Code of Virginia - Title 6.1 Banking And Finance - Chapter 3.01 Virginia Savings Institutions Act

6.1-194.1 Short title
The short title of the law embraced in this chapter is the "Virginia Savings Institutions Act of 1985." (1985, c. 425.) ...
6.1-194.2 Definitions
As used in this chapter, the following definitions shall apply unless a different meaning is required by the context: "Account" means any account with a ...
6.1-194.3 Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation
A savings institution may become a member of the Federal Home Loan Bank and the Federal Deposit Insurance Corporation or other federal insurance agency and ...
6.1-194.4 Facilitating organizations or instrumentalities
Every savings institution shall have the power to become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions ...
6.1-194.5 State association may purchase, convey or manage property in which it has a security interest; tim...
A. A state association may purchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment, ...
6.1-194.6 Rate of interest chargeable by savings institutions
In addition to the permissible interest rates and charges specifically granted to savings institutions by this title, savings institutions may take, receive, reserve, and charge ...
6.1-194.7 Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of ...
The definitions and provisions contained in Title 8.3A (§ 8.3A-101 et seq.) and Title 8.4 (§ 8.4-101 et seq.) shall apply to the commercial paper ...
6.1-194.8 Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act
The provisions of the Virginia Stock Corporation Act (§ 13.1-601 et seq.) shall apply to all stock savings institutions in all cases not inconsistent with ...
6.1-194.9 Formation of state savings and loan associations
A stock savings and loan association may be incorporated as provided in the Virginia Stock Corporation Act (§ 13.1-601 et seq.). A mutual savings and ...
6.1-194.10 Corporation name
Every association incorporated under the laws of this Commonwealth shall have as a part of its corporate name the words "building and loan association" or ...
6.1-194.11 Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security...
A. Shares of stock issued by a stock association shall be paid for in full in cash at not less than their par value upon ...
6.1-194.12 Certificate of authority to do business
A. Before any organizing state association may begin business in the Commonwealth, it shall obtain from the Commission a certificate of authority to do so, ...
6.1-194.13 Commissions, fees, etc., for sale of stock not permitted
The State Corporation Commission shall not issue a certificate of authority to any state association to commence business if commissions, fees, brokerage, or other compensation, ...
6.1-194.14 Board of directors generally; report to Commission; oaths of directors
A. The affairs of every state association shall be managed by a board of directors of not less than five nor more than twenty-five persons. ...
6.1-194.15 Meetings of board of directors
The board of directors of every state association shall hold meetings at least once in every calendar month, at which meeting a majority of the ...
6.1-194.16 Notice of meetings of members; determining members entitled to notice or to vote
A. A mutual savings and loan association shall give notice of its meetings of members as required by § 13.1-842, and, in addition, a copy ...
6.1-194.17 Voting rights; proxies
In mutual savings and loan associations the right of members to vote may not be conferred or limited by the articles of incorporation. In the ...
6.1-194.18 Access to books and records; communication with members
A. 1. Every person having an account or loan with a savings institution shall have the right to inspect such books and records of the ...
6.1-194.19 Audit of association; report
The directors of every savings institution shall, at least once in each calendar year, cause an independent audit by a certified public accountant to be ...
6.1-194.20 Bonds of officers and employees
A. The directors of every savings institution shall require a bond with corporate surety from each of the active officers and employees of the institution ...
6.1-194.21 Loans to executive officers or directors
A. No executive officer or director of any savings institution shall borrow any amount more than $25,000 from the institution until such loan has been ...
6.1-194.22 Overdrafts by savings institution officers, directors or employees
A. No savings institution shall pay an overdraft of an officer, director or employee of the institution on any account or accounts at the institution ...
6.1-194.23 Reserves; surplus and undivided profits
A. Every savings institution doing business in the Commonwealth shall maintain an adequate net worth appropriate for the conduct of its business and the protection ...
6.1-194.24 Liability of members of mutual savings institutions
No member of a mutual savings institution shall be responsible for any losses which his savings account deposits shall not be sufficient to satisfy, and ...
6.1-194.25 Mutual capital certificates
A mutual association shall have the power to issue and to sell, directly or through underwriters, capital certificates which shall represent nonwithdrawable capital contributions, and ...
6.1-194.26 Offices and other facilities of state associations and foreign savings institutions; approval of br...
A. A state association may establish and operate such offices and other facilities as are authorized by its board of directors. However, a state association ...
6.1-194.27 Facilities associated with home or branch office
A state association or foreign savings institution authorized to transact business in the Commonwealth may establish without prior approval of the Commission a drive-in or ...
6.1-194.28 Change of branch office location
A. A state association shall not change the permanent location of a branch office without the prior approval of the Commission. An application to change ...
6.1-194.29 Remote service units
A. As used in this section, the following terms shall have the meanings indicated: "Remote service unit" or "RSU" means an information processing device, including ...
6.1-194.30 Home financial services
A state association may utilize any electronic technology to provide its customers with home financial services. Any such services provided under this section are subject ...
6.1-194.31 Suspension of business during actual or threatened emergency
In the event of an actual or threatened enemy attack or civil insurrection or fire, flood, hurricane, earthquake or other similar natural disaster, affecting the ...
6.1-194.32 Conversion from mutual to stock association
With the approval of the Commissioner, and in accordance with provisions of this section and regulations promulgated hereunder, a state association which is a mutual ...
6.1-194.32:1 Reorganization of mutual association into mutual holding company; approval by Commissioner; powers...
A. Notwithstanding any other provision of law, with the approval of the Commissioner, and in accordance with the provisions of this section and any regulations ...
6.1-194.33 How state association or bank may convert into federal savings institution
A state association or state bank may convert into a federal savings institution as follows: 1. At any meeting of the members or stockholders called ...
6.1-194.34 Effect of conversion of state association or bank into federal savings institution
When such conversion becomes effective, the state association or bank shall cease to be a Virginia corporation and all its property shall by operation of ...
6.1-194.35 How federal savings institution may convert into state association or bank
A federal savings institution doing business in the Commonwealth may become a state association, and such a federal savings institution that is a stock institution ...
6.1-194.36 When former federal savings institution may do business as state association or state ban...
The former federal savings institution converting to a state association or a state bank shall transact no business as a state association or a state ...
6.1-194.37 Effect of conversion of federal savings institution into state association or state bank on propert...
As soon as the certificate of authority to do business has been granted and its dissolution as a federal savings institution has become effective, all ...
6.1-194.38 Conversion from stock association to bank; conversion from bank to stock association
A. A state stock association may be converted into a bank by the amendment of its articles of incorporation in compliance with the procedure established ...
6.1-194.39 Merger
Two or more mutual savings institutions or two or more stock savings institutions may merge, subject to the approval of the Commission, when the Commission ...
6.1-194.40 State association or association holding company acquiring bank; association acquired by bank or ba...
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject to the prior approval of the Commission, the following acquisitions, mergers, or consolidations ...
6.1-194.41 Foreign savings institutions; certificate of authority
A. A foreign savings institution shall not transact a savings institution business in the Commonwealth unless it first receives from the Commission a certificate of ...
6.1-194.42 When operation of foreign savings institution in Commonwealth is prohibited
When the laws, regulations or administrative actions of another state or territory of the United States prohibit or unfairly impede a state association or state ...
6.1-194.43 Applicability of Virginia Stock and Nonstock Corporation Acts
Except as otherwise provided in this chapter, a foreign savings institution conducting a savings institution business in the Commonwealth shall comply with the provisions of ...
6.1-194.44 Law applicable to contracts of foreign savings institutions
Any contract made by a foreign savings institution with a resident of the Commonwealth or a foreign corporation authorized to do business in the Commonwealth, ...
6.1-194.45 Examination and supervision of foreign savings institutions
A. Each foreign savings institution authorized to transact business in the Commonwealth shall furnish to the Commissioner a copy of all periodic reports of examinations ...
6.1-194.46 Revocation of certificate of authority of foreign savings institution
A. The Commission may revoke a certificate of authority of a foreign savings institution if: 1. The institution fails to conduct its business in the ...
6.1-194.47 Unapproved foreign savings institutions
The Commissioner is authorized to obtain an injunction or to take any other action necessary to prevent any foreign savings institution from doing any business ...
6.1-194.48 Activities which are not considered "doing business"
For the purposes of this chapter and any other law of the Commonwealth prohibiting, limiting, regulating, charging or taxing the doing of business in the ...
6.1-194.49 Accounts of state associations
Notwithstanding any restriction in its articles of incorporation limiting the number, kinds and classes of accounts that it may offer, a state association may offer ...
6.1-194.50 Rules governing withdrawal
A. The holder of a savings account in an association shall have the right to withdraw all or any part of his account provided that ...
6.1-194.51 Redemption
At any time funds are on hand for the purpose, a mutual association shall have the right to redeem by lot or otherwise, as the ...
6.1-194.52 Accounts of savings institutions as legal investments and as security
Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, credit unions ...
6.1-194.53 Deposits of federal taxes and United States Treasury tax and loan accounts
Associations may serve as depositories for federal taxes and for United States Treasury tax and loan deposits and may satisfy the requirements in connection therewith ...
6.1-194.54 Accounts under Federal Self-Employed Individuals Tax Retirement Act and Federal Employee Retiremen...
A. To the extent allowed by federal law, an insured savings institution may act as trustee or custodian within the contemplation of the Federal Self-Employed ...
6.1-194.55 Accounts issued in name of minor
A savings institution may issue accounts to a minor as sole and absolute owner of such account, and receive deposits by or for such owner, ...
6.1-194.56 Powers of attorney on accounts
Any savings institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, either in whole or ...
6.1-194.57 Accounts of deceased or incompetent persons
A savings institution may pay funds held in the account of a deceased person or a person under disability to the personal representative, committee, conservator, ...
6.1-194.58 Payment of small balances to distributees or other persons
When the account of a deceased person upon whose estate there has been no qualification does not exceed $15,000, it shall be lawful for a ...
6.1-194.59 Accounts of fiduciaries
A savings institution may issue accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee or other fiduciary for a named beneficiary or ...
6.1-194.60 Savings institution need not inquire as to fiduciary funds deposited in fiduciary's personal accoun...
If any fiduciary or agent makes a deposit in a savings institution to his personal credit of checks drawn by him upon an account in ...
6.1-194.61 Accounts held by various trustees for same beneficiary
Whenever trust interests or accounts are created for the same beneficiary, but each such interest or account is in the name of a separate and ...
6.1-194.62 Real estate loans; required investment
A state association may originate, invest in, sell, purchase, service, participate, or otherwise deal in loans secured by a lien on real estate, subject to ...
6.1-194.63 Appraisals; loan-to-value ratios
A. An association may make a real estate loan only after a qualified person designated by the association has submitted a signed appraisal of the ...
6.1-194.64 Initial repayments on real estate loans
Repayments on real estate loans shall begin not later than sixty days after the loan proceeds are disbursed. However, if such loan is for construction, ...
6.1-194.65 Adjustable real estate loans
A state association may adjust the interest rate, payment, balance, or term to maturity on any real estate loan as authorized by the loan contract, ...
6.1-194.66 Special provisions for home loans
The loan term of a home loan shall not exceed forty years, with interest payable at least semiannually, except as expressly authorized elsewhere in this ...
6.1-194.67 Dealing with successors in interest
In the case of any investment made by a savings institution in a real estate loan, in the event the ownership of the real estate ...
6.1-194.68 Trustees on loans secured by deed of trust
Any savings institution in connection with making loans secured by deed of trust is empowered to elect a trustee, which may be a service corporation ...
6.1-194.69 General investment authority
Subject to the powers and limitations set forth in § 6.1-194.62, the assets of a state association may be invested only in the following ways: ...
6.1-194.70 Effect of repeal or amendment of statute or regulation on existing loan or investment
Any investment or loan which was in compliance with the provisions of this chapter or a regulation of the Commission in existence when such investment ...
6.1-194.71 Limitation on liability of savings institutions making loans for certain purposes
A savings institution which makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, ...
6.1-194.72 Perfection of certain security interests
When securities are sold by a savings institution subject to an obligation of repurchase, any security interest or interest of ownership therein may be perfected ...
6.1-194.73 General supervisory powers of Commissioner
The Commissioner shall have general supervision over all state associations and foreign savings institutions transacting business in the Commonwealth, savings institution holding companies whose principal ...
6.1-194.74 Regulations of Commission
The Commission may adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before promulgating any regulation, the Commission shall give ...
6.1-194.75 Regulations to permit state associations to have powers comparable to federal savings institution...
The Commission is authorized to adopt such regulations as may be necessary to permit state associations to have powers comparable with those of federal savings ...
6.1-194.76 Publication of regulations
The Commissioner shall publish and mail to each state association and foreign savings institution doing business in the Commonwealth a copy of all regulations of ...
6.1-194.77 Statements to be furnished by Commission to directors of savings institutions
The Commission shall prepare and make available to each member of the board of directors of every state association a statement describing generally their duties ...
6.1-194.78 State associations to furnish financial statements and reports
A. Every state association shall furnish the Commission within thirty days after the close of its fiscal year a statement of its financial condition on ...
6.1-194.79 Examination of state associations and affiliates by Commissioner; report of examination
A. The Commissioner shall, not less than once during any period of three consecutive calendar years, or at such additional times as he deems necessary, ...
6.1-194.80 Savings institution to give examiners access to books, etc.; examination of directors, officers an...
The officers, directors and employees of every savings institution doing business in the Commonwealth shall, upon the demand of the person designated by law to ...
6.1-194.81 False statements by officers or agents
Any officer or agent of a savings institution who knowingly makes a false statement of the condition of the institution to the Commission shall be ...
6.1-194.82 Audits
The Commission may require a savings institution doing business in the Commonwealth to have an audit made of its books, records and methods of operation, ...
6.1-194.83 Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reser...
A. If the Commission finds: (i) that the laws of this Commonwealth are not being fully observed by a savings institution doing business in the ...
6.1-194.84 Removal of director or officer; appeal; penalty for acting after removal
A. 1. Whenever any director or officer of a savings institution doing business in the Commonwealth has knowingly continued to violate any law relating to ...
6.1-194.84:1 Special examinations
Upon written application made to the Commission by the board of directors or by the stockholders representing two-fifths of the total outstanding capital stock of ...
6.1-194.85 Fees for supervision and regulation; investigations
A. For the purpose of defraying the expenses of supervision and regulation of state associations and foreign savings institutions doing business in the Commonwealth, the ...
6.1-194.86 Examination of books, etc., of persons believed to be doing business without authority; doing busin...
A. The Commissioner is authorized and directed to examine the accounts, books and papers of any person or entity which he has reason to believe ...
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, ...
6.1-194.88 Merger, consolidation or transfer of assets of insolvent or financially unstable association; notic...
A. If the Commission finds (i) that any state association is insolvent, or that, in its opinion, the financial stability of a state association is ...
6.1-194.89 Construction of chapter
This chapter, being a general act intended as a comprehensive coverage of its subject matter, shall not be deemed to be impliedly repealed in whole ...
6.1-194.90 Application to federal and foreign savings institutions
The provisions of this chapter shall apply to federal savings institutions and foreign savings institutions doing business in the Commonwealth insofar as the Commonwealth has ...
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 ...
6.1-194.92 Statement by savings institution that its accounts are insured or guaranteed; misleading advertisin...
No savings institution shall, without the written approval of the Commission, make any representation, oral or written, that any of its accounts are insured or ...
6.1-194.93 False statements and similar actions prohibited
Whoever knowingly makes or causes to be made, directly or indirectly, or through any agency whatsoever, any false statement or report, or willfully overvalues any ...
6.1-194.93:1 Use of savings institution name, logo, or symbol for marketing purposes; penalty
A. Except as provided in subsection B, no person shall use the name, logo, or symbol, or any combination thereof, of a savings institution, or ...
6.1-194.94 Defamation of savings institutions and certain federal agencies prohibited
Whoever willfully and knowingly makes, issues, circulates, transmits or causes or knowingly permits to be made, issued, circulated, or transmitted, any statement or rumor, written, ...
6.1-194.95 Prohibitions on conduct of savings institution business; use of certain terms prohibited; exception...
A. No person shall engage in the savings institution business in the Commonwealth except entities which are state associations, federal savings institutions authorized to transact ...
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, ...
6.1-194.97 Acquisitions by out-of-state savings institution holding company
A. Any savings institution holding company that does not have a Virginia savings institution subsidiary, except as acquired in the regular course of securing or ...
6.1-194.98 Acquisitions by out-of-state savings institution
A. Any out-of-state savings institution, insured by the Federal Deposit Insurance Corporation or other federal insurance agency, may acquire a Virginia savings institution holding company ...
6.1-194.99 Same; investigation of application; prescribed investigation period; shortening, lengthening or wai...
A. For ninety days following receipt of a complete application under § 6.1-194.97 or § 6.1-194.98, the Commission shall be empowered to conduct an investigation ...
6.1-194.100 , 6.1-194.101
Repealed by Acts 1994, c. 353. ...
6.1-194.102 Applicable laws, rules and regulations
A. Any Virginia savings institution that is controlled by a savings institution holding company that is not a Virginia savings institution holding company shall be ...
6.1-194.103 Periodic reports; interstate agreements
The Commission shall have the authority to examine any out-of-state savings institution holding company owning a Virginia savings institution and each of its Virginia or ...
6.1-194.104 Enforcement
The Commission shall have the same powers to enforce the provisions of this article as those granted under Article 9 (§ 6.1-194.73 et seq.) of ...
6.1-194.105 Notice of intent to acquire out-of-state savings institution
A Virginia savings institution, a Virginia savings institution holding company or an out-of-state savings institution holding company owning subsidiaries which conduct a savings institution business ...
6.1-194.106 Nonseverability
It is the purpose of this article to authorize acquisitions of Virginia savings institution holding companies or Virginia savings institutions by savings institutions or savings ...
6.1-194.107 A bank or bank holding company seeking to acquire a savings institution or savings institution hold...
For purposes of this chapter, any bank or bank holding company seeking to acquire a savings institution or savings institution holding company, shall be deemed ...
6.1-194.108 Description unavailable
Repealed by Acts 1994, c. 353. ...
6.1-194.109 Short title
The short title of the law embraced in this article is the "Virginia Savings Bank Act of 1991." (1991, c. 230.) ...
6.1-194.110 Definitions
As used in this article, the following definitions shall apply unless a different meaning is required by the context: "Savings bank" means a savings institution ...
6.1-194.111 Formation of state savings bank
A stock savings bank may be formed by being incorporated as provided in the Virginia Stock Corporation Act, Chapter 9 (§ 13.1-601 et seq.) of ...
6.1-194.112 Corporation name
Every savings bank incorporated under the laws of this Commonwealth shall have as a part of its corporate name the words "savings bank." No state ...
6.1-194.113 Par value of shares; payment of shares; reacquisition of shares or acceptance thereof as security; ...
A. Shares of stock issued by a state savings bank shall be paid for in full in cash at not less than their par value ...
6.1-194.114 Certificate of authority to do business
A. Before any state savings bank may begin business in the Commonwealth, it shall obtain from the Commission a certificate of authority to do so ...
6.1-194.115 Commissions, fees, etc., for sale of stock not permitted
The State Corporation Commission shall not issue a certificate of authority to any state savings bank to commence business if commissions, fees, brokerage, or other ...
6.1-194.116 Minimum capital requirement
A state savings bank shall comply with the minimum capital requirements of the Federal Deposit Insurance Corporation applicable to such institutions. Notwithstanding the foregoing, the ...
6.1-194.117 Board of directors generally
A. The affairs of every state savings bank shall be managed by a board of directors of not less than five nor more than twenty-five ...
6.1-194.118 Meetings of board of directors
The board of directors of every state savings bank shall hold meetings at least once in every calendar month, at which meeting a majority of ...
6.1-194.119 Offices and other facilities of state savings banks; approval of branch offices required
A. A state savings bank may establish and operate such offices and other facilities as are authorized by its board of directors. However, a state ...
6.1-194.120 Facilities associated with home or branch office
A state savings bank may establish without prior approval of the Commission a drive-in or pedestrian office opened in conjunction with an approved branch office ...
6.1-194.121 Change of branch office location
A. A state savings bank shall not change the permanent location of a branch office without the prior approval of the Commission. An application to ...
6.1-194.122 Remote service units
A. As used in this section, the following terms shall have the meanings indicated: "Personal security identifier" or "PSI" or "PIN" means any word, number, ...
6.1-194.123 Off-premises financial services
A state savings bank may utilize any electronic technology to provide its customers with off-premises financial services. Any such services provided under this section are ...
6.1-194.123:1 Conversion from mutual savings institution to stock state savings bank
With the approval of the Commissioner, and in accordance with provisions of this section and regulations promulgated hereunder, a state savings bank which is a ...
6.1-194.124 How state savings bank may convert into federal financial institution
A state savings bank may convert into a federal financial institution as follows: 1. At any meeting of the members or stockholders called and held ...
6.1-194.125 Effect of conversion of state savings bank into federal financial institution
When a conversion as authorized under § 6.1-194.124 becomes effective, the state savings bank shall cease to be a Virginia corporation and all its property ...
6.1-194.126 How federal financial institution may convert into state savings bank
A federal financial institution doing business in the Commonwealth may become a state savings bank as follows: 1. It shall take such action as will ...
6.1-194.127 When former federal financial institution may do business as state savings bank
When a former federal financial institution has converted to a state savings bank under § 6.1-194.126, it shall transact no business as a state savings ...
6.1-194.128 Effect of conversion of federal financial institution into state savings bank on property rights, o...
As soon as the certificate of authority to do business has been granted and its dissolution as a federal financial institution has become effective, all ...
6.1-194.129 Conversion from state savings bank to state association or commercial bank; conversion from state a...
A. A state savings bank may be converted into a state association or a state bank by the amendment of its articles of incorporation in ...
6.1-194.130 Consolidation or merger
Two or more state savings banks may consolidate or merge, subject to the approval of the Commission, when the Commission finds that the capital of ...
6.1-194.131 State savings bank or holding company acquiring state association or commercial bank; savings bank ...
A. Notwithstanding the provisions of § 6.1-58.1 or § 6.1-60.1, and subject to the prior approval of the Commission, the following acquisitions, mergers, or consolidations ...
6.1-194.132 Acquisitions of state savings bank or holding companies by out-of-state financial institution...
A state savings bank, or holding company thereof, may not be acquired by a financial institution, or financial institution holding company, whose principal place of ...
6.1-194.133 Accounts of state savings banks
A state savings bank may offer such accounts, including checking accounts, time deposit accounts and savings accounts, as its board of directors may authorize from ...
6.1-194.134 Rules governing withdrawal
A. The holder of an account in a state savings bank shall have the right to withdraw all or any part of his account provided ...
6.1-194.135 Deposits of federal taxes and United States Treasury tax and loan accounts
State savings banks may serve as depositories for federal taxes and for United States Treasury tax and loan deposits and may satisfy the requirements in ...
6.1-194.136 General investment authority
The assets of a state savings bank may be invested only in the following ways: 1. In real and personal property necessary for the conduct ...
6.1-194.137 Effect of repeal or amendment of statute or regulation on existing loan or investment
Any investment or loan which was in compliance with the provisions of this article or a regulation of the Commission in existence when such investment ...
6.1-194.138 Trust powers
State savings banks, and their subsidiaries and affiliates, may exercise fiduciary powers in the same manner as state associations pursuant to the provisions of Chapter ...
6.1-194.139 General supervisory powers of commission
The Commission shall have general supervision over all state savings banks and their holding companies, service corporations which are owned or controlled by one or ...
6.1-194.140 Regulations of Commission
The Commission may adopt such regulations as it deems appropriate to effectuate the purposes of this article. Before promulgating any regulation, the Commission shall give ...
6.1-194.141 Regulations to permit state savings banks to have powers comparable to federal financial institutio...
The Commission is authorized to adopt such regulations as may be necessary to permit state savings banks to have powers comparable with those of federal ...
6.1-194.142 Publication of regulations
The Commissioner shall publish and mail to each state savings bank a copy of all regulations of the Commission in effect pertaining to such state ...
6.1-194.143 Statements to be furnished by Commission to directors of state savings banks
The Commission shall prepare and make available to each member of the board of directors of every state savings bank a statement describing generally their ...
6.1-194.144 State savings banks to furnish financial statements and reports
A. Every state savings bank shall furnish the Commission within thirty days after the close of its fiscal year a statement of its financial condition ...
6.1-194.145 Examination of state savings banks by Commissioner; report of examination
A. The Commissioner shall, not less than once during any period of three consecutive calendar years or at such additional times as he deems necessary, ...
6.1-194.146 State savings bank to give examiners access to books, etc.; examination of directors, officers and ...
A. The officers, directors and employees of every state savings bank shall, upon the demand of the person designated by law to make any examination ...
6.1-194.147 False statements by officers, directors or agents
Any officer, director or agent of a state savings bank who knowingly makes a false statement of the condition of the institution to the Commission ...
6.1-194.148 Audits
The Commission may require a state savings bank to have an audit made of its books, records and methods of operation whenever it appears to ...
6.1-194.149 Fees for supervision and regulation; investigations
A. For the purpose of defraying the expenses of supervision and regulation of state savings banks, the Commission shall, on or before July 1 of ...
6.1-194.150 Merger, consolidation or transfer of assets of insolvent or financially unstable state savings bank...
A. If the Commission finds (i) that any state savings bank is insolvent or that, in its opinion, the financial stability of a state savings ...
6.1-194.151 Provisions applicable to real estate loans
A. A state savings bank may make a real estate loan only after a qualified person designated by the bank has submitted a signed appraisal ...
6.1-194.152 Acquisition of control of state savings bank
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 ...
6.1-194.153 Construction of article
This article, being a general act intended as a comprehensive coverage of its subject matter, shall not be deemed to be impliedly repealed in whole ...
6.1-194.154 Application to federal and foreign savings banks
The provisions of this article shall apply to federal savings banks and foreign savings banks doing business in the Commonwealth insofar as the Commonwealth has ...
6.1-195 Description unavailable
Reserved. ...

Last modified: April 2, 2009