6.1-194.4 - (Repealed effective October 1, 2010) Facilitating organizations or instrumentalities. - Virginia Statutes

§ 6.1-194.4. (Repealed effective October 1, 2010) Facilitating organizationsor instrumentalities.

Every savings institution shall have the power to become a member of, dealwith, maintain reserves or deposits with, or make reasonable payments orcontributions to any organization or instrumentality, government or private,to the extent that such organization or instrumentality assists in furtheringor facilitating the institution's purposes, powers, services or communityresponsibilities, and to comply with any reasonable requirements orconditions of eligibility. However, this section shall not be construed soas to permit a savings institution to establish deposit or reserve accountswith any financial institution or other entity the accounts of which are notinsured by federal agency or other insurer approved by the Commissioner.

(1985, c. 425.)