§ 6.1-194.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following definitions shall apply unless adifferent meaning is required by the context:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association, building and loanassociation or building association which is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savings andloan business.
"Branch office" means an office of a savings institution where, in additionto conducting other business activities of the institution, the institutionaccepts deposits.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of Financial Institutions.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution" means a savings institution, commercial bank, trustcompany, industrial loan association or credit union.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state, territory or possession of the United States,other than the Commonwealth of Virginia, whose principal business office islocated outside the territorial limits of the Commonwealth. The term"foreign savings institution" does not include a savings institutionincorporated under the laws of the United States.
"Home loan" means a real estate loan the security for which is a lien onreal estate comprising a single-family dwelling or a dwelling unit for fouror fewer families in the aggregate.
"Insured savings institution" means a savings institution whose accountsare insured by the Federal Deposit Insurance Corporation or other federalinsurance agency.
"Liquid assets" means cash on hand; cash on deposit in Federal Home LoanBanks, Federal Reserve Banks, savings institutions, or in commercial banks,which is withdrawable upon not more than thirty days' notice and which is notpledged as security for indebtedness; the liquid asset fund of the UnitedStates League of Saving Institutions; obligations of, or obligations whichare fully guaranteed as to principal and interest by, the United States; orany other asset which the Commissioner designates as a liquid asset. Anydeposits in financial institutions under the control or in the possession ofany supervisory authority shall not be considered as liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, where the savings institution has more than one office,the office designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other building orstructure designed for use as a dwelling or business facility which ismanufactured and assembled at a location other than the site where suchmanufactured home, building or structure is placed for use as a dwelling orbusiness facility, or both.
"Member" means a person holding a savings account of a mutual association,and a person borrowing from or assuming or obligated upon a loan or interesttherein held by such association, or a person purchasing real estate securinga loan or interest therein held by such association. A joint and survivorshipor other multiple owner or borrower relationship constitutes a singlemembership.
"Mutual association" means an association which is organized and operatedexclusively for the benefit of its members and which does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution which is organizedand operated exclusively for the benefit of its members and which does notissue shares of capital stock.
"Real estate loan" means a loan on the security of any instrument, whethera mortgage, deed of trust, or land contract, which makes the interest in realestate described therein, whether in fee or in a leasehold or subleaseholdextending or renewable automatically or at the option of the holder, or atthe option of the savings institution, for a period of at least ten yearsbeyond the maturity of the loan, specific security for the payment of theobligations secured by such instrument. The term also includes a loan, orinterest therein, secured by cooperative housing units on the security of (i)a security interest in the stock or membership certificate issued to atenant-stockholder or resident member of a cooperative housing corporation(as defined in § 13.1-501) coupled with (ii) the assignment by way ofsecurity of the borrower's interest in the proprietary lease or other rightof tenancy in the property owned by such corporation.
"Savings account" means an interest-bearing account not subject towithdrawal by check or other negotiable instrument.
"Savings institution" means a savings and loan association, a building andloan association, building association, or savings bank, whether organized asa capital stock corporation or a nonstock corporation which is authorized bylaw to accept deposits and to hold itself out to the public as engaged in thesavings institution business.
"Service corporation" means a stock corporation whose entire stock is owneddirectly by one or more savings institutions, or any such corporation whichis owned indirectly through a subsidiary or subsidiaries of one or moresavings institutions.
"State association" means a savings and loan association or building andloan association incorporated under the laws of the Commonwealth of Virginia."State association" includes such an association which uses the term"savings bank" as a part of its corporate name.
"Stock association" means an association which issues shares of capitalstock.
"Stock institution" means a savings institution which issues shares ofcapital stock.
"Withdrawal value" means the amount credited to an account less lawfuldeductions therefrom, as shown by the records of the savings institution.
(Code 1950, §§ 6-201.4, 6-201.5, 6.1-129, 6.1-130, 6.1-195.4; 1960, c. 402;1966, c. 584; 1970, c. 396; 1972, c. 796; 1975, c. 73; 1978, c. 14; 1980, c.350; 1982, c. 80; 1985, c. 425; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1999,c. 77.)
§ 6.1-194.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following definitions shall apply unless adifferent meaning is required by the context:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association, building and loanassociation or building association which is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savings andloan business.
"Branch office" means an office of a savings institution where, in additionto conducting other business activities of the institution, the institutionaccepts deposits.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of Financial Institutions.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution" means a savings institution, commercial bank, trustcompany, industrial loan association or credit union.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state, territory or possession of the United States,other than the Commonwealth of Virginia, whose principal business office islocated outside the territorial limits of the Commonwealth. The term"foreign savings institution" does not include a savings institutionincorporated under the laws of the United States.
"Home loan" means a real estate loan the security for which is a lien onreal estate comprising a single-family dwelling or a dwelling unit for fouror fewer families in the aggregate.
"Insured savings institution" means a savings institution whose accountsare insured by the Federal Deposit Insurance Corporation or other federalinsurance agency.
"Liquid assets" means cash on hand; cash on deposit in Federal Home LoanBanks, Federal Reserve Banks, savings institutions, or in commercial banks,which is withdrawable upon not more than thirty days' notice and which is notpledged as security for indebtedness; the liquid asset fund of the UnitedStates League of Saving Institutions; obligations of, or obligations whichare fully guaranteed as to principal and interest by, the United States; orany other asset which the Commissioner designates as a liquid asset. Anydeposits in financial institutions under the control or in the possession ofany supervisory authority shall not be considered as liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, where the savings institution has more than one office,the office designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other building orstructure designed for use as a dwelling or business facility which ismanufactured and assembled at a location other than the site where suchmanufactured home, building or structure is placed for use as a dwelling orbusiness facility, or both.
"Member" means a person holding a savings account of a mutual association,and a person borrowing from or assuming or obligated upon a loan or interesttherein held by such association, or a person purchasing real estate securinga loan or interest therein held by such association. A joint and survivorshipor other multiple owner or borrower relationship constitutes a singlemembership.
"Mutual association" means an association which is organized and operatedexclusively for the benefit of its members and which does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution which is organizedand operated exclusively for the benefit of its members and which does notissue shares of capital stock.
"Real estate loan" means a loan on the security of any instrument, whethera mortgage, deed of trust, or land contract, which makes the interest in realestate described therein, whether in fee or in a leasehold or subleaseholdextending or renewable automatically or at the option of the holder, or atthe option of the savings institution, for a period of at least ten yearsbeyond the maturity of the loan, specific security for the payment of theobligations secured by such instrument. The term also includes a loan, orinterest therein, secured by cooperative housing units on the security of (i)a security interest in the stock or membership certificate issued to atenant-stockholder or resident member of a cooperative housing corporation(as defined in § 13.1-501) coupled with (ii) the assignment by way ofsecurity of the borrower's interest in the proprietary lease or other rightof tenancy in the property owned by such corporation.
"Savings account" means an interest-bearing account not subject towithdrawal by check or other negotiable instrument.
"Savings institution" means a savings and loan association, a building andloan association, building association, or savings bank, whether organized asa capital stock corporation or a nonstock corporation which is authorized bylaw to accept deposits and to hold itself out to the public as engaged in thesavings institution business.
"Service corporation" means a stock corporation whose entire stock is owneddirectly by one or more savings institutions, or any such corporation whichis owned indirectly through a subsidiary or subsidiaries of one or moresavings institutions.
"State association" means a savings and loan association or building andloan association incorporated under the laws of the Commonwealth of Virginia."State association" includes such an association which uses the term"savings bank" as a part of its corporate name.
"Stock association" means an association which issues shares of capitalstock.
"Stock institution" means a savings institution which issues shares ofcapital stock.
"Withdrawal value" means the amount credited to an account less lawfuldeductions therefrom, as shown by the records of the savings institution.
(Code 1950, §§ 6-201.4, 6-201.5, 6.1-129, 6.1-130, 6.1-195.4; 1960, c. 402;1966, c. 584; 1970, c. 396; 1972, c. 796; 1975, c. 73; 1978, c. 14; 1980, c.350; 1982, c. 80; 1985, c. 425; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1999,c. 77.)
§ 6.1-194.2. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following definitions shall apply unless adifferent meaning is required by the context:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association, building and loanassociation or building association which is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savings andloan business.
"Branch office" means an office of a savings institution where, in additionto conducting other business activities of the institution, the institutionaccepts deposits.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of Financial Institutions.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution" means a savings institution, commercial bank, trustcompany, industrial loan association or credit union.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state, territory or possession of the United States,other than the Commonwealth of Virginia, whose principal business office islocated outside the territorial limits of the Commonwealth. The term"foreign savings institution" does not include a savings institutionincorporated under the laws of the United States.
"Home loan" means a real estate loan the security for which is a lien onreal estate comprising a single-family dwelling or a dwelling unit for fouror fewer families in the aggregate.
"Insured savings institution" means a savings institution whose accountsare insured by the Federal Deposit Insurance Corporation or other federalinsurance agency.
"Liquid assets" means cash on hand; cash on deposit in Federal Home LoanBanks, Federal Reserve Banks, savings institutions, or in commercial banks,which is withdrawable upon not more than thirty days' notice and which is notpledged as security for indebtedness; the liquid asset fund of the UnitedStates League of Saving Institutions; obligations of, or obligations whichare fully guaranteed as to principal and interest by, the United States; orany other asset which the Commissioner designates as a liquid asset. Anydeposits in financial institutions under the control or in the possession ofany supervisory authority shall not be considered as liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, where the savings institution has more than one office,the office designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other building orstructure designed for use as a dwelling or business facility which ismanufactured and assembled at a location other than the site where suchmanufactured home, building or structure is placed for use as a dwelling orbusiness facility, or both.
"Member" means a person holding a savings account of a mutual association,and a person borrowing from or assuming or obligated upon a loan or interesttherein held by such association, or a person purchasing real estate securinga loan or interest therein held by such association. A joint and survivorshipor other multiple owner or borrower relationship constitutes a singlemembership.
"Mutual association" means an association which is organized and operatedexclusively for the benefit of its members and which does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution which is organizedand operated exclusively for the benefit of its members and which does notissue shares of capital stock.
"Real estate loan" means a loan on the security of any instrument, whethera mortgage, deed of trust, or land contract, which makes the interest in realestate described therein, whether in fee or in a leasehold or subleaseholdextending or renewable automatically or at the option of the holder, or atthe option of the savings institution, for a period of at least ten yearsbeyond the maturity of the loan, specific security for the payment of theobligations secured by such instrument. The term also includes a loan, orinterest therein, secured by cooperative housing units on the security of (i)a security interest in the stock or membership certificate issued to atenant-stockholder or resident member of a cooperative housing corporation(as defined in § 13.1-501) coupled with (ii) the assignment by way ofsecurity of the borrower's interest in the proprietary lease or other rightof tenancy in the property owned by such corporation.
"Savings account" means an interest-bearing account not subject towithdrawal by check or other negotiable instrument.
"Savings institution" means a savings and loan association, a building andloan association, building association, or savings bank, whether organized asa capital stock corporation or a nonstock corporation which is authorized bylaw to accept deposits and to hold itself out to the public as engaged in thesavings institution business.
"Service corporation" means a stock corporation whose entire stock is owneddirectly by one or more savings institutions, or any such corporation whichis owned indirectly through a subsidiary or subsidiaries of one or moresavings institutions.
"State association" means a savings and loan association or building andloan association incorporated under the laws of the Commonwealth of Virginia."State association" includes such an association which uses the term"savings bank" as a part of its corporate name.
"Stock association" means an association which issues shares of capitalstock.
"Stock institution" means a savings institution which issues shares ofcapital stock.
"Withdrawal value" means the amount credited to an account less lawfuldeductions therefrom, as shown by the records of the savings institution.
(Code 1950, §§ 6-201.4, 6-201.5, 6.1-129, 6.1-130, 6.1-195.4; 1960, c. 402;1966, c. 584; 1970, c. 396; 1972, c. 796; 1975, c. 73; 1978, c. 14; 1980, c.350; 1982, c. 80; 1985, c. 425; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1999,c. 77.)
