6.1-231 - (Repealed effective October 1, 2010) Sale of certificates on fully paid or partial payment plan. - Virginia Statutes

§ 6.1-231. (Repealed effective October 1, 2010) Sale of certificates on fullypaid or partial payment plan.

An association that had certificates of investment issued and outstanding onJanuary 1, 1959, may sell certificates of investment upon either the fullypaid or partial payment system; provided, however, that any such associationwhich has not obtained insurance of its liability for such certificatesthrough either a state or federal agency up to the limits of insuranceprovided thereby prior to July 1, 1975, shall not thereafter sell suchcertificates. The Commission, upon finding that an association has appliedfor such insurance prior to July 1, 1975, and that the insurance has not beenissued, may suspend the prohibition against its sale of such certificates toa date not later than July 1, 1976.

(Code 1950, § 6-255; 1960, c. 63; 1966, c. 584; 1974, c. 176.)