6.2-1406 - (Effective October 1, 2010) Sale of certificates of investment by certain associations prohibited. - Virginia Statutes

§ 6.2-1406. (Effective October 1, 2010) Sale of certificates of investment bycertain associations prohibited.

A. An association that had no certificates of investment issued andoutstanding on January 1, 1959, may not sell certificates of investment.

B. An association that had certificates of investment issued and outstandingon January 1, 1959, may sell certificates of investment upon either the fullypaid or partial payment system. Any such association that did not obtaininsurance of its liability for such certificates, through either a state orfederal agency, up to the limits of insurance provided thereby prior to July1, 1975, shall not sell such certificates after such date.

(Code 1950, § 6-255; 1960, c. 63; 1966, c. 584, §§ 6.1-229; § 6.1-231; 1974,c. 176; 2010, c. 794.)