§ 6.1-194.12. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any organizing state association may begin business in theCommonwealth, it shall obtain from the Commission a certificate of authorityto do so, and prior to the issuance of such certificate the Commission shallascertain that:
1. All applicable provisions of law have been complied with;
2. In a mutual association, deposits in a total amount deemed by theCommission to be sufficient to warrant successful operation but not less thantwo million dollars, have been pledged or deposited and that such depositsshall not be withdrawable for at least one year, or, in a stock association,that financially responsible persons have subscribed for capital stock andsurplus in an amount deemed by the Commission to be sufficient to warrantsuccessful operation, provided that the capital stock shall have a paid-invalue of not less than two million dollars. The minimum capital stockrequirement under this subdivision shall apply in cases in which a stateassociation is being organized to begin business; it shall not be applicablewhen this section is referred to or used in connection with the conversion ofan operating savings institution or bank to a state association, or when thissection is used in connection with the reorganization of an operating stateassociation under a holding company;
3. Regulations governing directors of the association have been complied with;
4. The public interest will be served by the addition of the proposed savingsinstitution facilities in the community where the savings institution is tobe located; and
5. The officers and directors of the proposed savings institution are of (i)moral fitness, (ii) financial responsibility, and (iii) business ability.
As used herein, "public interest" shall have the meaning set forth insubdivision 4 of subsection A of § 6.1-13.
B. No certificate of authority shall be issued on or after June 1, 1973,unless the applicant for such certificate:
1. Submits evidence of being fully insured by the Federal Deposit InsuranceCorporation or other federal insurance agency; or
2. Submits sufficient evidence of commitment by the Federal Deposit InsuranceCorporation or other federal insurance agency that the applicant will beissued insurance of accounts immediately subsequent to the issuance of thecertificate of authority.
The Commission may issue such certificate conditioned upon the fact that theassociation shall not commence to do business until it is issued insurance ofaccounts by the Federal Deposit Insurance Corporation or other federalinsurance agency.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
(Code 1950, §§ 6-201.40, 6.1-170, 6.1-195.47; 1960, c. 402; 1966, c. 584;1972, c. 796; 1973, c. 156; 1976, c. 658; 1979, c. 165; 1985, c. 425; 1986,c. 500; 1990, c. 3; 1992, c. 460; 1996, c. 26; 1999, c. 95.)
§ 6.1-194.12. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any organizing state association may begin business in theCommonwealth, it shall obtain from the Commission a certificate of authorityto do so, and prior to the issuance of such certificate the Commission shallascertain that:
1. All applicable provisions of law have been complied with;
2. In a mutual association, deposits in a total amount deemed by theCommission to be sufficient to warrant successful operation but not less thantwo million dollars, have been pledged or deposited and that such depositsshall not be withdrawable for at least one year, or, in a stock association,that financially responsible persons have subscribed for capital stock andsurplus in an amount deemed by the Commission to be sufficient to warrantsuccessful operation, provided that the capital stock shall have a paid-invalue of not less than two million dollars. The minimum capital stockrequirement under this subdivision shall apply in cases in which a stateassociation is being organized to begin business; it shall not be applicablewhen this section is referred to or used in connection with the conversion ofan operating savings institution or bank to a state association, or when thissection is used in connection with the reorganization of an operating stateassociation under a holding company;
3. Regulations governing directors of the association have been complied with;
4. The public interest will be served by the addition of the proposed savingsinstitution facilities in the community where the savings institution is tobe located; and
5. The officers and directors of the proposed savings institution are of (i)moral fitness, (ii) financial responsibility, and (iii) business ability.
As used herein, "public interest" shall have the meaning set forth insubdivision 4 of subsection A of § 6.1-13.
B. No certificate of authority shall be issued on or after June 1, 1973,unless the applicant for such certificate:
1. Submits evidence of being fully insured by the Federal Deposit InsuranceCorporation or other federal insurance agency; or
2. Submits sufficient evidence of commitment by the Federal Deposit InsuranceCorporation or other federal insurance agency that the applicant will beissued insurance of accounts immediately subsequent to the issuance of thecertificate of authority.
The Commission may issue such certificate conditioned upon the fact that theassociation shall not commence to do business until it is issued insurance ofaccounts by the Federal Deposit Insurance Corporation or other federalinsurance agency.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
(Code 1950, §§ 6-201.40, 6.1-170, 6.1-195.47; 1960, c. 402; 1966, c. 584;1972, c. 796; 1973, c. 156; 1976, c. 658; 1979, c. 165; 1985, c. 425; 1986,c. 500; 1990, c. 3; 1992, c. 460; 1996, c. 26; 1999, c. 95.)
§ 6.1-194.12. (Repealed effective October 1, 2010) Certificate of authorityto do business.
A. Before any organizing state association may begin business in theCommonwealth, it shall obtain from the Commission a certificate of authorityto do so, and prior to the issuance of such certificate the Commission shallascertain that:
1. All applicable provisions of law have been complied with;
2. In a mutual association, deposits in a total amount deemed by theCommission to be sufficient to warrant successful operation but not less thantwo million dollars, have been pledged or deposited and that such depositsshall not be withdrawable for at least one year, or, in a stock association,that financially responsible persons have subscribed for capital stock andsurplus in an amount deemed by the Commission to be sufficient to warrantsuccessful operation, provided that the capital stock shall have a paid-invalue of not less than two million dollars. The minimum capital stockrequirement under this subdivision shall apply in cases in which a stateassociation is being organized to begin business; it shall not be applicablewhen this section is referred to or used in connection with the conversion ofan operating savings institution or bank to a state association, or when thissection is used in connection with the reorganization of an operating stateassociation under a holding company;
3. Regulations governing directors of the association have been complied with;
4. The public interest will be served by the addition of the proposed savingsinstitution facilities in the community where the savings institution is tobe located; and
5. The officers and directors of the proposed savings institution are of (i)moral fitness, (ii) financial responsibility, and (iii) business ability.
As used herein, "public interest" shall have the meaning set forth insubdivision 4 of subsection A of § 6.1-13.
B. No certificate of authority shall be issued on or after June 1, 1973,unless the applicant for such certificate:
1. Submits evidence of being fully insured by the Federal Deposit InsuranceCorporation or other federal insurance agency; or
2. Submits sufficient evidence of commitment by the Federal Deposit InsuranceCorporation or other federal insurance agency that the applicant will beissued insurance of accounts immediately subsequent to the issuance of thecertificate of authority.
The Commission may issue such certificate conditioned upon the fact that theassociation shall not commence to do business until it is issued insurance ofaccounts by the Federal Deposit Insurance Corporation or other federalinsurance agency.
C. Any interested person may appeal to the Supreme Court of Virginia from anyorder of the Commission granting or denying such certificate of authority.
(Code 1950, §§ 6-201.40, 6.1-170, 6.1-195.47; 1960, c. 402; 1966, c. 584;1972, c. 796; 1973, c. 156; 1976, c. 658; 1979, c. 165; 1985, c. 425; 1986,c. 500; 1990, c. 3; 1992, c. 460; 1996, c. 26; 1999, c. 95.)
