6.1-194.41 - (Repealed effective October 1, 2010) Foreign savings institutions; certificate of authority.
§ 6.1-194.41. (Repealed effective October 1, 2010) Foreign savingsinstitutions; certificate of authority.
A. A foreign savings institution shall not transact a savings institutionbusiness in the Commonwealth unless it first receives from the Commission acertificate of authority to do so.
B. A foreign savings institution may apply to the Commission for acertificate of authority by paying the filing fee prescribed by theCommission and filing an application which shall include:
1. A copy of its articles of incorporation and bylaws certified as a truecopy by the public officer having custody of the original articles and bylaws;
2. Evidence satisfactory to the Commission that its accounts are insured bythe Federal Deposit Insurance Corporation or other federal insurance agencysatisfactory to the Commissioner; and
3. Such other information as the Commission may require.
C. The Commission shall issue a certificate of authority to the foreignsavings institution when:
1. The Commissioner has examined the application of the institution andinvestigated and determined that the institution meets the requirements of §6.1-194.12;
2. The Commissioner has verified the financial status of the institution byconducting such examination of its assets and its records as the Commissionshall deem appropriate for the purpose of ascertaining whether they meet therequirements of this chapter with regard to state associations;
3. The Commissioner is satisfied that the institution is in sound financialcondition, and that it is conducting its business, and will conduct itsbusiness in the Commonwealth, in a manner consistent with the laws of theCommonwealth; and
4. The Commissioner is satisfied that the laws, regulations or administrativeactions of the state or territory where the principal office of the applicantis located do not prohibit or unfairly impede a state association or statesavings bank (as defined in § 6.1-194.110) from transacting business in suchstate or territory.
D. In meeting the requirements set out in subdivisions 1, 2 and 3 ofsubsection C of this section, the Commissioner may rely on examinations,audits and other information provided by the federal and state supervisoryauthorities charged with the responsibility of regulating and supervisingsavings institutions in the state where the applicant's principal place ofbusiness is located. Prior to issuing a certificate of authority to theforeign savings institution, the Commission shall enter into cooperativeagreements with the appropriate regulatory authorities for the periodicexamination of the foreign savings institution. The Commission may acceptreports of examination and other records from such authorities in lieu ofconducting its own examinations.
(1985, c. 425; 1986, cc. 500, 509; 1987, c. 289; 1990, c. 3; 1994, c. 353.)