6.2-1108 - (Effective October 1, 2010) Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation authorized; insurance required as a condition to receiving deposits; representatio - Virginia Statutes

§ 6.2-1108. (Effective October 1, 2010) Membership in Federal Home Loan Bankand Federal Deposit Insurance Corporation authorized; insurance required as acondition to receiving deposits; representations that accounts are insured;misleading advertisements.

A. A savings institution may become a member of the Federal Home Loan Bankand the Federal Deposit Insurance Corporation or other federal insuranceagency and conform to the provisions and regulations thereof.

B. Any savings institution doing business in the Commonwealth that does nothave its accounts insured by the Federal Deposit Insurance Corporation orother federal insurance agency, up to the limits of the insurance providedthereby, shall not accept any deposits.

(Code 1950, §§ 6-201.2, 6-201.20; 1960, c. 402; 1966, c. 584, §§ 6.1-127,6.1-146; 1972, c. 796, §§ 6.1-195.2, 6.1-195.20; 1974, c. 565; 1985, c. 425,§§ 6.1-194.3, 6.1-194.91; 1986, cc. 500, 509; 1990, c. 3; 2010, c. 794.)