6.2-1187 - (Effective October 1, 2010) Investment authority of state savings banks. - Virginia Statutes

§ 6.2-1187. (Effective October 1, 2010) Investment authority of state savingsbanks.

Notwithstanding any provision of § 6.2-1186 to the contrary:

1. A state savings bank shall not invest in an office building or buildingsand appurtenances for the transaction of its business, or for the transactionof such business and for rental, without the prior approval of theCommissioner if the total amount of the investment exceeds the aggregateamount of the savings bank's unimpaired capital fund;

2. A service corporation described in subdivision A 2 of § 6.2-1186 in whicha savings bank invests shall be subject to state and local taxation in thesame manner as are savings banks;

3. The assets of a state savings bank may be invested in stock or obligationsof the Federal Deposit Insurance Corporation;

4. The assets of a state savings bank may be invested in commercial papereligible for purchase by Federal Reserve Banks;

5. A state savings bank shall not invest more than 20 percent of its assetsin loans the primary security for which is nonresidential real estate; and

6. A state savings bank shall conform to the loans-to-one-borrowerlimitations contained in § 6.2-875.

(1991, c. 230, § 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.)