§ 6.1-194.114. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any state savings bank may begin business in the Commonwealth, itshall obtain from the Commission a certificate of authority to do so andprior to the issuance of such certificate the Commission shall ascertain that:
1. All applicable provisions of law have been complied with;
2. That financially responsible persons have subscribed for capital stock inan amount deemed by the Commission to be sufficient to warrant successfuloperation, provided that the capital stock shall have a paid-in value of notless than one million dollars. The minimum capital stock requirement underthis subdivision shall apply in cases in which a state savings bank is beingorganized to begin business; it shall not be applicable when this section isreferred to or used in connection with the conversion of an operating savingsinstitution or bank to a state savings bank, or when this section is used inconnection with the reorganization of an operating state savings bank under aholding company;
3. Regulations governing directors of the savings bank have been compliedwith;
4. The public interest will be served by the addition of the proposed savingsbank facilities in the community where the savings bank is to be located; and
5. The officers and directors of the proposed savings bank are of (i) moralfitness, (ii) financial responsibility, and (iii) business ability.
As used in this section, "public interest" shall have the meaning set forthin subdivision A 4 of § 6.1-13.
B. No certificate of authority shall be issued unless the applicant for suchcertificate: (i) submits evidence of being fully insured by the FederalDeposit Insurance Corporation or (ii) submits sufficient evidence ofcommitment by the Federal Deposit Insurance Corporation that the applicantwill be issued insurance of accounts immediately subsequent to the issuanceof the certificate of authority. The Commission may issue such certificateconditioned upon the fact that the savings bank will not commence to dobusiness until it is issued insurance of accounts by the Federal DepositInsurance Corporation.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
The provisions of subdivision A 2 of this section shall likewise apply to amutual savings bank formed under this article, except that, in lieu of stock,such mutual savings bank shall have deposits in such amount as the Commissiondeems necessary for safe and sound operation, but in no event less than onemillion dollars, which deposits are pledged or deposited and not subject towithdrawal for at least one year.
§ 6.1-194.114. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any state savings bank may begin business in the Commonwealth, itshall obtain from the Commission a certificate of authority to do so andprior to the issuance of such certificate the Commission shall ascertain that:
1. All applicable provisions of law have been complied with;
2. That financially responsible persons have subscribed for capital stock inan amount deemed by the Commission to be sufficient to warrant successfuloperation, provided that the capital stock shall have a paid-in value of notless than one million dollars. The minimum capital stock requirement underthis subdivision shall apply in cases in which a state savings bank is beingorganized to begin business; it shall not be applicable when this section isreferred to or used in connection with the conversion of an operating savingsinstitution or bank to a state savings bank, or when this section is used inconnection with the reorganization of an operating state savings bank under aholding company;
3. Regulations governing directors of the savings bank have been compliedwith;
4. The public interest will be served by the addition of the proposed savingsbank facilities in the community where the savings bank is to be located; and
5. The officers and directors of the proposed savings bank are of (i) moralfitness, (ii) financial responsibility, and (iii) business ability.
As used in this section, "public interest" shall have the meaning set forthin subdivision A 4 of § 6.1-13.
B. No certificate of authority shall be issued unless the applicant for suchcertificate: (i) submits evidence of being fully insured by the FederalDeposit Insurance Corporation or (ii) submits sufficient evidence ofcommitment by the Federal Deposit Insurance Corporation that the applicantwill be issued insurance of accounts immediately subsequent to the issuanceof the certificate of authority. The Commission may issue such certificateconditioned upon the fact that the savings bank will not commence to dobusiness until it is issued insurance of accounts by the Federal DepositInsurance Corporation.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
The provisions of subdivision A 2 of this section shall likewise apply to amutual savings bank formed under this article, except that, in lieu of stock,such mutual savings bank shall have deposits in such amount as the Commissiondeems necessary for safe and sound operation, but in no event less than onemillion dollars, which deposits are pledged or deposited and not subject towithdrawal for at least one year.
§ 6.1-194.114. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any state savings bank may begin business in the Commonwealth, itshall obtain from the Commission a certificate of authority to do so andprior to the issuance of such certificate the Commission shall ascertain that:
1. All applicable provisions of law have been complied with;
2. That financially responsible persons have subscribed for capital stock inan amount deemed by the Commission to be sufficient to warrant successfuloperation, provided that the capital stock shall have a paid-in value of notless than one million dollars. The minimum capital stock requirement underthis subdivision shall apply in cases in which a state savings bank is beingorganized to begin business; it shall not be applicable when this section isreferred to or used in connection with the conversion of an operating savingsinstitution or bank to a state savings bank, or when this section is used inconnection with the reorganization of an operating state savings bank under aholding company;
3. Regulations governing directors of the savings bank have been compliedwith;
4. The public interest will be served by the addition of the proposed savingsbank facilities in the community where the savings bank is to be located; and
5. The officers and directors of the proposed savings bank are of (i) moralfitness, (ii) financial responsibility, and (iii) business ability.
As used in this section, "public interest" shall have the meaning set forthin subdivision A 4 of § 6.1-13.
B. No certificate of authority shall be issued unless the applicant for suchcertificate: (i) submits evidence of being fully insured by the FederalDeposit Insurance Corporation or (ii) submits sufficient evidence ofcommitment by the Federal Deposit Insurance Corporation that the applicantwill be issued insurance of accounts immediately subsequent to the issuanceof the certificate of authority. The Commission may issue such certificateconditioned upon the fact that the savings bank will not commence to dobusiness until it is issued insurance of accounts by the Federal DepositInsurance Corporation.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
The provisions of subdivision A 2 of this section shall likewise apply to amutual savings bank formed under this article, except that, in lieu of stock,such mutual savings bank shall have deposits in such amount as the Commissiondeems necessary for safe and sound operation, but in no event less than onemillion dollars, which deposits are pledged or deposited and not subject towithdrawal for at least one year.
