6.2-1145 - (Effective October 1, 2010) Merger or consolidation of savings institutions. - Virginia Statutes

§ 6.2-1145. (Effective October 1, 2010) Merger or consolidation of savingsinstitutions.

A. Two or more mutual savings institutions or two or more stock institutionsmay merge, subject to the approval of the Commission, when the Commissionfinds that the merger will be in the public interest and in accordance withapplicable laws and regulations.

B. Two or more state savings banks may consolidate or merge, subject to theapproval of the Commission, when the Commission finds that the capital of theresulting institution will be sufficient to warrant successful operation, andthat the merger or consolidation will be in the public interest and inaccordance with applicable laws and regulations.

C. The order approving the merger shall specify which office is to be themain office and which office or offices may be operated as branch offices.

(Code 1950, § 6-201.42; 1960, c. 402; 1966, c. 584, § 6.1-172; 1972, c. 796,§ 6.1-195.51; 1982, c. 211; 1985, c. 425, § 6.1-194.39; 1988, c. 3; 1991, c.230, § 6.1-194.130; 2010, c. 794.)