§ 6.1-194.38. (Repealed effective October 1, 2010) Conversion from stockassociation to bank; conversion from bank to stock association.
A. A state stock association may be converted into a bank by the amendment ofits articles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a banking business, and approval shallnot be granted unless the applicant meets the standards established by §6.1-13. The order granting a certificate of authority to do a bankingbusiness shall designate the main office of the association as the mainoffice of the resulting bank, and the resulting bank shall be permitted tooperate all branch offices of the association that could have beenestablished de novo by a bank having its main office at such location orwhich were in operation for at least five years prior to the date of theorder permitting conversion. Within one year of the date of a conversion,the resulting bank shall conform its assets and operations to the provisionsof law regulating the operation of banks. The Commission may grant suchresulting bank additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations to theprovisions of laws regulating the operation of banks.
B. A bank may be converted into a stock association by the amendment of itsarticles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a savings and loan business, and approvalshall not be granted unless the applicant meets the standards established by§ 6.1-194.12. Within one year of the date of the conversion, the resultingstock association shall conform its assets and operations to the provisionsof law regulating the operation of savings and loan associations. TheCommission may grant such resulting stock association additional one-yearperiods, not to exceed a total of four additional years, in which to conformits assets and operations to the provisions of law regulating the operationof savings and loan associations.
(Code 1950, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425.)
§ 6.1-194.38. (Repealed effective October 1, 2010) Conversion from stockassociation to bank; conversion from bank to stock association.
A. A state stock association may be converted into a bank by the amendment ofits articles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a banking business, and approval shallnot be granted unless the applicant meets the standards established by §6.1-13. The order granting a certificate of authority to do a bankingbusiness shall designate the main office of the association as the mainoffice of the resulting bank, and the resulting bank shall be permitted tooperate all branch offices of the association that could have beenestablished de novo by a bank having its main office at such location orwhich were in operation for at least five years prior to the date of theorder permitting conversion. Within one year of the date of a conversion,the resulting bank shall conform its assets and operations to the provisionsof law regulating the operation of banks. The Commission may grant suchresulting bank additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations to theprovisions of laws regulating the operation of banks.
B. A bank may be converted into a stock association by the amendment of itsarticles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a savings and loan business, and approvalshall not be granted unless the applicant meets the standards established by§ 6.1-194.12. Within one year of the date of the conversion, the resultingstock association shall conform its assets and operations to the provisionsof law regulating the operation of savings and loan associations. TheCommission may grant such resulting stock association additional one-yearperiods, not to exceed a total of four additional years, in which to conformits assets and operations to the provisions of law regulating the operationof savings and loan associations.
(Code 1950, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425.)
§ 6.1-194.38. (Repealed effective October 1, 2010) Conversion from stockassociation to bank; conversion from bank to stock association.
A. A state stock association may be converted into a bank by the amendment ofits articles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a banking business, and approval shallnot be granted unless the applicant meets the standards established by §6.1-13. The order granting a certificate of authority to do a bankingbusiness shall designate the main office of the association as the mainoffice of the resulting bank, and the resulting bank shall be permitted tooperate all branch offices of the association that could have beenestablished de novo by a bank having its main office at such location orwhich were in operation for at least five years prior to the date of theorder permitting conversion. Within one year of the date of a conversion,the resulting bank shall conform its assets and operations to the provisionsof law regulating the operation of banks. The Commission may grant suchresulting bank additional one-year periods, not to exceed a total of fouradditional years, in which to conform its assets and operations to theprovisions of laws regulating the operation of banks.
B. A bank may be converted into a stock association by the amendment of itsarticles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a savings and loan business, and approvalshall not be granted unless the applicant meets the standards established by§ 6.1-194.12. Within one year of the date of the conversion, the resultingstock association shall conform its assets and operations to the provisionsof law regulating the operation of savings and loan associations. TheCommission may grant such resulting stock association additional one-yearperiods, not to exceed a total of four additional years, in which to conformits assets and operations to the provisions of law regulating the operationof savings and loan associations.
(Code 1950, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425.)
