6.2-1110 - (Effective October 1, 2010) Membership in facilitating organizations or instrumentalities. - Virginia Statutes

§ 6.2-1110. (Effective October 1, 2010) Membership in facilitatingorganizations or instrumentalities.

A savings institution may become a member of, deal with, maintain reserves ordeposits with, or make reasonable payments or contributions to, and complywith any reasonable requirements or conditions of eligibility of, anygovernment or private organization or instrumentality to the extent that theorganization or instrumentality assists in furthering or facilitating theinstitution's purposes, powers, services or community responsibilities. Thissection shall not be construed to permit a savings institution to establishdeposit or reserve accounts with any financial institution or other entity ifits accounts are not insured by federal agency or other insurer approved bythe Commissioner.

(1985, c. 425, § 6.1-194.4; 2010, c. 794.)