6.1-194.152 - (Repealed effective October 1, 2010) Acquisition of control of state savings bank. - Virginia Statutes

§ 6.1-194.152. (Repealed effective October 1, 2010) Acquisition of control ofstate savings bank.

No person, whether acting alone or in concert with others, shall acquireownership or control of twenty-five percent or more of the voting shares of astock state savings bank, or otherwise control the election of a majority ofthe directors of such bank, without the approval of the Commission. TheCommission shall not approve the proposed acquisition unless it finds thatthe savings bank will continue to operate in a safe and sound manner and theacquisition is otherwise in the public interest.

(1991, c. 230.)