§ 6.2-1154. (Effective October 1, 2010) Revocation of certificate ofauthority of foreign savings institution.
A. The Commission may revoke a certificate of authority of a foreign savingsinstitution if:
1. The institution fails to conduct its business in the Commonwealth in amanner consistent with the laws of the Commonwealth;
2. The affairs of the institution are in an unsafe condition;
3. The institution refuses to comply with the orders of the Commission orrefuses to comply with a request by the Commissioner to review the books andrecords of the institution; or
4. The institution fails to pay any fees or taxes imposed by the laws of theCommonwealth.
B. The Commission may also revoke the certificate of authority of a foreignsavings institution at any time that the Commission determines that the statewhere the principal place of business of the foreign savings institution islocated has enacted or amended its laws or regulations, or takenadministrative action, so as to prohibit or unfairly impede a stateassociation or state savings bank from transacting business in that state.
(1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.)
§ 6.2-1154. (Effective October 1, 2010) Revocation of certificate ofauthority of foreign savings institution.
A. The Commission may revoke a certificate of authority of a foreign savingsinstitution if:
1. The institution fails to conduct its business in the Commonwealth in amanner consistent with the laws of the Commonwealth;
2. The affairs of the institution are in an unsafe condition;
3. The institution refuses to comply with the orders of the Commission orrefuses to comply with a request by the Commissioner to review the books andrecords of the institution; or
4. The institution fails to pay any fees or taxes imposed by the laws of theCommonwealth.
B. The Commission may also revoke the certificate of authority of a foreignsavings institution at any time that the Commission determines that the statewhere the principal place of business of the foreign savings institution islocated has enacted or amended its laws or regulations, or takenadministrative action, so as to prohibit or unfairly impede a stateassociation or state savings bank from transacting business in that state.
(1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.)
§ 6.2-1154. (Effective October 1, 2010) Revocation of certificate ofauthority of foreign savings institution.
A. The Commission may revoke a certificate of authority of a foreign savingsinstitution if:
1. The institution fails to conduct its business in the Commonwealth in amanner consistent with the laws of the Commonwealth;
2. The affairs of the institution are in an unsafe condition;
3. The institution refuses to comply with the orders of the Commission orrefuses to comply with a request by the Commissioner to review the books andrecords of the institution; or
4. The institution fails to pay any fees or taxes imposed by the laws of theCommonwealth.
B. The Commission may also revoke the certificate of authority of a foreignsavings institution at any time that the Commission determines that the statewhere the principal place of business of the foreign savings institution islocated has enacted or amended its laws or regulations, or takenadministrative action, so as to prohibit or unfairly impede a stateassociation or state savings bank from transacting business in that state.
(1985, c. 425, § 6.1-194.46; 1994, c. 353; 2010, c. 794.)
