State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-3-01 > 6-1-194-152§ 6.1-194.152. (Repealed effective October 1, 2010) Acquisition of control ofstate savings bank.
No person, whether acting alone or in concert with others, shall acquireownership or control of twenty-five percent or more of the voting shares of astock state savings bank, or otherwise control the election of a majority ofthe directors of such bank, without the approval of the Commission. TheCommission shall not approve the proposed acquisition unless it finds thatthe savings bank will continue to operate in a safe and sound manner and theacquisition is otherwise in the public interest.
(1991, c. 230.)
