6.2-1405 - (Effective October 1, 2010) Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized.

VIRGINIA STATUTES AND CODES

6.2-1405 - (Effective October 1, 2010) Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized.

§ 6.2-1405. (Effective October 1, 2010) Extent to which associations regardedas banks; conversion of certain associations to banks; new associations notauthorized.

A. An association incorporated after July 1, 1960, shall have all the powersconferred on banks, shall be subject to all restrictions applicable to banks,and shall for the purposes of state supervision and control be banks.

B. An association that had certificates of investment issued and outstandingon January 1, 1959, may become a bank upon complying with all the provisionsof Chapter 8 (§ 6.2-800 et seq.).

C. Any person who has not obtained authorization from the Commission to dobusiness as an association prior to October 1, 2010, shall not conductbusiness as an association.

(Code 1950, §§ 6-245, 6-250; 1956, c. 433; 1960, c. 62; 1966, c. 584, §§6.1-228, 6.1-230; 2010, c. 794.)