§ 6.2-1149. (Effective October 1, 2010) Foreign savings institutions;certificate of authority.
A. A foreign savings institution shall not transact a savings institutionbusiness in the Commonwealth unless it first receives from the Commission acertificate of authority to do so.
B. A foreign savings institution may apply to the Commission for acertificate of authority by paying the filing fee prescribed by theCommission and filing an application that shall include:
1. A copy of its articles of incorporation and bylaws, certified as a truecopy by the public officer having custody of the original articles and bylaws;
2. Evidence satisfactory to the Commission that its accounts are insured bythe Federal Deposit Insurance Corporation or other federal insurance agencysatisfactory to the Commissioner; and
3. Such other information as the Commission may require.
C. The Commission shall issue a certificate of authority to the foreignsavings institution when:
1. The Commissioner has examined the application of the institution andinvestigated and determined that the institution meets the requirements of §6.2-1118;
2. The Commissioner has verified the financial status of the institution byconducting such examination of its assets and its records as the Commissionshall deem appropriate for the purpose of ascertaining whether they meet therequirements of this chapter with regard to state associations;
3. The Commissioner is satisfied that the institution is in sound financialcondition, and that it is conducting its business, and will conduct itsbusiness in the Commonwealth, in a manner consistent with the laws of theCommonwealth; and
4. The Commissioner is satisfied that the laws, regulations or administrativeactions of the state or territory where the principal office of the applicantis located do not prohibit or unfairly impede a state association or statesavings bank from transacting business in such state or territory.
D. In meeting the requirements set out in subdivisions C 1, C 2, and C 3, theCommissioner may rely on examinations, audits and other information providedby the federal and state supervisory authorities charged with theresponsibility of regulating and supervising savings institutions in thestate where the applicant's principal place of business is located. Prior toissuing a certificate of authority to the foreign savings institution, theCommission shall enter into cooperative agreements with the appropriateregulatory authorities for the periodic examination of the foreign savingsinstitution. The Commission may accept reports of examination and otherrecords from such authorities in lieu of conducting its own examinations.
(1985, c. 425, § 6.1-194.41; 1986, cc. 500, 509; 1987, c. 289; 1990, c. 3;1994, c. 353; 2010, c. 794.)
§ 6.2-1149. (Effective October 1, 2010) Foreign savings institutions;certificate of authority.
A. A foreign savings institution shall not transact a savings institutionbusiness in the Commonwealth unless it first receives from the Commission acertificate of authority to do so.
B. A foreign savings institution may apply to the Commission for acertificate of authority by paying the filing fee prescribed by theCommission and filing an application that shall include:
1. A copy of its articles of incorporation and bylaws, certified as a truecopy by the public officer having custody of the original articles and bylaws;
2. Evidence satisfactory to the Commission that its accounts are insured bythe Federal Deposit Insurance Corporation or other federal insurance agencysatisfactory to the Commissioner; and
3. Such other information as the Commission may require.
C. The Commission shall issue a certificate of authority to the foreignsavings institution when:
1. The Commissioner has examined the application of the institution andinvestigated and determined that the institution meets the requirements of §6.2-1118;
2. The Commissioner has verified the financial status of the institution byconducting such examination of its assets and its records as the Commissionshall deem appropriate for the purpose of ascertaining whether they meet therequirements of this chapter with regard to state associations;
3. The Commissioner is satisfied that the institution is in sound financialcondition, and that it is conducting its business, and will conduct itsbusiness in the Commonwealth, in a manner consistent with the laws of theCommonwealth; and
4. The Commissioner is satisfied that the laws, regulations or administrativeactions of the state or territory where the principal office of the applicantis located do not prohibit or unfairly impede a state association or statesavings bank from transacting business in such state or territory.
D. In meeting the requirements set out in subdivisions C 1, C 2, and C 3, theCommissioner may rely on examinations, audits and other information providedby the federal and state supervisory authorities charged with theresponsibility of regulating and supervising savings institutions in thestate where the applicant's principal place of business is located. Prior toissuing a certificate of authority to the foreign savings institution, theCommission shall enter into cooperative agreements with the appropriateregulatory authorities for the periodic examination of the foreign savingsinstitution. The Commission may accept reports of examination and otherrecords from such authorities in lieu of conducting its own examinations.
(1985, c. 425, § 6.1-194.41; 1986, cc. 500, 509; 1987, c. 289; 1990, c. 3;1994, c. 353; 2010, c. 794.)
§ 6.2-1149. (Effective October 1, 2010) Foreign savings institutions;certificate of authority.
A. A foreign savings institution shall not transact a savings institutionbusiness in the Commonwealth unless it first receives from the Commission acertificate of authority to do so.
B. A foreign savings institution may apply to the Commission for acertificate of authority by paying the filing fee prescribed by theCommission and filing an application that shall include:
1. A copy of its articles of incorporation and bylaws, certified as a truecopy by the public officer having custody of the original articles and bylaws;
2. Evidence satisfactory to the Commission that its accounts are insured bythe Federal Deposit Insurance Corporation or other federal insurance agencysatisfactory to the Commissioner; and
3. Such other information as the Commission may require.
C. The Commission shall issue a certificate of authority to the foreignsavings institution when:
1. The Commissioner has examined the application of the institution andinvestigated and determined that the institution meets the requirements of §6.2-1118;
2. The Commissioner has verified the financial status of the institution byconducting such examination of its assets and its records as the Commissionshall deem appropriate for the purpose of ascertaining whether they meet therequirements of this chapter with regard to state associations;
3. The Commissioner is satisfied that the institution is in sound financialcondition, and that it is conducting its business, and will conduct itsbusiness in the Commonwealth, in a manner consistent with the laws of theCommonwealth; and
4. The Commissioner is satisfied that the laws, regulations or administrativeactions of the state or territory where the principal office of the applicantis located do not prohibit or unfairly impede a state association or statesavings bank from transacting business in such state or territory.
D. In meeting the requirements set out in subdivisions C 1, C 2, and C 3, theCommissioner may rely on examinations, audits and other information providedby the federal and state supervisory authorities charged with theresponsibility of regulating and supervising savings institutions in thestate where the applicant's principal place of business is located. Prior toissuing a certificate of authority to the foreign savings institution, theCommission shall enter into cooperative agreements with the appropriateregulatory authorities for the periodic examination of the foreign savingsinstitution. The Commission may accept reports of examination and otherrecords from such authorities in lieu of conducting its own examinations.
(1985, c. 425, § 6.1-194.41; 1986, cc. 500, 509; 1987, c. 289; 1990, c. 3;1994, c. 353; 2010, c. 794.)
