§ 6.1-194.145. (Repealed effective October 1, 2010) Examination of statesavings banks by Commissioner; report of examination.
A. The Commissioner shall, not less than once during any period of threeconsecutive calendar years or at such additional times as he deems necessary,with or without previous notice, examine each state savings bank. A copy ofthe report of all examinations shall be furnished to the savings bank, andsuch report shall be presented by the president or other chief executiveofficer to the directors at their next meeting. Upon written application madeto the Commission by the board of directors or by the stockholdersrepresenting two-fifths of the total outstanding capital stock of any savingsbank incorporated under the laws of and doing business in this Commonwealth,or when, in the judgment of the Commission, it may be necessary for theprotection of the public or of persons depositing or dealing with suchsavings bank, the Commission shall cause to be made a special examination ofsuch savings bank. All expenses incident to such special examination may becharged to the savings bank so examined and shall be paid by the savings bankso charged.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the savings bank. Copies of thereport made for officers and directors of the savings bank shall not beremoved from the premises of such savings bank, and shall be destroyed afterthe review has been completed. The original examination report shall be keptamong the records of the Bureau of Financial Institutions. Upon resolution ofthe board of directors of a savings bank, examination reports may beinspected in the savings bank by such other persons as the board may specify.
B. In connection with the examination of any savings bank, the Commission maymake or cause to be made an examination of the affiliates of the savings bankas shall be necessary to ascertain the financial condition of the savingsbank and disclose fully the relations between the savings bank and itsaffiliates and the effect of such relations upon the affairs of the savingsbank.
For the purpose of this section, the term "affiliate of any savings bank"means any corporation, business trust, association, or other similarorganization (i) of which a savings bank, directly or indirectly, owns orcontrols either a majority of the voting shares or more than fifty percent ofthe number of shares voted for the election of its directors, trustees, orother persons exercising similar functions at the preceding election, orcontrols in any manner the election of a majority of its directors, trustees,or other persons, exercising similar functions, (ii) of which control isheld, directly or indirectly, through stock ownership or in any other manner,by the shareholders of such savings bank who own or control either a majorityof the shares of the savings bank or more than fifty percent of the number ofshares voted for the election of directors of the savings bank at thepreceding election, or by trustees for the benefit of the shareholders of thesavings bank, or (iii) of which a majority of the directors, trustees, orother persons exercising similar functions are directors of the savings bank.
§ 6.1-194.145. (Repealed effective October 1, 2010) Examination of statesavings banks by Commissioner; report of examination.
A. The Commissioner shall, not less than once during any period of threeconsecutive calendar years or at such additional times as he deems necessary,with or without previous notice, examine each state savings bank. A copy ofthe report of all examinations shall be furnished to the savings bank, andsuch report shall be presented by the president or other chief executiveofficer to the directors at their next meeting. Upon written application madeto the Commission by the board of directors or by the stockholdersrepresenting two-fifths of the total outstanding capital stock of any savingsbank incorporated under the laws of and doing business in this Commonwealth,or when, in the judgment of the Commission, it may be necessary for theprotection of the public or of persons depositing or dealing with suchsavings bank, the Commission shall cause to be made a special examination ofsuch savings bank. All expenses incident to such special examination may becharged to the savings bank so examined and shall be paid by the savings bankso charged.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the savings bank. Copies of thereport made for officers and directors of the savings bank shall not beremoved from the premises of such savings bank, and shall be destroyed afterthe review has been completed. The original examination report shall be keptamong the records of the Bureau of Financial Institutions. Upon resolution ofthe board of directors of a savings bank, examination reports may beinspected in the savings bank by such other persons as the board may specify.
B. In connection with the examination of any savings bank, the Commission maymake or cause to be made an examination of the affiliates of the savings bankas shall be necessary to ascertain the financial condition of the savingsbank and disclose fully the relations between the savings bank and itsaffiliates and the effect of such relations upon the affairs of the savingsbank.
For the purpose of this section, the term "affiliate of any savings bank"means any corporation, business trust, association, or other similarorganization (i) of which a savings bank, directly or indirectly, owns orcontrols either a majority of the voting shares or more than fifty percent ofthe number of shares voted for the election of its directors, trustees, orother persons exercising similar functions at the preceding election, orcontrols in any manner the election of a majority of its directors, trustees,or other persons, exercising similar functions, (ii) of which control isheld, directly or indirectly, through stock ownership or in any other manner,by the shareholders of such savings bank who own or control either a majorityof the shares of the savings bank or more than fifty percent of the number ofshares voted for the election of directors of the savings bank at thepreceding election, or by trustees for the benefit of the shareholders of thesavings bank, or (iii) of which a majority of the directors, trustees, orother persons exercising similar functions are directors of the savings bank.
§ 6.1-194.145. (Repealed effective October 1, 2010) Examination of statesavings banks by Commissioner; report of examination.
A. The Commissioner shall, not less than once during any period of threeconsecutive calendar years or at such additional times as he deems necessary,with or without previous notice, examine each state savings bank. A copy ofthe report of all examinations shall be furnished to the savings bank, andsuch report shall be presented by the president or other chief executiveofficer to the directors at their next meeting. Upon written application madeto the Commission by the board of directors or by the stockholdersrepresenting two-fifths of the total outstanding capital stock of any savingsbank incorporated under the laws of and doing business in this Commonwealth,or when, in the judgment of the Commission, it may be necessary for theprotection of the public or of persons depositing or dealing with suchsavings bank, the Commission shall cause to be made a special examination ofsuch savings bank. All expenses incident to such special examination may becharged to the savings bank so examined and shall be paid by the savings bankso charged.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the savings bank. Copies of thereport made for officers and directors of the savings bank shall not beremoved from the premises of such savings bank, and shall be destroyed afterthe review has been completed. The original examination report shall be keptamong the records of the Bureau of Financial Institutions. Upon resolution ofthe board of directors of a savings bank, examination reports may beinspected in the savings bank by such other persons as the board may specify.
B. In connection with the examination of any savings bank, the Commission maymake or cause to be made an examination of the affiliates of the savings bankas shall be necessary to ascertain the financial condition of the savingsbank and disclose fully the relations between the savings bank and itsaffiliates and the effect of such relations upon the affairs of the savingsbank.
For the purpose of this section, the term "affiliate of any savings bank"means any corporation, business trust, association, or other similarorganization (i) of which a savings bank, directly or indirectly, owns orcontrols either a majority of the voting shares or more than fifty percent ofthe number of shares voted for the election of its directors, trustees, orother persons exercising similar functions at the preceding election, orcontrols in any manner the election of a majority of its directors, trustees,or other persons, exercising similar functions, (ii) of which control isheld, directly or indirectly, through stock ownership or in any other manner,by the shareholders of such savings bank who own or control either a majorityof the shares of the savings bank or more than fifty percent of the number ofshares voted for the election of directors of the savings bank at thepreceding election, or by trustees for the benefit of the shareholders of thesavings bank, or (iii) of which a majority of the directors, trustees, orother persons exercising similar functions are directors of the savings bank.
