6.2-1166 - (Effective October 1, 2010) Accounts of state savings institutions. - Virginia Statutes

§ 6.2-1166. (Effective October 1, 2010) Accounts of state savingsinstitutions.

Notwithstanding any restriction in its articles of incorporation limiting thenumber, kinds and classes of accounts that it may offer, a state savingsinstitution may offer such accounts, including checking accounts, timedeposit accounts, and savings accounts, as its board of directors mayauthorize from time to time. A state savings institution may pay interest onsuch accounts at such rates and under such terms and conditions as its boardof directors may direct from time to time, subject to any restrictions andlimitations imposed by state or federal law on the payment of interest.

(1985, c. 425, § 6.1-194.49; 1991, c. 230, § 6.1-194.133; 2010, c. 794.)