6.2-1102 - (Effective October 1, 2010) Associations operating share accumulation loan plans; continued operation. - Virginia Statutes

§ 6.2-1102. (Effective October 1, 2010) Associations operating shareaccumulation loan plans; continued operation.

Notwithstanding any other provision of law with respect to the rates ofinterest that may be charged, an association that on September 1, 1959, wasoperating on a share accumulation loan plan whereby its earnings wereequitably distributed to both its borrowers and its shareholders may continueto operate upon the same plan, but no additional loans shall be made orshares issued under such plan after July 1, 1974.

(Code 1950, §§ 6-201.2; 1960, c. 402; 1966, c. 584, § 6.1-127; 1972, c. 796,6.1-195.2; 1974, c. 565; 1985, c. 425, 6.1-194.91; 1986, cc. 500, 509, §6.1-194.91; 1990, c. 3; 2010, c. 794.)