6.1-194.87 - (Repealed effective October 1, 2010) Regulation of savings institution holding companies. - Virginia Statutes

§ 6.1-194.87. (Repealed effective October 1, 2010) Regulation of savingsinstitution holding companies.

A. Any person which, directly or indirectly, or acting in concert with one ormore other companies or with one or more subsidiaries or affiliates,acquires, owns, controls or holds with power to vote twenty-five percent ormore of the voting shares of a stock savings institution, or which controlsin any manner the election of a majority of the directors of suchinstitution, shall for purposes of this chapter be deemed to be a savingsinstitution holding company.

B. The Commission may promulgate regulations governing savings institutionholding companies doing business in the Commonwealth, including theactivities of such companies and their subsidiaries. Any savings institutionholding company which does not have any subsidiaries which are state savingsinstitutions and which is subject to regulations adopted by the appropriatefederal authority shall be deemed to be in substantial compliance with theregulations promulgated by the Commission if it is in compliance with theregulations promulgated by the appropriate federal authority.

C. Notwithstanding the provisions of subsection B of this section, no person,whether acting alone or in concert with others, shall acquire ownership orcontrol of twenty-five percent or more of the voting shares of a state stocksavings institution, or otherwise control the election of a majority of thedirectors of such institution, without the approval of the Commission. TheCommission shall not approve the proposed acquisition unless the Commissiondetermines that the proposed acquisition is in the public interest.

(1985, c. 425; 1990, c. 3; 1996, c. 16.)