§ 6.2-1133. (Effective October 1, 2010) Offices and other facilities of stateand foreign savings institutions; approval of branch offices required.
A. A state savings institution may establish and operate such offices andother facilities as are authorized by its board of directors. A state savingsinstitution shall not establish a branch office or other office or facilitywhere deposits are accepted without obtaining the prior approval of theCommission as provided in subsection B. Prior to establishing or permanentlyclosing any office or other facility, a state association shall give at least30 days' written notice to the Commissioner, in such form as may beprescribed by the Commissioner. Prior to establishing, relocating, orpermanently closing any office or other facility of the savings bank or anyof its affiliates, a savings bank shall give at least 30 days' written noticeto the Commissioner, in such form as may be prescribed by the Commissioner. Asavings institution shall also give written notice to the Commission, in suchform as may be prescribed by the Commission, within 10 days after it hasestablished or permanently closed an office or other facility, and if theinstitution is a savings bank, it shall give such written notice to theCommission within 10 days after it has relocated any such office or otherfacility.
B. Applications for authorization to establish a branch office or otheroffice or facility where deposits are accepted shall be made in writing, insuch form as may be prescribed by the Commission. Upon review of a savingsinstitution's application and any other information that the Commission mayreasonably require, the Commission shall approve the establishment of suchoffice or facility if it is satisfied that the public interest will be servedthereby and, if the applicant is a savings bank, that it has sufficientcapital to warrant additional expansion. Such offices or facilities may beclosed without the prior approval of the Commission. However, written noticeof the closing of such an office shall be given to the Commissioner asprovided in subsection A.
C. The requirements of subsections A and B shall also apply to theestablishment and closing of the offices of a foreign savings institutionauthorized to transact business in the Commonwealth.
(Code 1950, § 6-201.41; 1960, c. 402; 1966, c. 584, § 6.1-171; 1970, c. 397;1972, c. 796, § 6.1-195.48; 1976, c. 658; 1978, c. 683; 1985, c. 425, §6.1-194.26; 1991, c. 230, § 6.1-194.119; 2010, c. 794.)
§ 6.2-1133. (Effective October 1, 2010) Offices and other facilities of stateand foreign savings institutions; approval of branch offices required.
A. A state savings institution may establish and operate such offices andother facilities as are authorized by its board of directors. A state savingsinstitution shall not establish a branch office or other office or facilitywhere deposits are accepted without obtaining the prior approval of theCommission as provided in subsection B. Prior to establishing or permanentlyclosing any office or other facility, a state association shall give at least30 days' written notice to the Commissioner, in such form as may beprescribed by the Commissioner. Prior to establishing, relocating, orpermanently closing any office or other facility of the savings bank or anyof its affiliates, a savings bank shall give at least 30 days' written noticeto the Commissioner, in such form as may be prescribed by the Commissioner. Asavings institution shall also give written notice to the Commission, in suchform as may be prescribed by the Commission, within 10 days after it hasestablished or permanently closed an office or other facility, and if theinstitution is a savings bank, it shall give such written notice to theCommission within 10 days after it has relocated any such office or otherfacility.
B. Applications for authorization to establish a branch office or otheroffice or facility where deposits are accepted shall be made in writing, insuch form as may be prescribed by the Commission. Upon review of a savingsinstitution's application and any other information that the Commission mayreasonably require, the Commission shall approve the establishment of suchoffice or facility if it is satisfied that the public interest will be servedthereby and, if the applicant is a savings bank, that it has sufficientcapital to warrant additional expansion. Such offices or facilities may beclosed without the prior approval of the Commission. However, written noticeof the closing of such an office shall be given to the Commissioner asprovided in subsection A.
C. The requirements of subsections A and B shall also apply to theestablishment and closing of the offices of a foreign savings institutionauthorized to transact business in the Commonwealth.
(Code 1950, § 6-201.41; 1960, c. 402; 1966, c. 584, § 6.1-171; 1970, c. 397;1972, c. 796, § 6.1-195.48; 1976, c. 658; 1978, c. 683; 1985, c. 425, §6.1-194.26; 1991, c. 230, § 6.1-194.119; 2010, c. 794.)
§ 6.2-1133. (Effective October 1, 2010) Offices and other facilities of stateand foreign savings institutions; approval of branch offices required.
A. A state savings institution may establish and operate such offices andother facilities as are authorized by its board of directors. A state savingsinstitution shall not establish a branch office or other office or facilitywhere deposits are accepted without obtaining the prior approval of theCommission as provided in subsection B. Prior to establishing or permanentlyclosing any office or other facility, a state association shall give at least30 days' written notice to the Commissioner, in such form as may beprescribed by the Commissioner. Prior to establishing, relocating, orpermanently closing any office or other facility of the savings bank or anyof its affiliates, a savings bank shall give at least 30 days' written noticeto the Commissioner, in such form as may be prescribed by the Commissioner. Asavings institution shall also give written notice to the Commission, in suchform as may be prescribed by the Commission, within 10 days after it hasestablished or permanently closed an office or other facility, and if theinstitution is a savings bank, it shall give such written notice to theCommission within 10 days after it has relocated any such office or otherfacility.
B. Applications for authorization to establish a branch office or otheroffice or facility where deposits are accepted shall be made in writing, insuch form as may be prescribed by the Commission. Upon review of a savingsinstitution's application and any other information that the Commission mayreasonably require, the Commission shall approve the establishment of suchoffice or facility if it is satisfied that the public interest will be servedthereby and, if the applicant is a savings bank, that it has sufficientcapital to warrant additional expansion. Such offices or facilities may beclosed without the prior approval of the Commission. However, written noticeof the closing of such an office shall be given to the Commissioner asprovided in subsection A.
C. The requirements of subsections A and B shall also apply to theestablishment and closing of the offices of a foreign savings institutionauthorized to transact business in the Commonwealth.
(Code 1950, § 6-201.41; 1960, c. 402; 1966, c. 584, § 6.1-171; 1970, c. 397;1972, c. 796, § 6.1-195.48; 1976, c. 658; 1978, c. 683; 1985, c. 425, §6.1-194.26; 1991, c. 230, § 6.1-194.119; 2010, c. 794.)
