§ 6.1-194.113. (Repealed effective October 1, 2010) Par value of shares;payment of shares; reacquisition of shares or acceptance thereof as security;how subscriptions to stock to be paid; disposition of money received beforeinstitution opens; stock option plans.
A. Shares of stock issued by a state savings bank shall be paid for in fullin cash at not less than their par value upon issuance or, in the case of astate savings bank then actively conducting operations, in property orservices valued, with the approval of the Commission, at an amount not lessthan the aggregate par value of the shares issued in exchange therefor. Astate savings bank may not purchase, redeem or otherwise reacquire shares ofstock that it has issued and may not accept its shares of stock as security;however, such savings bank shall have the power to redeem or otherwisereacquire shares of its common or preferred stock to the same extent ascommercial banks incorporated under the laws of the Commonwealth arepermitted to do under this title.
B. 1. Subscriptions to the capital stock of a state savings bank shall bepaid in money at not less than par. No state savings bank shall beginbusiness until the amount specified in its certificate of authority tocommence business has been received by it.
2. All money received for subscriptions to or for purchases of stock of astate savings bank before it opens for business shall be deposited in anescrow account in an insured financial institution or invested in UnitedStates government obligations, under the joint control of two organizingdirectors of the savings bank, both of whom shall be bonded for an amount notless than the total amount of money under their control. Such funds,together with any income thereon, less such organizational expenses as havebeen approved by the savings bank's board of directors, shall be remitted tothe savings bank on the day it opens for business. In the event the savingsbank is denied a certificate of authority or is refused insurance ofaccounts, or if it is otherwise determined that the savings bank will notopen for business, such funds, after payment of any amount owing for expensesin connection with such attempted organization, including reasonableconsulting fees, attorney's fees, salaries, filing fees and other expenses,shall be refunded to subscribers or shareholders. The directors of thesavings bank, individually, jointly and severally, shall be liable for anyfailure of the savings bank to refund such funds to the subscribers orshareholders. This liability may be enforced by a suit in equity institutedby one or more of the subscribers or stockholders on behalf of all againstthe savings bank and one or more of its directors.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the savings bank hasopened for business, and such plan shall be approved by a majority vote ofthe institution's shareholders. In no event shall any stock option begranted at a price which is less than 100 percent of the book value per shareof the stock as shown by the stock institution's last published statementprior to the granting of the option.
§ 6.1-194.113. (Repealed effective October 1, 2010) Par value of shares;payment of shares; reacquisition of shares or acceptance thereof as security;how subscriptions to stock to be paid; disposition of money received beforeinstitution opens; stock option plans.
A. Shares of stock issued by a state savings bank shall be paid for in fullin cash at not less than their par value upon issuance or, in the case of astate savings bank then actively conducting operations, in property orservices valued, with the approval of the Commission, at an amount not lessthan the aggregate par value of the shares issued in exchange therefor. Astate savings bank may not purchase, redeem or otherwise reacquire shares ofstock that it has issued and may not accept its shares of stock as security;however, such savings bank shall have the power to redeem or otherwisereacquire shares of its common or preferred stock to the same extent ascommercial banks incorporated under the laws of the Commonwealth arepermitted to do under this title.
B. 1. Subscriptions to the capital stock of a state savings bank shall bepaid in money at not less than par. No state savings bank shall beginbusiness until the amount specified in its certificate of authority tocommence business has been received by it.
2. All money received for subscriptions to or for purchases of stock of astate savings bank before it opens for business shall be deposited in anescrow account in an insured financial institution or invested in UnitedStates government obligations, under the joint control of two organizingdirectors of the savings bank, both of whom shall be bonded for an amount notless than the total amount of money under their control. Such funds,together with any income thereon, less such organizational expenses as havebeen approved by the savings bank's board of directors, shall be remitted tothe savings bank on the day it opens for business. In the event the savingsbank is denied a certificate of authority or is refused insurance ofaccounts, or if it is otherwise determined that the savings bank will notopen for business, such funds, after payment of any amount owing for expensesin connection with such attempted organization, including reasonableconsulting fees, attorney's fees, salaries, filing fees and other expenses,shall be refunded to subscribers or shareholders. The directors of thesavings bank, individually, jointly and severally, shall be liable for anyfailure of the savings bank to refund such funds to the subscribers orshareholders. This liability may be enforced by a suit in equity institutedby one or more of the subscribers or stockholders on behalf of all againstthe savings bank and one or more of its directors.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the savings bank hasopened for business, and such plan shall be approved by a majority vote ofthe institution's shareholders. In no event shall any stock option begranted at a price which is less than 100 percent of the book value per shareof the stock as shown by the stock institution's last published statementprior to the granting of the option.
§ 6.1-194.113. (Repealed effective October 1, 2010) Par value of shares;payment of shares; reacquisition of shares or acceptance thereof as security;how subscriptions to stock to be paid; disposition of money received beforeinstitution opens; stock option plans.
A. Shares of stock issued by a state savings bank shall be paid for in fullin cash at not less than their par value upon issuance or, in the case of astate savings bank then actively conducting operations, in property orservices valued, with the approval of the Commission, at an amount not lessthan the aggregate par value of the shares issued in exchange therefor. Astate savings bank may not purchase, redeem or otherwise reacquire shares ofstock that it has issued and may not accept its shares of stock as security;however, such savings bank shall have the power to redeem or otherwisereacquire shares of its common or preferred stock to the same extent ascommercial banks incorporated under the laws of the Commonwealth arepermitted to do under this title.
B. 1. Subscriptions to the capital stock of a state savings bank shall bepaid in money at not less than par. No state savings bank shall beginbusiness until the amount specified in its certificate of authority tocommence business has been received by it.
2. All money received for subscriptions to or for purchases of stock of astate savings bank before it opens for business shall be deposited in anescrow account in an insured financial institution or invested in UnitedStates government obligations, under the joint control of two organizingdirectors of the savings bank, both of whom shall be bonded for an amount notless than the total amount of money under their control. Such funds,together with any income thereon, less such organizational expenses as havebeen approved by the savings bank's board of directors, shall be remitted tothe savings bank on the day it opens for business. In the event the savingsbank is denied a certificate of authority or is refused insurance ofaccounts, or if it is otherwise determined that the savings bank will notopen for business, such funds, after payment of any amount owing for expensesin connection with such attempted organization, including reasonableconsulting fees, attorney's fees, salaries, filing fees and other expenses,shall be refunded to subscribers or shareholders. The directors of thesavings bank, individually, jointly and severally, shall be liable for anyfailure of the savings bank to refund such funds to the subscribers orshareholders. This liability may be enforced by a suit in equity institutedby one or more of the subscribers or stockholders on behalf of all againstthe savings bank and one or more of its directors.
C. The requirement that capital stock be paid in money shall not be construedto prohibit the establishment, as otherwise authorized by law, of stockoption plans and stock purchase plans, and the issuance of stock pursuant tosuch plans. Such plans shall be established only after the savings bank hasopened for business, and such plan shall be approved by a majority vote ofthe institution's shareholders. In no event shall any stock option begranted at a price which is less than 100 percent of the book value per shareof the stock as shown by the stock institution's last published statementprior to the granting of the option.
