State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-3-01 > 6-1-194-119§ 6.1-194.119. (Repealed effective October 1, 2010) Offices and otherfacilities of state savings banks; approval of branch offices required.
A. A state savings bank may establish and operate such offices and otherfacilities as are authorized by its board of directors. However, a statesavings bank shall not establish a branch office, or other office or facilitywhere deposits are accepted, without obtaining the prior approval of theCommission as provided in subsection B of this section. Prior toestablishing, relocating or permanently closing any office or other facilityof the savings bank or any of its affiliates, the savings bank shall give atleast thirty days' written notice to the Commissioner, in such form as may beprescribed by the Commissioner. The savings bank shall also give writtennotice to the Commissioner, in such form as may be prescribed by theCommissioner, within ten days after it has established, relocated orpermanently closed any such office or other facility.
B. Applications for authorization to establish a branch office, or otheroffice or facility where deposits are accepted, shall be made in writing, insuch form as may be prescribed by the Commission. Upon review of a statesavings bank's application and any other information which the Commission mayreasonably require, the Commission shall approve the establishment of suchoffice or facility if it is satisfied that the public interest will be servedthereby and that the applicant has sufficient capital to warrant additionalexpansion. Such offices or facilities may be closed without the priorapproval of the Commission. However, written notice of the closing of suchan office shall be given to the Commissioner as provided in subsection A ofthis section.
(1991, c. 230.)
