6.1-194.46 - (Repealed effective October 1, 2010) Revocation of certificate of authority of foreign savings institution. - Virginia Statutes

§ 6.1-194.46. (Repealed effective October 1, 2010) Revocation of certificateof authority of foreign savings institution.

A. The Commission may revoke a certificate of authority of a foreign savingsinstitution if:

1. The institution fails to conduct its business in the Commonwealth in amanner consistent with the laws of the Commonwealth;

2. The affairs of the institution are in an unsafe condition;

3. The institution refuses to comply with the orders of the Commission orrefuses to comply with a request by the Commissioner to review the books andrecords of the institution; or

4. The institution fails to pay any fees or taxes imposed by the laws of theCommonwealth.

B. The Commission may also revoke the certificate of authority of a foreignsavings institution at any time that the Commission determines that the stateor territory where the principal place of business of the foreign savingsinstitution is located has enacted or amended its laws or regulations, ortaken administrative action, so as to prohibit or unfairly impede a stateassociation or state savings bank (as defined in § 6.1-194.110) fromtransacting business in such state or territory.

(1985, c. 425; 1994, c. 353.)