§ 6.1-194.79. (Repealed effective October 1, 2010) Examination of stateassociations and affiliates by Commissioner; report of examination.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 deemsnecessary, with or without previous notice, examine each state association. Acopy of the report of all examinations shall be furnished to the association,and such report shall be presented by the president or other chief executiveofficer to the directors at their next meeting.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the state association. Copies of thereport made for officers and directors of the association shall not beremoved from the premises of such association 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 an association, examination reports may beinspected in the association by such other persons as the board may specify.
B. In connection with the examination of any state association, theCommission may make or cause to be made an examination of the affiliates ofthe state association as shall be necessary to ascertain the financialcondition of the association and disclose fully the relations between theassociation and its affiliates and the effect of such relations upon theaffairs of the association.
For the purpose of this section, the term "affiliate of any stateassociation" means any corporation, business trust, association, or othersimilar organization (i) of which the state association, directly orindirectly, owns or controls either a majority of the voting shares or morethan fifty percent of the number of shares voted for the election of itsdirectors, trustees, or other persons exercising similar functions at thepreceding election, or controls in any manner the election of a majority ofits directors, trustees, or other persons, exercising similar functions, (ii)of which control is held, directly or indirectly, through stock ownership orin any other manner, by the shareholders of such state association who own orcontrol either a majority of the shares of the state association or more thanfifty percent of the number of shares voted for the election of directors ofthe state association at the preceding election, or by trustees for thebenefit of the shareholders of the state association, or (iii) of which amajority of the directors, trustees, or other persons exercising similarfunctions are directors of the state association.
Upon written application made to the Commission by the board of directors orby the stockholders representing two-fifths of the total outstanding capitalstock of any association incorporated under the laws of and doing business inthis Commonwealth, or when, in the judgment of the Commission, it may benecessary for the protection of the public or of persons depositing ordealing with such state association, the Commission shall cause to be made aspecial examination of such state association. All expenses incident to suchspecial examination may be charged to the state association so examined andshall be paid by the association so charged.
(Code 1950, §§ 6-201.54, 6.1-184, 6.1-195.64; 1960, c. 402; 1966, c. 584;1972, c. 796; 1976, c. 82; 1985, c. 425; 1992, c. 224; 1996, c. 80; 1997, c.50.)
§ 6.1-194.79. (Repealed effective October 1, 2010) Examination of stateassociations and affiliates 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 deemsnecessary, with or without previous notice, examine each state association. Acopy of the report of all examinations shall be furnished to the association,and such report shall be presented by the president or other chief executiveofficer to the directors at their next meeting.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the state association. Copies of thereport made for officers and directors of the association shall not beremoved from the premises of such association 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 an association, examination reports may beinspected in the association by such other persons as the board may specify.
B. In connection with the examination of any state association, theCommission may make or cause to be made an examination of the affiliates ofthe state association as shall be necessary to ascertain the financialcondition of the association and disclose fully the relations between theassociation and its affiliates and the effect of such relations upon theaffairs of the association.
For the purpose of this section, the term "affiliate of any stateassociation" means any corporation, business trust, association, or othersimilar organization (i) of which the state association, directly orindirectly, owns or controls either a majority of the voting shares or morethan fifty percent of the number of shares voted for the election of itsdirectors, trustees, or other persons exercising similar functions at thepreceding election, or controls in any manner the election of a majority ofits directors, trustees, or other persons, exercising similar functions, (ii)of which control is held, directly or indirectly, through stock ownership orin any other manner, by the shareholders of such state association who own orcontrol either a majority of the shares of the state association or more thanfifty percent of the number of shares voted for the election of directors ofthe state association at the preceding election, or by trustees for thebenefit of the shareholders of the state association, or (iii) of which amajority of the directors, trustees, or other persons exercising similarfunctions are directors of the state association.
Upon written application made to the Commission by the board of directors orby the stockholders representing two-fifths of the total outstanding capitalstock of any association incorporated under the laws of and doing business inthis Commonwealth, or when, in the judgment of the Commission, it may benecessary for the protection of the public or of persons depositing ordealing with such state association, the Commission shall cause to be made aspecial examination of such state association. All expenses incident to suchspecial examination may be charged to the state association so examined andshall be paid by the association so charged.
(Code 1950, §§ 6-201.54, 6.1-184, 6.1-195.64; 1960, c. 402; 1966, c. 584;1972, c. 796; 1976, c. 82; 1985, c. 425; 1992, c. 224; 1996, c. 80; 1997, c.50.)
§ 6.1-194.79. (Repealed effective October 1, 2010) Examination of stateassociations and affiliates 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 deemsnecessary, with or without previous notice, examine each state association. Acopy of the report of all examinations shall be furnished to the association,and such report shall be presented by the president or other chief executiveofficer to the directors at their next meeting.
No other copies of a report of examination shall be made except as necessaryfor review by officers and directors of the state association. Copies of thereport made for officers and directors of the association shall not beremoved from the premises of such association 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 an association, examination reports may beinspected in the association by such other persons as the board may specify.
B. In connection with the examination of any state association, theCommission may make or cause to be made an examination of the affiliates ofthe state association as shall be necessary to ascertain the financialcondition of the association and disclose fully the relations between theassociation and its affiliates and the effect of such relations upon theaffairs of the association.
For the purpose of this section, the term "affiliate of any stateassociation" means any corporation, business trust, association, or othersimilar organization (i) of which the state association, directly orindirectly, owns or controls either a majority of the voting shares or morethan fifty percent of the number of shares voted for the election of itsdirectors, trustees, or other persons exercising similar functions at thepreceding election, or controls in any manner the election of a majority ofits directors, trustees, or other persons, exercising similar functions, (ii)of which control is held, directly or indirectly, through stock ownership orin any other manner, by the shareholders of such state association who own orcontrol either a majority of the shares of the state association or more thanfifty percent of the number of shares voted for the election of directors ofthe state association at the preceding election, or by trustees for thebenefit of the shareholders of the state association, or (iii) of which amajority of the directors, trustees, or other persons exercising similarfunctions are directors of the state association.
Upon written application made to the Commission by the board of directors orby the stockholders representing two-fifths of the total outstanding capitalstock of any association incorporated under the laws of and doing business inthis Commonwealth, or when, in the judgment of the Commission, it may benecessary for the protection of the public or of persons depositing ordealing with such state association, the Commission shall cause to be made aspecial examination of such state association. All expenses incident to suchspecial examination may be charged to the state association so examined andshall be paid by the association so charged.
(Code 1950, §§ 6-201.54, 6.1-184, 6.1-195.64; 1960, c. 402; 1966, c. 584;1972, c. 796; 1976, c. 82; 1985, c. 425; 1992, c. 224; 1996, c. 80; 1997, c.50.)
