6.2-1119 - (Effective October 1, 2010) Commissions and other fees for sale of stock not permitted. - Virginia Statutes

§ 6.2-1119. (Effective October 1, 2010) Commissions and other fees for saleof stock not permitted.

The Commission shall not issue a certificate of authority to any statesavings institution to commence business if commissions, fees, brokerage, orother compensation, however designated, have been paid or contracted to bepaid by the savings institution or by anyone in its behalf, either directlyor indirectly, to any person for the sale of stock in such savingsinstitution. This section shall not be construed to prohibit a savingsinstitution that has been issued a certificate of authority and has commencedoperations from paying or contracting to pay such commissions or fees inconnection with the issue or reissue of shares of stock of the savingsinstitution.

(1985, c. 425, § 6.1-194.13; 1991, c. 230, § 6.1-194.115; 2010, c. 794.)