6.1-194.97 - (Repealed effective October 1, 2010) Acquisitions by out-of-state savings institution holding company.
§ 6.1-194.97. (Repealed effective October 1, 2010) Acquisitions byout-of-state savings institution holding company.
A. Any savings institution holding company that does not have a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire a Virginia savings institution holding company or a Virginia savingsinstitution with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved in the event:
1. The Commission determines that the laws of the state in which the savingsinstitution holding company making the acquisition has its principal place ofbusiness do not prohibit or unfairly impede a Virginia savings institutionholding company meeting the criteria in this article from acquiring savingsinstitutions or savings institution holding companies in that state;
2. The Commission determines that the laws of the state in which the savingsinstitution holding company making the acquisition has its principal place ofbusiness permit such savings institution holding company to be acquired bythe Virginia savings institution holding company or Virginia savingsinstitution sought to be acquired. For purposes of this subsection, aVirginia savings institution shall be treated as if it were a Virginiasavings institution holding company;
3. The Commission determines either that the Virginia savings institutionsought to be acquired has been in existence and continuously operating formore than two years or that all of the savings institution subsidiaries ofthe Virginia savings institution holding company sought to be acquired havebeen in existence and continuously operating for more than two years. TheCommission may approve the acquisition by such savings institution holdingcompany of all or substantially all of the shares of a savings institutionorganized solely for the purpose of facilitating the acquisition of a savingsinstitution that has been in existence and continuously operating as asavings institution for more than two years; and
4. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution holding company of a savingsinstitution or savings institution holding company in the state where suchsavings institution holding company making the acquisition has its principalplace of business but that would not apply to the acquisition of a savingsinstitution or savings institution holding company in such state by a savingsinstitution holding company all the savings institution subsidiaries of whichare located in that state.
B. An out-of-state savings institution holding company that has a Virginiasavings institution subsidiary, except as acquired in the regular course ofsecuring or collecting a debt previously contracted in good faith, mayacquire any Virginia savings institution or Virginia savings institutionholding company with the approval of the Commission. Such savings institutionholding company shall submit to the Commission an application for approval ofsuch acquisition, which application may be approved in the event:
1. The Commission determines either that the Virginia savings institutionsought to be acquired has been in existence and continuously operating formore than two years or that all of the savings institution subsidiaries ofthe Virginia savings institution holding company sought to be acquired havebeen in existence and continuously operating for more than two years.
The Commission may approve the acquisition by such savings institutionholding company of all or substantially all of the shares of the savingsinstitution organized solely for the purpose of facilitating the acquisitionof a savings institution that has been in existence and continuouslyoperating as a savings institution for more than two years; and
2. The Commission makes the acquisition subject to any conditions,restrictions, requirements or other limitations that would apply to theacquisition by a Virginia savings institution holding company of a savingsinstitution or a savings institution holding company in the state where suchsavings institution holding company making the acquisition has its principalplace of business but that would not apply to the acquisition of a savingsinstitution or a savings institution holding company in such state by asavings institution holding company all the savings institution subsidiariesof which are located in that state.
(1985, c. 425; 1994, c. 353.)