§ 6.2-1100. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association or building and loanassociation that is authorized by law to accept deposits and to hold itselfout to the public as engaged in the savings and loan business.
"Branch office" means an office of a savings institution where, inaddition to conducting other business activities of the institution, theinstitution accepts deposits.
"Federal financial institution" means a financial institution incorporatedor organized in accordance with the laws of the United States.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution holding company" has the meaning assigned to it in§ 6.2-700.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state other than the Commonwealth, the principal businessoffice of which is located outside the Commonwealth. "Foreign savingsinstitution" does not include a savings institution incorporated under thelaws 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 (i) cash on hand; (ii) cash on deposit in FederalHome Loan Banks, Federal Reserve Banks, savings institutions, or incommercial banks that is withdrawable upon not more than 30 days' notice andthat is not pledged as security for indebtedness; (iii) the liquid asset fundof the United States League of Saving Institutions; (iv) obligations of, orobligations that are fully guaranteed as to principal and interest by, theUnited States; or (v) any other asset that the Commissioner designates as aliquid asset. Any deposits in financial institutions under the control or inthe possession of any supervisory authority are not liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, if the savings institution has more than one office, theoffice designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other structuredesigned for use as a dwelling or business facility that is manufactured andassembled at a location other than the site where such manufactured home orother structure is placed for use as a dwelling or business facility, or both.
"Member" means a person (i) holding a savings account of a mutualassociation, (ii) borrowing from a mutual association, (iii) assuming orobligated upon a loan or interest therein held by a mutual association, or(iv) purchasing real estate securing a loan or interest therein held by amutual association. "Member" includes such persons with a joint andsurvivorship or other multiple owner or borrower relationship, which personsshall constitute a single membership for purposes of this chapter.
"Mutual association" means an association that is organized and operatedexclusively for the benefit of its members and that does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution that is organizedand operated exclusively for the benefit of its members and that does notissue shares of capital stock.
"Real estate loan" means:
1. A loan on the security of any instrument, whether a mortgage, deed oftrust, or land contract, that makes the interest in real estate describedtherein, whether in fee or in a leasehold or subleasehold extending orrenewable automatically or at the option of the holder, or at the option ofthe savings institution, for a period of at least 10 years beyond thematurity of the loan, specific security for the payment of the obligationssecured by the instrument; or
2. A loan, or interest therein, secured by cooperative housing units on thesecurity of (i) a security interest in the stock or membership certificateissued to a tenant-stockholder or resident member of a cooperative housingcorporation, as defined in § 13.1-501, coupled with (ii) the assignment byway of security of the borrower's interest in the proprietary lease or otherright of 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 bank" means a savings institution specifically chartered underthe laws of the Commonwealth, another state or a territory of the UnitedStates, the District of Columbia, or the United States as a savings bank. Theterm savings bank does not include a savings and loan association or buildingand loan association.
"Savings institution" means a savings and loan association, a building andloan association, or savings bank, whether organized as a capital stockcorporation or a nonstock corporation, that is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savingsinstitution business.
"Savings institution holding company" means any person who, directly orindirectly, or acting in concert with one or more other companies or with oneor more subsidiaries or affiliates, acquires, owns, controls or holds withpower to vote 25 percent or more of the voting shares of a stock savingsinstitution, or which controls in any manner the election of a majority ofthe directors of such institution.
"Service corporation" means a stock corporation, all of the stock of whichis owned (i) directly by one or more savings institutions or (ii) indirectlythrough a subsidiary or subsidiaries of one or more savings institutions.
"State association" means an association incorporated under the laws ofthe Commonwealth.
"State bank" means a bank incorporated under the laws of the Commonwealthand that has its principal business office in the Commonwealth.
"State savings bank" means a savings bank organized and incorporated underthe provisions of this chapter. A state savings bank shall not be subject tothe provisions of this chapter applicable only to state associations.
"State savings institution" means a savings institution incorporated underthe laws of the Commonwealth.
"Stock association" means an association that issues shares of capitalstock.
"Stock institution" means a savings institution that 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; 1960, c. 402; 1966, c. 584, 6.1-129, 6.1-13;1970, c. 396; 1972, c. 796, §§ 6.1-195.4, 6.1-195.57:1; 1975, c. 73; 1978, c.14; 1980, c. 350; 1982, cc. 80, 224; 1985, c. 425, ,§§ 6.1-194.2,6.1-194.40, 6.1-194.87; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1991, cc.228, 230, §§ 6.1-194.110, 6.1-194.131; 1996, cc. 16, 26; 1999, c. 77; 2010,c. 794.)
§ 6.2-1100. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association or building and loanassociation that is authorized by law to accept deposits and to hold itselfout to the public as engaged in the savings and loan business.
"Branch office" means an office of a savings institution where, inaddition to conducting other business activities of the institution, theinstitution accepts deposits.
"Federal financial institution" means a financial institution incorporatedor organized in accordance with the laws of the United States.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution holding company" has the meaning assigned to it in§ 6.2-700.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state other than the Commonwealth, the principal businessoffice of which is located outside the Commonwealth. "Foreign savingsinstitution" does not include a savings institution incorporated under thelaws 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 (i) cash on hand; (ii) cash on deposit in FederalHome Loan Banks, Federal Reserve Banks, savings institutions, or incommercial banks that is withdrawable upon not more than 30 days' notice andthat is not pledged as security for indebtedness; (iii) the liquid asset fundof the United States League of Saving Institutions; (iv) obligations of, orobligations that are fully guaranteed as to principal and interest by, theUnited States; or (v) any other asset that the Commissioner designates as aliquid asset. Any deposits in financial institutions under the control or inthe possession of any supervisory authority are not liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, if the savings institution has more than one office, theoffice designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other structuredesigned for use as a dwelling or business facility that is manufactured andassembled at a location other than the site where such manufactured home orother structure is placed for use as a dwelling or business facility, or both.
"Member" means a person (i) holding a savings account of a mutualassociation, (ii) borrowing from a mutual association, (iii) assuming orobligated upon a loan or interest therein held by a mutual association, or(iv) purchasing real estate securing a loan or interest therein held by amutual association. "Member" includes such persons with a joint andsurvivorship or other multiple owner or borrower relationship, which personsshall constitute a single membership for purposes of this chapter.
"Mutual association" means an association that is organized and operatedexclusively for the benefit of its members and that does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution that is organizedand operated exclusively for the benefit of its members and that does notissue shares of capital stock.
"Real estate loan" means:
1. A loan on the security of any instrument, whether a mortgage, deed oftrust, or land contract, that makes the interest in real estate describedtherein, whether in fee or in a leasehold or subleasehold extending orrenewable automatically or at the option of the holder, or at the option ofthe savings institution, for a period of at least 10 years beyond thematurity of the loan, specific security for the payment of the obligationssecured by the instrument; or
2. A loan, or interest therein, secured by cooperative housing units on thesecurity of (i) a security interest in the stock or membership certificateissued to a tenant-stockholder or resident member of a cooperative housingcorporation, as defined in § 13.1-501, coupled with (ii) the assignment byway of security of the borrower's interest in the proprietary lease or otherright of 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 bank" means a savings institution specifically chartered underthe laws of the Commonwealth, another state or a territory of the UnitedStates, the District of Columbia, or the United States as a savings bank. Theterm savings bank does not include a savings and loan association or buildingand loan association.
"Savings institution" means a savings and loan association, a building andloan association, or savings bank, whether organized as a capital stockcorporation or a nonstock corporation, that is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savingsinstitution business.
"Savings institution holding company" means any person who, directly orindirectly, or acting in concert with one or more other companies or with oneor more subsidiaries or affiliates, acquires, owns, controls or holds withpower to vote 25 percent or more of the voting shares of a stock savingsinstitution, or which controls in any manner the election of a majority ofthe directors of such institution.
"Service corporation" means a stock corporation, all of the stock of whichis owned (i) directly by one or more savings institutions or (ii) indirectlythrough a subsidiary or subsidiaries of one or more savings institutions.
"State association" means an association incorporated under the laws ofthe Commonwealth.
"State bank" means a bank incorporated under the laws of the Commonwealthand that has its principal business office in the Commonwealth.
"State savings bank" means a savings bank organized and incorporated underthe provisions of this chapter. A state savings bank shall not be subject tothe provisions of this chapter applicable only to state associations.
"State savings institution" means a savings institution incorporated underthe laws of the Commonwealth.
"Stock association" means an association that issues shares of capitalstock.
"Stock institution" means a savings institution that 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; 1960, c. 402; 1966, c. 584, 6.1-129, 6.1-13;1970, c. 396; 1972, c. 796, §§ 6.1-195.4, 6.1-195.57:1; 1975, c. 73; 1978, c.14; 1980, c. 350; 1982, cc. 80, 224; 1985, c. 425, ,§§ 6.1-194.2,6.1-194.40, 6.1-194.87; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1991, cc.228, 230, §§ 6.1-194.110, 6.1-194.131; 1996, cc. 16, 26; 1999, c. 77; 2010,c. 794.)
§ 6.2-1100. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Account" means any account with a savings institution and includes achecking, time, interest, or savings account.
"Association" means a savings and loan association or building and loanassociation that is authorized by law to accept deposits and to hold itselfout to the public as engaged in the savings and loan business.
"Branch office" means an office of a savings institution where, inaddition to conducting other business activities of the institution, theinstitution accepts deposits.
"Federal financial institution" means a financial institution incorporatedor organized in accordance with the laws of the United States.
"Federal savings institution" means a savings institution incorporated ororganized in accordance with the laws of the United States.
"Financial institution holding company" has the meaning assigned to it in§ 6.2-700.
"Foreign savings institution" means a savings institution incorporatedunder the laws of a state other than the Commonwealth, the principal businessoffice of which is located outside the Commonwealth. "Foreign savingsinstitution" does not include a savings institution incorporated under thelaws 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 (i) cash on hand; (ii) cash on deposit in FederalHome Loan Banks, Federal Reserve Banks, savings institutions, or incommercial banks that is withdrawable upon not more than 30 days' notice andthat is not pledged as security for indebtedness; (iii) the liquid asset fundof the United States League of Saving Institutions; (iv) obligations of, orobligations that are fully guaranteed as to principal and interest by, theUnited States; or (v) any other asset that the Commissioner designates as aliquid asset. Any deposits in financial institutions under the control or inthe possession of any supervisory authority are not liquid assets.
"Main office" means the office where a savings institution first commencesto do business or, if the savings institution has more than one office, theoffice designated by the institution's board of directors as theinstitution's main office.
"Manufactured building" means a manufactured home or other structuredesigned for use as a dwelling or business facility that is manufactured andassembled at a location other than the site where such manufactured home orother structure is placed for use as a dwelling or business facility, or both.
"Member" means a person (i) holding a savings account of a mutualassociation, (ii) borrowing from a mutual association, (iii) assuming orobligated upon a loan or interest therein held by a mutual association, or(iv) purchasing real estate securing a loan or interest therein held by amutual association. "Member" includes such persons with a joint andsurvivorship or other multiple owner or borrower relationship, which personsshall constitute a single membership for purposes of this chapter.
"Mutual association" means an association that is organized and operatedexclusively for the benefit of its members and that does not issue shares ofcapital stock.
"Mutual savings institution" means a savings institution that is organizedand operated exclusively for the benefit of its members and that does notissue shares of capital stock.
"Real estate loan" means:
1. A loan on the security of any instrument, whether a mortgage, deed oftrust, or land contract, that makes the interest in real estate describedtherein, whether in fee or in a leasehold or subleasehold extending orrenewable automatically or at the option of the holder, or at the option ofthe savings institution, for a period of at least 10 years beyond thematurity of the loan, specific security for the payment of the obligationssecured by the instrument; or
2. A loan, or interest therein, secured by cooperative housing units on thesecurity of (i) a security interest in the stock or membership certificateissued to a tenant-stockholder or resident member of a cooperative housingcorporation, as defined in § 13.1-501, coupled with (ii) the assignment byway of security of the borrower's interest in the proprietary lease or otherright of 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 bank" means a savings institution specifically chartered underthe laws of the Commonwealth, another state or a territory of the UnitedStates, the District of Columbia, or the United States as a savings bank. Theterm savings bank does not include a savings and loan association or buildingand loan association.
"Savings institution" means a savings and loan association, a building andloan association, or savings bank, whether organized as a capital stockcorporation or a nonstock corporation, that is authorized by law to acceptdeposits and to hold itself out to the public as engaged in the savingsinstitution business.
"Savings institution holding company" means any person who, directly orindirectly, or acting in concert with one or more other companies or with oneor more subsidiaries or affiliates, acquires, owns, controls or holds withpower to vote 25 percent or more of the voting shares of a stock savingsinstitution, or which controls in any manner the election of a majority ofthe directors of such institution.
"Service corporation" means a stock corporation, all of the stock of whichis owned (i) directly by one or more savings institutions or (ii) indirectlythrough a subsidiary or subsidiaries of one or more savings institutions.
"State association" means an association incorporated under the laws ofthe Commonwealth.
"State bank" means a bank incorporated under the laws of the Commonwealthand that has its principal business office in the Commonwealth.
"State savings bank" means a savings bank organized and incorporated underthe provisions of this chapter. A state savings bank shall not be subject tothe provisions of this chapter applicable only to state associations.
"State savings institution" means a savings institution incorporated underthe laws of the Commonwealth.
"Stock association" means an association that issues shares of capitalstock.
"Stock institution" means a savings institution that 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; 1960, c. 402; 1966, c. 584, 6.1-129, 6.1-13;1970, c. 396; 1972, c. 796, §§ 6.1-195.4, 6.1-195.57:1; 1975, c. 73; 1978, c.14; 1980, c. 350; 1982, cc. 80, 224; 1985, c. 425, ,§§ 6.1-194.2,6.1-194.40, 6.1-194.87; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1991, cc.228, 230, §§ 6.1-194.110, 6.1-194.131; 1996, cc. 16, 26; 1999, c. 77; 2010,c. 794.)
