LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 30. Savings Institution Holding Companies
12/26/2024

10VAC5-30-40. Standard for approval.

A. No application that involves the acquisition of control of a state savings institution or a state savings institution holding company, other than applications of the types described in subsections B and C of 10VAC5-30-30 of this chapter, shall be approved unless the Commission determines that:

1. The proposed acquisition would not be detrimental to the safety and soundness of the applicant or of the state savings institution or state savings institution holding company which the applicant seeks to acquire or control;

2. The applicant, its directors and officers (if applicable), and any proposed new directors and officers of the state savings institution or state savings institution holding company which the applicant seeks to control, are qualified by character, experience and financial responsibility to control and operate a state savings institution or state savings institution holding company;

3. The proposed acquisition would not be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts or shareholders of the state savings institution holding company or any state savings institution which the applicant seeks to acquire or control; and

4. The acquisition is in the public interest.

B. No application that involves the circumstances described in subsection B or C of 10VAC5-30-30 shall be approved unless the Commission determines that the proposed action or transaction would not be detrimental to the soundness of any state savings institution affected by the action or transaction.

Statutory Authority

§ 6.2-1192 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0301, eff. June 3, 1986; amended, July 1, 1990.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.