§ 6.2-1157. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution holding company.
A. Any savings institution holding company that does not have a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire a Virginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of business donot prohibit or unfairly impede a Virginia savings institution holdingcompany meeting the criteria in this article from acquiring savingsinstitutions or savings institution holding companies in that state;
2. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of businesspermit such savings institution holding company to be acquired by theVirginia savings institution holding company or Virginia savings institutionsought to be acquired. For purposes of this subsection, a Virginia savingsinstitution shall be treated as if it were a Virginia savings institutionholding company;
3. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of a savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution orsavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor savings institution holding company in such state by a savings institutionholding company all the savings institution subsidiaries of which are locatedin that state.
B. An out-of-state savings institution holding company that has a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire any Virginia savings institution or Virginia savings institutionholding company with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of the savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution or asavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor a savings institution holding company in such state by a savingsinstitution holding company all the savings institution subsidiaries of whichare located in that state.
(1985, c. 425, § 6.1-194.97; 1994, c. 353; 2010, c. 794.)
§ 6.2-1157. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution holding company.
A. Any savings institution holding company that does not have a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire a Virginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of business donot prohibit or unfairly impede a Virginia savings institution holdingcompany meeting the criteria in this article from acquiring savingsinstitutions or savings institution holding companies in that state;
2. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of businesspermit such savings institution holding company to be acquired by theVirginia savings institution holding company or Virginia savings institutionsought to be acquired. For purposes of this subsection, a Virginia savingsinstitution shall be treated as if it were a Virginia savings institutionholding company;
3. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of a savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution orsavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor savings institution holding company in such state by a savings institutionholding company all the savings institution subsidiaries of which are locatedin that state.
B. An out-of-state savings institution holding company that has a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire any Virginia savings institution or Virginia savings institutionholding company with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of the savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution or asavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor a savings institution holding company in such state by a savingsinstitution holding company all the savings institution subsidiaries of whichare located in that state.
(1985, c. 425, § 6.1-194.97; 1994, c. 353; 2010, c. 794.)
§ 6.2-1157. (Effective October 1, 2010) Acquisitions by out-of-state savingsinstitution holding company.
A. Any savings institution holding company that does not have a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire a Virginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of business donot prohibit or unfairly impede a Virginia savings institution holdingcompany meeting the criteria in this article from acquiring savingsinstitutions or savings institution holding companies in that state;
2. Determines that the laws of the state in which the savings institutionholding company making the acquisition has its principal place of businesspermit such savings institution holding company to be acquired by theVirginia savings institution holding company or Virginia savings institutionsought to be acquired. For purposes of this subsection, a Virginia savingsinstitution shall be treated as if it were a Virginia savings institutionholding company;
3. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of a savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
4. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution orsavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor savings institution holding company in such state by a savings institutionholding company all the savings institution subsidiaries of which are locatedin that state.
B. An out-of-state savings institution holding company that has a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire any Virginia savings institution or Virginia savings institutionholding company with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved if the Commission:
1. Determines either that the Virginia savings institution sought to beacquired has been in existence and continuously operating for more than twoyears or that all of the savings institution subsidiaries of the Virginiasavings institution holding company sought to be acquired have been inexistence and continuously operating for more than two years. The Commissionmay approve the acquisition by such savings institution holding company ofall or substantially all of the shares of the savings institution organizedsolely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
2. Makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aVirginia savings institution holding company of a savings institution or asavings institution holding company in the state where such savingsinstitution holding company making the acquisition has its principal place ofbusiness but that would not apply to the acquisition of a savings institutionor a savings institution holding company in such state by a savingsinstitution holding company all the savings institution subsidiaries of whichare located in that state.
(1985, c. 425, § 6.1-194.97; 1994, c. 353; 2010, c. 794.)
