6.1-194.129 - (Repealed effective October 1, 2010) Conversion from state savings bank to state association or commercial bank; conversion from state association or commercial bank to state savings ban
§ 6.1-194.129. (Repealed effective October 1, 2010) Conversion from statesavings bank to state association or commercial bank; conversion from stateassociation or commercial bank to state savings bank.
A. A state savings bank may be converted into a state association or a statebank by the amendment of its articles of incorporation in compliance with theprocedure established by Title 13.1, provided that such conversion isapproved in advance by the Commission. Prior to approving or disapproving aconversion, the Commission shall investigate the application to convert as ifit were an application for a certificate of authority to begin a savings andloan association or banking business, as the case may be, and approval shallnot be granted unless the applicant meets the standards established by §6.1-194.12 or § 6.1-13, as applicable. The order granting a certificate ofauthority to do a savings and loan or banking business shall designate themain office of the state savings bank as the main office of the resultingfinancial institution. The resulting financial institution shall bepermitted to operate all branch offices of the state savings bank that couldhave been established de novo by such financial institution having its mainoffice at such location or which were in operation for at least five yearsprior to the date of the order permitting conversion. Within one year of thedate of a conversion, the resulting financial institution shall conform itsassets and operations to the provisions of law regulating the operation ofstate associations or banks, as the case may be. The Commission may grantsuch resulting financial institution additional one-year periods, not toexceed a total of four additional years, in which to conform its assets andoperations as required by this section.
B. A state association or state bank may be converted into a state savingsbank by the amendment of its articles of incorporation in compliance with theprocedure established by Title 13.1, provided that such conversion isapproved in advance by the Commission. Prior to approving or disapproving aconversion, the Commission shall investigate the application to convert as ifit were an application for a certificate of authority to begin a savingsbank, and approval shall not be granted unless the applicant meets thestandards established by § 6.1-194.114. Within one year of the date of theconversion, the resulting state savings bank shall conform its assets andoperations to the provisions of law regulating the operation of state savingsbanks. The Commission may grant such resulting state savings bank additionalone-year periods, not to exceed a total of four additional years, in which toconform its assets and operations to the provisions of law regulating theoperation of state savings banks.
(1991, c. 230.)