There is a newer version of the Code of Virginia
2016 Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 11 - Savings Institutions
Article 1. General Provisions
- § 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
- § 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
- § 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
- § 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
- § 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
- § 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 7. Real Estate Loans
- § 6.2-1179. Real estate loans; required investment
- § 6.2-1180. Appraisals; loan-to-value ratios
- § 6.2-1181. Initial repayments on real estate loans
- § 6.2-1182. Adjustable real estate loans
- § 6.2-1183. Special provisions for home loans
- § 6.2-1184. Dealing with successors in interest
- § 6.2-1185. Trustees on loans secured by deed of trust
Article 8. Other Loans and Investments
- § 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
- § 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
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