§ 6.2-1141. (Effective October 1, 2010) Conversion of state savingsinstitution into federal financial institution.
A. A state savings institution may convert into a federal financialinstitution as follows:
1. At any meeting of the members or stockholders called and held inaccordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) orthe Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members or stockholders, by an affirmative vote of those holdingand voting two-thirds of the votes present in person or by proxy, may resolveto convert the state savings institution into a federal financial institution;
2. A copy of the minutes of the meeting duly certified by the president orvice-president and the secretary or assistant secretary of the state savingsinstitution shall be transmitted to the Commission;
3. Thereafter, the state savings institution shall take such action as isnecessary under federal law to make it a federal financial institution; and
4. The savings institution shall file with the Commission a certified copy ofthe charter issued to it by the federal chartering authority or a certificateof that authority showing the organization of the state savings institutionas a federal financial institution.
B. Upon the filing of the certified copy of a charter or certificate ofauthority as provided in subdivision A 4, the savings institution shall ceaseto be a state savings institution.
C. No state savings institution shall convert into a federal financialinstitution until it has been in operation as a state savings institution fora period of at least five years.
D. When a conversion of a state savings institution into federal financialinstitution becomes effective, the state savings institution shall cease tobe a Virginia corporation and all its property, by operation of law andwithout any further act or deed, shall continue to be vested in it under itsnew name as a federal financial institution and under its federal charter.The federal financial institution shall have, hold and enjoy the same in itsown right as fully and to the same extent as the same was possessed, held andenjoyed by it as a state savings institution. The federal financialinstitution, at the time of the taking effect of the conversion, shallbecome, and continue to be, responsible for all of the obligations of thestate savings institution, including taxes and other liabilities created bylaw or incurred by it before becoming a federal financial institution, to thesame extent as though the conversion had not taken place.
(Code 1950, §§ 6-201.43, 6-201.44; 1960, c. 402; 1966, c. 584, §§ 6.1-173,6.1-174; 1972, c. 796, §§ 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985, c. 425,§§ 6.1-194.33, 6.1-194.34; 1990, c. 3; 1991, c. 230, §§ 6.1-194.124,6.1-194.125; 1995, c. 133; 2010, c. 794.)
§ 6.2-1141. (Effective October 1, 2010) Conversion of state savingsinstitution into federal financial institution.
A. A state savings institution may convert into a federal financialinstitution as follows:
1. At any meeting of the members or stockholders called and held inaccordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) orthe Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members or stockholders, by an affirmative vote of those holdingand voting two-thirds of the votes present in person or by proxy, may resolveto convert the state savings institution into a federal financial institution;
2. A copy of the minutes of the meeting duly certified by the president orvice-president and the secretary or assistant secretary of the state savingsinstitution shall be transmitted to the Commission;
3. Thereafter, the state savings institution shall take such action as isnecessary under federal law to make it a federal financial institution; and
4. The savings institution shall file with the Commission a certified copy ofthe charter issued to it by the federal chartering authority or a certificateof that authority showing the organization of the state savings institutionas a federal financial institution.
B. Upon the filing of the certified copy of a charter or certificate ofauthority as provided in subdivision A 4, the savings institution shall ceaseto be a state savings institution.
C. No state savings institution shall convert into a federal financialinstitution until it has been in operation as a state savings institution fora period of at least five years.
D. When a conversion of a state savings institution into federal financialinstitution becomes effective, the state savings institution shall cease tobe a Virginia corporation and all its property, by operation of law andwithout any further act or deed, shall continue to be vested in it under itsnew name as a federal financial institution and under its federal charter.The federal financial institution shall have, hold and enjoy the same in itsown right as fully and to the same extent as the same was possessed, held andenjoyed by it as a state savings institution. The federal financialinstitution, at the time of the taking effect of the conversion, shallbecome, and continue to be, responsible for all of the obligations of thestate savings institution, including taxes and other liabilities created bylaw or incurred by it before becoming a federal financial institution, to thesame extent as though the conversion had not taken place.
(Code 1950, §§ 6-201.43, 6-201.44; 1960, c. 402; 1966, c. 584, §§ 6.1-173,6.1-174; 1972, c. 796, §§ 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985, c. 425,§§ 6.1-194.33, 6.1-194.34; 1990, c. 3; 1991, c. 230, §§ 6.1-194.124,6.1-194.125; 1995, c. 133; 2010, c. 794.)
§ 6.2-1141. (Effective October 1, 2010) Conversion of state savingsinstitution into federal financial institution.
A. A state savings institution may convert into a federal financialinstitution as follows:
1. At any meeting of the members or stockholders called and held inaccordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) orthe Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members or stockholders, by an affirmative vote of those holdingand voting two-thirds of the votes present in person or by proxy, may resolveto convert the state savings institution into a federal financial institution;
2. A copy of the minutes of the meeting duly certified by the president orvice-president and the secretary or assistant secretary of the state savingsinstitution shall be transmitted to the Commission;
3. Thereafter, the state savings institution shall take such action as isnecessary under federal law to make it a federal financial institution; and
4. The savings institution shall file with the Commission a certified copy ofthe charter issued to it by the federal chartering authority or a certificateof that authority showing the organization of the state savings institutionas a federal financial institution.
B. Upon the filing of the certified copy of a charter or certificate ofauthority as provided in subdivision A 4, the savings institution shall ceaseto be a state savings institution.
C. No state savings institution shall convert into a federal financialinstitution until it has been in operation as a state savings institution fora period of at least five years.
D. When a conversion of a state savings institution into federal financialinstitution becomes effective, the state savings institution shall cease tobe a Virginia corporation and all its property, by operation of law andwithout any further act or deed, shall continue to be vested in it under itsnew name as a federal financial institution and under its federal charter.The federal financial institution shall have, hold and enjoy the same in itsown right as fully and to the same extent as the same was possessed, held andenjoyed by it as a state savings institution. The federal financialinstitution, at the time of the taking effect of the conversion, shallbecome, and continue to be, responsible for all of the obligations of thestate savings institution, including taxes and other liabilities created bylaw or incurred by it before becoming a federal financial institution, to thesame extent as though the conversion had not taken place.
(Code 1950, §§ 6-201.43, 6-201.44; 1960, c. 402; 1966, c. 584, §§ 6.1-173,6.1-174; 1972, c. 796, §§ 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985, c. 425,§§ 6.1-194.33, 6.1-194.34; 1990, c. 3; 1991, c. 230, §§ 6.1-194.124,6.1-194.125; 1995, c. 133; 2010, c. 794.)
