§ 6.2-1144. (Effective October 1, 2010) Conversion from stock savingsinstitution to bank.
A. A state stock association or state savings bank may be converted into abank by the amendment of its articles of incorporation in compliance with theprocedure established by Title 13.1, provided that such conversion isapproved in advance by the Commission. Prior to approving or disapproving aconversion, the Commission shall investigate the application to convert as ifit were an application for a certificate of authority to begin a bankingbusiness, and approval shall not be granted unless the applicant meets thestandards established by § 6.2-816. The order granting a certificate ofauthority to do a banking business shall designate the main office of thesavings institution as the main office of the resulting bank, and theresulting bank shall be permitted to operate all branch offices of thesavings institution that could have been established de novo by a bank havingits main office at such location or which were in operation for at least fiveyears prior to the date of the order permitting conversion. Within one yearof the date of a conversion, the resulting bank shall conform its assets andoperations to the provisions of law regulating the operation of banks. TheCommission may grant such resulting bank additional one-year periods, not toexceed a total of four additional years, in which to conform its assets andoperations to the provisions of laws regulating the operation of banks.
B. A bank may be converted into a savings bank upon compliance with theprocedure set forth in § 6.2-829, or into a stock association upon compliancewith the procedure set forth in § 6.2-830.
(1972, c. 796, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425, § 6.1-194.38;1991, c. 230, § 6.1-194.129; 2010, c. 794.)
§ 6.2-1144. (Effective October 1, 2010) Conversion from stock savingsinstitution to bank.
A. A state stock association or state savings bank may be converted into abank by the amendment of its articles of incorporation in compliance with theprocedure established by Title 13.1, provided that such conversion isapproved in advance by the Commission. Prior to approving or disapproving aconversion, the Commission shall investigate the application to convert as ifit were an application for a certificate of authority to begin a bankingbusiness, and approval shall not be granted unless the applicant meets thestandards established by § 6.2-816. The order granting a certificate ofauthority to do a banking business shall designate the main office of thesavings institution as the main office of the resulting bank, and theresulting bank shall be permitted to operate all branch offices of thesavings institution that could have been established de novo by a bank havingits main office at such location or which were in operation for at least fiveyears prior to the date of the order permitting conversion. Within one yearof the date of a conversion, the resulting bank shall conform its assets andoperations to the provisions of law regulating the operation of banks. TheCommission may grant such resulting bank additional one-year periods, not toexceed a total of four additional years, in which to conform its assets andoperations to the provisions of laws regulating the operation of banks.
B. A bank may be converted into a savings bank upon compliance with theprocedure set forth in § 6.2-829, or into a stock association upon compliancewith the procedure set forth in § 6.2-830.
(1972, c. 796, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425, § 6.1-194.38;1991, c. 230, § 6.1-194.129; 2010, c. 794.)
§ 6.2-1144. (Effective October 1, 2010) Conversion from stock savingsinstitution to bank.
A. A state stock association or state savings bank may be converted into abank by the amendment of its articles of incorporation in compliance with theprocedure established by Title 13.1, provided that such conversion isapproved in advance by the Commission. Prior to approving or disapproving aconversion, the Commission shall investigate the application to convert as ifit were an application for a certificate of authority to begin a bankingbusiness, and approval shall not be granted unless the applicant meets thestandards established by § 6.2-816. The order granting a certificate ofauthority to do a banking business shall designate the main office of thesavings institution as the main office of the resulting bank, and theresulting bank shall be permitted to operate all branch offices of thesavings institution that could have been established de novo by a bank havingits main office at such location or which were in operation for at least fiveyears prior to the date of the order permitting conversion. Within one yearof the date of a conversion, the resulting bank shall conform its assets andoperations to the provisions of law regulating the operation of banks. TheCommission may grant such resulting bank additional one-year periods, not toexceed a total of four additional years, in which to conform its assets andoperations to the provisions of laws regulating the operation of banks.
B. A bank may be converted into a savings bank upon compliance with theprocedure set forth in § 6.2-829, or into a stock association upon compliancewith the procedure set forth in § 6.2-830.
(1972, c. 796, § 6.1-195.57:2; 1982, c. 224; 1985, c. 425, § 6.1-194.38;1991, c. 230, § 6.1-194.129; 2010, c. 794.)
