§ 6.2-1135. (Effective October 1, 2010) Change of branch office location.
A. A state savings institution shall not change the permanent location of abranch office without the prior approval of the Commission. An application tochange the location of a branch office shall be made in writing in such formas may be prescribed by the Commission. Such application shall be approved bythe Commission if the Commission finds that the change in location is in thepublic interest.
B. Notwithstanding the provisions of subsection A, a state savingsinstitution may change the permanent location of a branch office, withoutapplying for the approval of the Commission, if the new location will bewithin a one mile radius of the old location of such branch office. In suchevent, the state savings institution shall notify the Commissioner inwriting, in such form as may be prescribed by the Commissioner, at least 60days before such office relocation and may proceed with the relocationunless, within 30 days of receipt of the notice, the Commissioner notifiesthe institution that the relocation is not in the public interest. In thatevent, the institution shall be required to file an application and obtainthe approval of the Commission in accordance with subsection A. Theinstitution shall also notify the Commissioner in writing that the officerelocation has been completed within 10 days after the opening of the officeat its new location.
C. The provisions of subsections A and B shall also apply to foreign savingsinstitutions authorized to transact business in the Commonwealth.
D. The provisions of this section shall also apply to the relocation of themain office of a state savings institution if it intends to accept depositsat the new location of the main office.
(1985, c. 425, § 6.1-194.28; 1991, c. 230, § 6.1-194.121; 2010, c. 794.)
§ 6.2-1135. (Effective October 1, 2010) Change of branch office location.
A. A state savings institution shall not change the permanent location of abranch office without the prior approval of the Commission. An application tochange the location of a branch office shall be made in writing in such formas may be prescribed by the Commission. Such application shall be approved bythe Commission if the Commission finds that the change in location is in thepublic interest.
B. Notwithstanding the provisions of subsection A, a state savingsinstitution may change the permanent location of a branch office, withoutapplying for the approval of the Commission, if the new location will bewithin a one mile radius of the old location of such branch office. In suchevent, the state savings institution shall notify the Commissioner inwriting, in such form as may be prescribed by the Commissioner, at least 60days before such office relocation and may proceed with the relocationunless, within 30 days of receipt of the notice, the Commissioner notifiesthe institution that the relocation is not in the public interest. In thatevent, the institution shall be required to file an application and obtainthe approval of the Commission in accordance with subsection A. Theinstitution shall also notify the Commissioner in writing that the officerelocation has been completed within 10 days after the opening of the officeat its new location.
C. The provisions of subsections A and B shall also apply to foreign savingsinstitutions authorized to transact business in the Commonwealth.
D. The provisions of this section shall also apply to the relocation of themain office of a state savings institution if it intends to accept depositsat the new location of the main office.
(1985, c. 425, § 6.1-194.28; 1991, c. 230, § 6.1-194.121; 2010, c. 794.)
§ 6.2-1135. (Effective October 1, 2010) Change of branch office location.
A. A state savings institution shall not change the permanent location of abranch office without the prior approval of the Commission. An application tochange the location of a branch office shall be made in writing in such formas may be prescribed by the Commission. Such application shall be approved bythe Commission if the Commission finds that the change in location is in thepublic interest.
B. Notwithstanding the provisions of subsection A, a state savingsinstitution may change the permanent location of a branch office, withoutapplying for the approval of the Commission, if the new location will bewithin a one mile radius of the old location of such branch office. In suchevent, the state savings institution shall notify the Commissioner inwriting, in such form as may be prescribed by the Commissioner, at least 60days before such office relocation and may proceed with the relocationunless, within 30 days of receipt of the notice, the Commissioner notifiesthe institution that the relocation is not in the public interest. In thatevent, the institution shall be required to file an application and obtainthe approval of the Commission in accordance with subsection A. Theinstitution shall also notify the Commissioner in writing that the officerelocation has been completed within 10 days after the opening of the officeat its new location.
C. The provisions of subsections A and B shall also apply to foreign savingsinstitutions authorized to transact business in the Commonwealth.
D. The provisions of this section shall also apply to the relocation of themain office of a state savings institution if it intends to accept depositsat the new location of the main office.
(1985, c. 425, § 6.1-194.28; 1991, c. 230, § 6.1-194.121; 2010, c. 794.)
