§ 6.2-1195. (Effective October 1, 2010) Examination of state savingsinstitutions and affiliates by Commissioner; report of examination.
A. As used in this section, the term "affiliate of any state savingsinstitution" means any entity (i) of which the state savings institution,directly or indirectly, owns or controls either a majority of the votingshares or more than 50 percent of the number of shares voted for the electionof its directors, trustees, or other persons exercising similar functions atthe preceding election, or controls in any manner the election of a majorityof its directors, trustees, or other persons, exercising similar functions,(ii) of which control is held, directly or indirectly, through stockownership or in any other manner, by the shareholders of such state savingsinstitution who own or control either a majority of the shares of the statesavings institution or more than 50 percent of the number of shares voted forthe election of directors of the state savings institution at the precedingelection, or by trustees for the benefit of the shareholders of the statesavings institution, or (iii) of which a majority of the directors, trustees,or other persons exercising similar functions are directors of the statesavings institution.
B. The Commissioner shall, not less than once during any period of threeconsecutive calendar years, or at such additional times as he deemsnecessary, with or without previous notice, examine each state savingsinstitution. A copy of the report of all examinations shall be furnished tothe savings institution. The report shall be presented by the president orother chief executive officer to the directors at their next meeting.
C. No other copies of a report of examination shall be made except asnecessary for review by officers and directors of the state savingsinstitution. Copies of the report made for officers and directors of thesavings institution shall not be removed from the premises of such savingsinstitution and shall be destroyed after the review has been completed. Theoriginal examination report shall be kept among the records of the Bureau.Upon resolution of the board of directors of a savings institution,examination reports may be inspected in the savings institution by such otherpersons as the board may specify.
D. In connection with the examination of any state savings institution, theCommission may make or cause to be made an examination of the affiliates ofthe state savings institution as shall be necessary to ascertain thefinancial condition of the savings institution and disclose fully therelations between the savings institution and its affiliates and the effectof such relations upon the affairs of the savings institution.
E. Upon written application made to the Commission by the board of directorsor by the stockholders representing two-fifths of the total outstandingcapital stock of any savings institution incorporated under the laws of anddoing business in the Commonwealth, or when, in the judgment of theCommission, it may be necessary for the protection of the public or ofpersons depositing or dealing with such state savings institution, theCommission shall cause to be made a special examination of such state savingsinstitution. All expenses incident to such special examination may be chargedto the state savings institution so examined and shall be paid by the savingsinstitution so charged.
(Code 1950, § 6-201.54; 1960, c. 402; 1966, c. 584, § 6.1-184; 1972, c. 796,§ 6.1-195.64; 1976, c. 82; 1985, c. 425, § 6.1-194.79; 1991, c. 230, §6.1-194.145; 1992, c. 224; 1996, c. 80; 1997, c. 50; 2010, c. 794.)
§ 6.2-1195. (Effective October 1, 2010) Examination of state savingsinstitutions and affiliates by Commissioner; report of examination.
A. As used in this section, the term "affiliate of any state savingsinstitution" means any entity (i) of which the state savings institution,directly or indirectly, owns or controls either a majority of the votingshares or more than 50 percent of the number of shares voted for the electionof its directors, trustees, or other persons exercising similar functions atthe preceding election, or controls in any manner the election of a majorityof its directors, trustees, or other persons, exercising similar functions,(ii) of which control is held, directly or indirectly, through stockownership or in any other manner, by the shareholders of such state savingsinstitution who own or control either a majority of the shares of the statesavings institution or more than 50 percent of the number of shares voted forthe election of directors of the state savings institution at the precedingelection, or by trustees for the benefit of the shareholders of the statesavings institution, or (iii) of which a majority of the directors, trustees,or other persons exercising similar functions are directors of the statesavings institution.
B. The Commissioner shall, not less than once during any period of threeconsecutive calendar years, or at such additional times as he deemsnecessary, with or without previous notice, examine each state savingsinstitution. A copy of the report of all examinations shall be furnished tothe savings institution. The report shall be presented by the president orother chief executive officer to the directors at their next meeting.
C. No other copies of a report of examination shall be made except asnecessary for review by officers and directors of the state savingsinstitution. Copies of the report made for officers and directors of thesavings institution shall not be removed from the premises of such savingsinstitution and shall be destroyed after the review has been completed. Theoriginal examination report shall be kept among the records of the Bureau.Upon resolution of the board of directors of a savings institution,examination reports may be inspected in the savings institution by such otherpersons as the board may specify.
D. In connection with the examination of any state savings institution, theCommission may make or cause to be made an examination of the affiliates ofthe state savings institution as shall be necessary to ascertain thefinancial condition of the savings institution and disclose fully therelations between the savings institution and its affiliates and the effectof such relations upon the affairs of the savings institution.
E. Upon written application made to the Commission by the board of directorsor by the stockholders representing two-fifths of the total outstandingcapital stock of any savings institution incorporated under the laws of anddoing business in the Commonwealth, or when, in the judgment of theCommission, it may be necessary for the protection of the public or ofpersons depositing or dealing with such state savings institution, theCommission shall cause to be made a special examination of such state savingsinstitution. All expenses incident to such special examination may be chargedto the state savings institution so examined and shall be paid by the savingsinstitution so charged.
(Code 1950, § 6-201.54; 1960, c. 402; 1966, c. 584, § 6.1-184; 1972, c. 796,§ 6.1-195.64; 1976, c. 82; 1985, c. 425, § 6.1-194.79; 1991, c. 230, §6.1-194.145; 1992, c. 224; 1996, c. 80; 1997, c. 50; 2010, c. 794.)
§ 6.2-1195. (Effective October 1, 2010) Examination of state savingsinstitutions and affiliates by Commissioner; report of examination.
A. As used in this section, the term "affiliate of any state savingsinstitution" means any entity (i) of which the state savings institution,directly or indirectly, owns or controls either a majority of the votingshares or more than 50 percent of the number of shares voted for the electionof its directors, trustees, or other persons exercising similar functions atthe preceding election, or controls in any manner the election of a majorityof its directors, trustees, or other persons, exercising similar functions,(ii) of which control is held, directly or indirectly, through stockownership or in any other manner, by the shareholders of such state savingsinstitution who own or control either a majority of the shares of the statesavings institution or more than 50 percent of the number of shares voted forthe election of directors of the state savings institution at the precedingelection, or by trustees for the benefit of the shareholders of the statesavings institution, or (iii) of which a majority of the directors, trustees,or other persons exercising similar functions are directors of the statesavings institution.
B. The Commissioner shall, not less than once during any period of threeconsecutive calendar years, or at such additional times as he deemsnecessary, with or without previous notice, examine each state savingsinstitution. A copy of the report of all examinations shall be furnished tothe savings institution. The report shall be presented by the president orother chief executive officer to the directors at their next meeting.
C. No other copies of a report of examination shall be made except asnecessary for review by officers and directors of the state savingsinstitution. Copies of the report made for officers and directors of thesavings institution shall not be removed from the premises of such savingsinstitution and shall be destroyed after the review has been completed. Theoriginal examination report shall be kept among the records of the Bureau.Upon resolution of the board of directors of a savings institution,examination reports may be inspected in the savings institution by such otherpersons as the board may specify.
D. In connection with the examination of any state savings institution, theCommission may make or cause to be made an examination of the affiliates ofthe state savings institution as shall be necessary to ascertain thefinancial condition of the savings institution and disclose fully therelations between the savings institution and its affiliates and the effectof such relations upon the affairs of the savings institution.
E. Upon written application made to the Commission by the board of directorsor by the stockholders representing two-fifths of the total outstandingcapital stock of any savings institution incorporated under the laws of anddoing business in the Commonwealth, or when, in the judgment of theCommission, it may be necessary for the protection of the public or ofpersons depositing or dealing with such state savings institution, theCommission shall cause to be made a special examination of such state savingsinstitution. All expenses incident to such special examination may be chargedto the state savings institution so examined and shall be paid by the savingsinstitution so charged.
(Code 1950, § 6-201.54; 1960, c. 402; 1966, c. 584, § 6.1-184; 1972, c. 796,§ 6.1-195.64; 1976, c. 82; 1985, c. 425, § 6.1-194.79; 1991, c. 230, §6.1-194.145; 1992, c. 224; 1996, c. 80; 1997, c. 50; 2010, c. 794.)
