6.2-1160 - (Effective October 1, 2010) Notice of intent to acquire out-of-state savings institution. - Virginia Statutes

§ 6.2-1160. (Effective October 1, 2010) Notice of intent to acquireout-of-state savings institution.

A Virginia savings institution, a Virginia savings institution holdingcompany, or an out-of-state savings institution holding company owningsubsidiaries that conduct a savings institution business in the Commonwealthshall file with the Commission notice of its intention to acquire a financialinstitution outside Virginia, together with such information as theCommission may request. The Commission shall within 30 days or an extendedperiod not exceeding 15 days, disapprove such acquisition if it determinesthat the acquisition could affect detrimentally the safety or soundness of aVirginia savings institution. The Commission may approve such acquisitionprior to the expiration of the 30-day period if it determines that theacquisition will not affect detrimentally the safety or soundness of suchVirginia savings institution.

(1985, c. 425, § 6.1-194.105; 1994, c. 353; 2010, c. 794.)