6.1-194.115 - (Repealed effective October 1, 2010) Commissions, fees, etc., for sale of stock not permitted. - Virginia Statutes

§ 6.1-194.115. (Repealed effective October 1, 2010) Commissions, fees, etc.,for sale of stock not permitted.

The State Corporation Commission shall not issue a certificate of authorityto any state savings bank to commence business if commissions, fees,brokerage, or other compensation, by whatever name it may be called, has beenpaid or contracted to be paid by the savings bank, or by anyone in itsbehalf, either directly or indirectly, to any person, partnership,association or corporation for the sale of stock in such savings bank.Nothing in this section shall be construed to prohibit a savings bank whichhas been issued a certificate of authority and has commenced operations frompaying or contracting to pay such commissions or fees in connection with theissue or reissue of shares of stock of the savings bank.

(1991, c. 230.)