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Virginia Law

Code of Virginia

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Chapter 11.
Savings Institutions
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  • Article 1.
    General Provisions
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    • § 6.2-1100
    Definitions
    § 6.2-1101
    Construction and application of chapter
    § 6.2-1102
    Associations operating share accumulation loan plans; continued operation
    § 6.2-1103
    Prohibitions on conduct of savings institution business; exceptions; penalty
    § 6.2-1104
    False statements and similar actions prohibited; penalty
    § 6.2-1105
    Use of savings institution name, logo, or symbol for marketing purposes; penalty
    § 6.2-1106
    Prohibitions on the use of certain terms; exceptions; penalty
    § 6.2-1107
    Defamation of savings institutions and certain federal agencies prohibited; penalty
    § 6.2-1108
    Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation authorized; insurance required as a condition to receiving deposits; representations that accounts are insured; misleading advertisements
    § 6.2-1109
    Representations that accounts are insured; misleading advertisements
    § 6.2-1110
    Membership in facilitating organizations or instrumentalities
    § 6.2-1111
    Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation
    § 6.2-1112
    Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of savings institutions
    § 6.2-1113
    Discoverability or admissibility of compliance review committee documents
  • Article 2.
    Incorporation; Certificate of Authority; Corporate Administration
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    • § 6.2-1114
    Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act
    § 6.2-1115
    Formation of state savings institutions
    § 6.2-1116
    Corporation name
    § 6.2-1117
    Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans
    § 6.2-1118
    Certificate of authority to do business
    § 6.2-1119
    Commissions and other fees for sale of stock not permitted
    § 6.2-1120
    Minimum capital requirement
    § 6.2-1121
    Board of directors
    § 6.2-1122
    Meetings of board of directors
    § 6.2-1123
    Notice of meetings of members; determining members entitled to notice or to vote
    § 6.2-1124
    Voting rights; proxies
    § 6.2-1125
    Access to books and records; communication with members
    § 6.2-1126
    Audit of savings institution; report
    § 6.2-1127
    Bonds of officers and employees
    § 6.2-1128
    Loans to executive officers or directors
    § 6.2-1129
    Overdrafts by savings institution officers, directors or employees
    § 6.2-1130
    Reserves; surplus and undivided profits
    § 6.2-1131
    Liability of members of mutual savings institutions
    § 6.2-1132
    Mutual capital certificates
  • Article 3.
    Offices, Branches, and Facilities
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    • § 6.2-1133
    Offices and other facilities of state and foreign savings institutions; approval of branch offices required
    § 6.2-1134
    Facilities associated with branch office
    § 6.2-1135
    Change of branch office location
    § 6.2-1136
    Remote service units
    § 6.2-1137
    Off premises financial services
    § 6.2-1138
    Suspension of business during actual or threatened emergency
  • Article 4.
    Conversions, Reorganizations, Mergers, and Acquisitions
    Read all
    • § 6.2-1139
    Conversion from mutual savings institution to stock institution
    § 6.2-1140
    Reorganization of mutual association into mutual holding company; approval by Commissioner; powers; issuance of stock
    § 6.2-1141
    Conversion of state savings institution into federal financial institution
    § 6.2-1142
    Conversion of federal financial institution into state savings institution or state bank
    § 6.2-1143
    Conversion from state savings bank to state association; conversion from state association to state savings bank
    § 6.2-1144
    Conversion from stock savings institution to bank
    § 6.2-1145
    Merger or consolidation of savings institutions
    § 6.2-1146
    State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank
    § 6.2-1147
    Acquisition of control of state stock institution requires Commission approval
  • Article 5.
    Foreign Savings Institutions; Acquisitions by Out-of-State Savings Institutions or Out-of-State Savings Institution Holding Companies
    Read all
    • § 6.2-1148
    Definitions
    § 6.2-1149
    Foreign savings institutions; certificate of authority
    § 6.2-1150
    When operation of foreign savings institution in the Commonwealth is prohibited
    § 6.2-1151
    Applicability of Virginia Stock and Nonstock Corporation Acts
    § 6.2-1152
    Law applicable to contracts of foreign savings institutions
    § 6.2-1153
    Examination and supervision of foreign savings institutions
    § 6.2-1154
    Revocation of certificate of authority of foreign savings institution
    § 6.2-1155
    Unapproved foreign savings institutions
    § 6.2-1156
    Activities that are not considered "doing business."
    § 6.2-1157
    Acquisitions by out-of-state savings institution holding company
    § 6.2-1158
    Acquisitions by out-of-state savings institution
    § 6.2-1159
    Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals
    § 6.2-1160
    Notice of intent to acquire out-of-state savings institution
    § 6.2-1161
    Applicable laws and regulations; enforcement by Commission
    § 6.2-1162
    Periodic reports; interstate agreements
    § 6.2-1163
    Application of article to bank or bank holding company
    § 6.2-1164
    Acquisitions of state savings bank or holding companies by out-of-state financial institutions
    § 6.2-1165
    Nonseverability
  • Article 6.
    Accounts
    Read all
    • § 6.2-1166
    Accounts of state savings institutions
    § 6.2-1167
    Rules governing withdrawal
    § 6.2-1168
    Redemption
    § 6.2-1169
    Accounts of savings institutions as legal investments and as security
    § 6.2-1170
    Deposits of federal taxes and U.S. Treasury tax and loan accounts
    § 6.2-1171
    Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)
    § 6.2-1172
    Accounts issued in name of minor
    § 6.2-1173
    Powers of attorney on accounts
    § 6.2-1174
    Accounts of deceased or incompetent persons
    § 6.2-1175
    Repealed
    § 6.2-1176
    Accounts of fiduciaries
    § 6.2-1177
    Savings institution need not inquire as to fiduciary funds deposited in fiduciary's personal account
    § 6.2-1178
    Accounts held by various trustees for same beneficiary
  • Article 8.
    Other Loans and Investments
    Read all
    • § 6.2-1186
    General investment authority of state savings institutions
    § 6.2-1187
    Investment authority of state savings banks
    § 6.2-1188
    Effect of repeal or amendment of statute or regulation on existing loan or investment
    § 6.2-1189
    Limitation on liability of savings institutions making loans for certain purposes
    § 6.2-1190
    Perfection of certain security interests
  • Article 9.
    Supervision
    Read all
    • § 6.2-1191
    General supervisory powers of Commission
    § 6.2-1192
    Regulations
    § 6.2-1193
    Statements to be furnished by Commission to directors of savings institutions
    § 6.2-1194
    State savings institutions to furnish financial statements and reports
    § 6.2-1195
    Examination of state savings institutions and affiliates by Commissioner; report of examination
    § 6.2-1196
    Access to books and evidence of debt; examination of directors, officers, and employees under oath
    § 6.2-1197
    False statements; penalty
    § 6.2-1198
    Audits
    § 6.2-1199
    Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves or insolvency; appointment of Federal Deposit Insurance Corporation as receiver
    § 6.2-1200
    Removal of director or officer; appeal; penalty for acting after removal
    § 6.2-1201
    Special examinations
    § 6.2-1202
    Fees for supervision and regulation; investigations
    § 6.2-1203
    Examination of persons believed to be doing business without authority; doing business without authority; penalty
    § 6.2-1204
    Compliance by savings institution holding companies with federal regulations constitutes compliance with Commission regulations
    § 6.2-1205
    Merger, consolidation or transfer of assets of insolvent or financially unstable savings institution; notice and hearing; final order; priorities; examinations of resulting institutions