13.1-504.1 - Brokerage services of savings and loan associations, savings banks or service corporations of either; when registration not required. - Virginia Statutes

§ 13.1-504.1. Brokerage services of savings and loan associations, savingsbanks or service corporations of either; when registration not required.

A savings and loan association or a savings bank, or the service corporationof either, may enter into an agreement with any person or entity which is aregistered broker-dealer under the applicable provisions of this chapter andunder the Securities Exchange Act of 1934, for the purpose of makingbrokerage services available to customers of the association or savings bank.The existence of such an agreement shall not of itself be sufficient torequire employees of the association, savings bank or service corporation toregister as an agent under the provisions of this article, so long as theemployees' activities with regard to such brokerage services are limited tothe providing of clerical or ministerial services.

(1984, c. 334.)