§ 6.1-194.91. (Repealed effective October 1, 2010) Effect of chapter as topreexisting savings institutions.
A. The powers, privileges, duties and restrictions conferred and imposed uponany savings and loan association existing under the laws of this Commonwealthon July 1, 1985, are hereby abridged, enlarged or modified, as eachparticular case requires, to conform to the provisions of this chapter, butnothing in this chapter shall affect the legality of any investmentheretofore made or transaction heretofore had under authority of anyprovision of law in force when such investment was made or transaction had.
B. Notwithstanding any other provision of law with respect to the rates ofinterest which may be charged, an association which on September 1, 1959, wasoperating on a share accumulation loan plan whereby its earnings wereequitably distributed to both its borrowers and its shareholders may continueto operate upon the same plan, but no additional loans shall be made orshares issued under such plan after July 1, 1974.
C. Any savings institution, doing business in the Commonwealth on July 1,1986, or thereafter, which does not have its accounts insured by the FederalDeposit Insurance Corporation or other federal insurance agency, up to thelimits of the insurance provided thereby, shall not accept any deposits.
(Code 1950, §§ 6-201.2, 6.1-127, 6.1-195.2; 1960, c. 402; 1966, c. 584; 1972,c. 796; 1974, c. 565; 1985, c. 425; 1986, cc. 500, 509; 1990, c. 3.)
§ 6.1-194.91. (Repealed effective October 1, 2010) Effect of chapter as topreexisting savings institutions.
A. The powers, privileges, duties and restrictions conferred and imposed uponany savings and loan association existing under the laws of this Commonwealthon July 1, 1985, are hereby abridged, enlarged or modified, as eachparticular case requires, to conform to the provisions of this chapter, butnothing in this chapter shall affect the legality of any investmentheretofore made or transaction heretofore had under authority of anyprovision of law in force when such investment was made or transaction had.
B. Notwithstanding any other provision of law with respect to the rates ofinterest which may be charged, an association which on September 1, 1959, wasoperating on a share accumulation loan plan whereby its earnings wereequitably distributed to both its borrowers and its shareholders may continueto operate upon the same plan, but no additional loans shall be made orshares issued under such plan after July 1, 1974.
C. Any savings institution, doing business in the Commonwealth on July 1,1986, or thereafter, which does not have its accounts insured by the FederalDeposit Insurance Corporation or other federal insurance agency, up to thelimits of the insurance provided thereby, shall not accept any deposits.
(Code 1950, §§ 6-201.2, 6.1-127, 6.1-195.2; 1960, c. 402; 1966, c. 584; 1972,c. 796; 1974, c. 565; 1985, c. 425; 1986, cc. 500, 509; 1990, c. 3.)
§ 6.1-194.91. (Repealed effective October 1, 2010) Effect of chapter as topreexisting savings institutions.
A. The powers, privileges, duties and restrictions conferred and imposed uponany savings and loan association existing under the laws of this Commonwealthon July 1, 1985, are hereby abridged, enlarged or modified, as eachparticular case requires, to conform to the provisions of this chapter, butnothing in this chapter shall affect the legality of any investmentheretofore made or transaction heretofore had under authority of anyprovision of law in force when such investment was made or transaction had.
B. Notwithstanding any other provision of law with respect to the rates ofinterest which may be charged, an association which on September 1, 1959, wasoperating on a share accumulation loan plan whereby its earnings wereequitably distributed to both its borrowers and its shareholders may continueto operate upon the same plan, but no additional loans shall be made orshares issued under such plan after July 1, 1974.
C. Any savings institution, doing business in the Commonwealth on July 1,1986, or thereafter, which does not have its accounts insured by the FederalDeposit Insurance Corporation or other federal insurance agency, up to thelimits of the insurance provided thereby, shall not accept any deposits.
(Code 1950, §§ 6-201.2, 6.1-127, 6.1-195.2; 1960, c. 402; 1966, c. 584; 1972,c. 796; 1974, c. 565; 1985, c. 425; 1986, cc. 500, 509; 1990, c. 3.)
