except to the extent legal for banks;
4. Invest more than eighty percent of the amount of its outstanding certificates of investment in loans secured by liens on real estate;
5. Make any loan secured by liens on real estate in excess of that percent of the appraised value permitted to banks;
6. Issue certificates of investment for the purpose of borrowing money from financial institutions;
7. Issue a certificate of investment paying a higher rate of interest than four and one-half percent per annum, except that notwithstanding this limitation it may pay at any time an interest rate equal to the highest rate paid by any state savings institution or bank located in the same community in the Commonwealth of Virginia.
(Code 1950, § 6-251; 1956, c. 433; 1960, c. 64; 1966, c. 584; 1974, c. 176; 1978, c. 14; 1996, c. 16.)
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