6.1-194.28 - (Repealed effective October 1, 2010) Change of branch office location. - Virginia Statutes

§ 6.1-194.28. (Repealed effective October 1, 2010) Change of branch officelocation.

A. A state association shall not change the permanent location of a branchoffice without the prior approval of the Commission. An application to changethe location of a branch office shall be made in writing in such form as maybe prescribed by the Commission. Such application shall be approved by theCommission if the Commission finds that the change in location is in thepublic interest.

B. 1. Notwithstanding the provisions of subsection A of this section, a stateassociation may change the permanent location of a branch office, withoutapplying for the approval of the Commission, if the new location will bewithin a one mile radius of the old location of such branch office.

2. An association shall notify the Commissioner in writing, in such form asmay be prescribed by the Commissioner, at least sixty days before such officerelocation and may proceed with the relocation unless, within thirty days ofreceipt of the notice, the Commissioner notifies the association that therelocation does not satisfy the criteria set forth in the last sentence ofsubsection A of this section, in which case the association must file anapplication and obtain the approval of the Commission in accordance withsubsection A of this section. The association shall also notify theCommissioner in writing that the office relocation has been completed withinten days after the opening of the office at its new location.

C. The provisions of subsections A and B of this section shall also apply toforeign savings institutions authorized to transact business in theCommonwealth.

D. The provisions of this section shall also apply to the relocation of themain office of a state association if the association intends to acceptdeposits at the new location of the main office.

(1985, c. 425.)