6.2-830 - (Effective October 1, 2010) Conversion from stock association to bank; conversion from bank to stock association. - Virginia Statutes

§ 6.2-830. (Effective October 1, 2010) Conversion from stock association tobank; conversion from bank to stock association.

A. A state stock association may be converted into a bank upon compliancewith the procedure set forth in § 6.2-1144.

B. A bank may be converted into a stock association by the amendment of itsarticles of incorporation in compliance with the procedure established byTitle 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it was an application fora certificate of authority to begin a savings and loan business, and approvalshall not be granted unless the applicant meets the standards established by§ 6.2-1118. Within one year of the date of the conversion, the resultingstock association shall conform its assets and operations to the provisionsof law regulating the operation of savings and loan associations. TheCommission may grant such resulting stock association additional one-yearperiods, not to exceed a total of four additional years, in which to conformits assets and operations to the provisions of law regulating the operationof savings and loan associations.

(1982, c. 224, § 6.1-195.57:2; 1985, c. 425, § 6.1-194.38; 2010, c. 794.)