§ 6.1-383.2. (Repealed effective October 1, 2010) Same; investigation ofapplication; prescribed investigation period; shortening, lengthening orwaiving of period; hearing; appeal.
A. For a period of sixty days following receipt of a complete applicationunder § 6.1-383.1, the Commission shall be empowered to conduct aninvestigation for the purpose of determining whether:
1. The proposed acquisition would be detrimental to the safety and soundnessof the applicant or of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired;
2. The applicant, its directors and officers, if applicable, and any proposednew directors and officers of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired, are qualified by character, experience andfinancial responsibility to control and operate a Virginia financialinstitution;
3. The proposed acquisition would be prejudicial to the interests of thedepositors, creditors, beneficiaries of fiduciary accounts or shareholders ofthe applicant or of the Virginia financial institution holding company or anyVirginia financial institution which applicant seeks to control or whosestock is to be acquired; and
4. The acquisition is in the public interest.
B. 1. The sixty-day investigation period may be shortened or waived by theCommission, as it deems appropriate, if the Commission finds that it must actimmediately in order to prevent the probable failure of a Virginia financialinstitution involved.
2. The sixty-day investigation period may be extended only if the Commissiondetermines that the applicant has not furnished all the information requiredby § 6.1-383.1 or that the information submitted is substantially inaccurateor misleading.
C. Within the prescribed investigation period, and upon request of theapplicant or the Virginia financial institution or Virginia financialinstitution holding company which applicant seeks to control or whose stockis to be acquired, the Commission may order a hearing concerning the proposedacquisition.
D. Within the prescribed investigation period, the Commission, by givingwritten notice of its decision and the reasons therefor to the applicant andto the Virginia financial institution or Virginia financial institutionholding company which applicant seeks to control or whose stock is to beacquired, may: (i) disapprove the application, or (ii) impose such conditionson the acquisition as the Commission may deem advisable to effectuate thepurposes of this chapter. If the Commission takes no action within thesixty-day period, or within such shorter period as the Commission mayprescribe under subdivision 1 of subsection B of this section, or if theCommission issues notice within the prescribed period of its intent not todisapprove the application, the acquisition may be completed by the applicant.
E. Any party in interest aggrieved by any decision of the Commission, as amatter of right, may appeal to the Supreme Court of Virginia in the mannerprovided by law.
F. The provisions of this section and § 6.1-383.1 shall not apply to mergersor acquisitions of assets authorized by the Commission pursuant to theprovisions of § 6.1-100.1, nor shall they apply in any case where theacquisition or merger is arranged by the Commission or other supervisoryauthority in order to prevent the insolvency or closing of the institution.
§ 6.1-383.2. (Repealed effective October 1, 2010) Same; investigation ofapplication; prescribed investigation period; shortening, lengthening orwaiving of period; hearing; appeal.
A. For a period of sixty days following receipt of a complete applicationunder § 6.1-383.1, the Commission shall be empowered to conduct aninvestigation for the purpose of determining whether:
1. The proposed acquisition would be detrimental to the safety and soundnessof the applicant or of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired;
2. The applicant, its directors and officers, if applicable, and any proposednew directors and officers of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired, are qualified by character, experience andfinancial responsibility to control and operate a Virginia financialinstitution;
3. The proposed acquisition would be prejudicial to the interests of thedepositors, creditors, beneficiaries of fiduciary accounts or shareholders ofthe applicant or of the Virginia financial institution holding company or anyVirginia financial institution which applicant seeks to control or whosestock is to be acquired; and
4. The acquisition is in the public interest.
B. 1. The sixty-day investigation period may be shortened or waived by theCommission, as it deems appropriate, if the Commission finds that it must actimmediately in order to prevent the probable failure of a Virginia financialinstitution involved.
2. The sixty-day investigation period may be extended only if the Commissiondetermines that the applicant has not furnished all the information requiredby § 6.1-383.1 or that the information submitted is substantially inaccurateor misleading.
C. Within the prescribed investigation period, and upon request of theapplicant or the Virginia financial institution or Virginia financialinstitution holding company which applicant seeks to control or whose stockis to be acquired, the Commission may order a hearing concerning the proposedacquisition.
D. Within the prescribed investigation period, the Commission, by givingwritten notice of its decision and the reasons therefor to the applicant andto the Virginia financial institution or Virginia financial institutionholding company which applicant seeks to control or whose stock is to beacquired, may: (i) disapprove the application, or (ii) impose such conditionson the acquisition as the Commission may deem advisable to effectuate thepurposes of this chapter. If the Commission takes no action within thesixty-day period, or within such shorter period as the Commission mayprescribe under subdivision 1 of subsection B of this section, or if theCommission issues notice within the prescribed period of its intent not todisapprove the application, the acquisition may be completed by the applicant.
E. Any party in interest aggrieved by any decision of the Commission, as amatter of right, may appeal to the Supreme Court of Virginia in the mannerprovided by law.
F. The provisions of this section and § 6.1-383.1 shall not apply to mergersor acquisitions of assets authorized by the Commission pursuant to theprovisions of § 6.1-100.1, nor shall they apply in any case where theacquisition or merger is arranged by the Commission or other supervisoryauthority in order to prevent the insolvency or closing of the institution.
§ 6.1-383.2. (Repealed effective October 1, 2010) Same; investigation ofapplication; prescribed investigation period; shortening, lengthening orwaiving of period; hearing; appeal.
A. For a period of sixty days following receipt of a complete applicationunder § 6.1-383.1, the Commission shall be empowered to conduct aninvestigation for the purpose of determining whether:
1. The proposed acquisition would be detrimental to the safety and soundnessof the applicant or of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired;
2. The applicant, its directors and officers, if applicable, and any proposednew directors and officers of the Virginia financial institution or Virginiafinancial institution holding company which applicant seeks to control orwhose stock is to be acquired, are qualified by character, experience andfinancial responsibility to control and operate a Virginia financialinstitution;
3. The proposed acquisition would be prejudicial to the interests of thedepositors, creditors, beneficiaries of fiduciary accounts or shareholders ofthe applicant or of the Virginia financial institution holding company or anyVirginia financial institution which applicant seeks to control or whosestock is to be acquired; and
4. The acquisition is in the public interest.
B. 1. The sixty-day investigation period may be shortened or waived by theCommission, as it deems appropriate, if the Commission finds that it must actimmediately in order to prevent the probable failure of a Virginia financialinstitution involved.
2. The sixty-day investigation period may be extended only if the Commissiondetermines that the applicant has not furnished all the information requiredby § 6.1-383.1 or that the information submitted is substantially inaccurateor misleading.
C. Within the prescribed investigation period, and upon request of theapplicant or the Virginia financial institution or Virginia financialinstitution holding company which applicant seeks to control or whose stockis to be acquired, the Commission may order a hearing concerning the proposedacquisition.
D. Within the prescribed investigation period, the Commission, by givingwritten notice of its decision and the reasons therefor to the applicant andto the Virginia financial institution or Virginia financial institutionholding company which applicant seeks to control or whose stock is to beacquired, may: (i) disapprove the application, or (ii) impose such conditionson the acquisition as the Commission may deem advisable to effectuate thepurposes of this chapter. If the Commission takes no action within thesixty-day period, or within such shorter period as the Commission mayprescribe under subdivision 1 of subsection B of this section, or if theCommission issues notice within the prescribed period of its intent not todisapprove the application, the acquisition may be completed by the applicant.
E. Any party in interest aggrieved by any decision of the Commission, as amatter of right, may appeal to the Supreme Court of Virginia in the mannerprovided by law.
F. The provisions of this section and § 6.1-383.1 shall not apply to mergersor acquisitions of assets authorized by the Commission pursuant to theprovisions of § 6.1-100.1, nor shall they apply in any case where theacquisition or merger is arranged by the Commission or other supervisoryauthority in order to prevent the insolvency or closing of the institution.
