6.1-194.124 - (Repealed effective October 1, 2010) How state savings bank may convert into federal financial institution.
§ 6.1-194.124. (Repealed effective October 1, 2010) How state savings bankmay convert into federal financial institution.
A state savings bank may convert into a federal financial institution asfollows:
1. At any meeting of the members or stockholders called and held inaccordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) orNonstock Corporation Act (§ 13.1-801 et seq.), whichever is applicable, toconsider such action, the members or stockholders, by an affirmative vote ofthose holding and voting two-thirds of the votes present, in person or byproxy, may resolve to convert the state savings bank into a federal financialinstitution;
2. A copy of the minutes of the meeting duly certified by the president orvice-president and the secretary or assistant secretary of the state savingsbank shall be transmitted to the Commission;
3. Thereafter, the state savings bank shall take such action as is necessaryunder federal law to make it a federal financial institution; and
4. It shall file with the Commission a certified copy of the charter issuedto it by the appropriate federal agency, or a certificate of the boardshowing the organization of the state savings bank as a federal financialinstitution; and the savings bank shall thereupon cease to be a state savingsbank.
No state savings bank shall convert into a federal financial institutionuntil it has been in operation as a state savings bank for a period of atleast five years.
(1991, c. 230.)