6.1-194.13 - (Repealed effective October 1, 2010) Commissions, fees, etc., for sale of stock not permitted. - Virginia Statutes

§ 6.1-194.13. (Repealed effective October 1, 2010) Commissions, fees, etc.,for sale of stock not permitted.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 association to commence business if commissions, fees,brokerage, or other compensation, by whatever name it may be called, havebeen paid or contracted to be paid by the savings and loan association, or byanyone in its behalf, either directly or indirectly, to any person,partnership, association or corporation for the sale of stock in such savingsand loan association. Nothing herein shall be construed to prohibit anassociation which has been issued a certificate of authority and hascommenced operations from paying or contracting to pay such commissions orfees in connection with the issue or reissue of shares of stock of theassociation.

(1985, c. 425.)