6.1-194.99 - (Repealed effective October 1, 2010) Same; investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals.
§ 6.1-194.99. (Repealed effective October 1, 2010) Same; investigation ofapplication; prescribed investigation period; shortening, lengthening orwaiving of period; hearing; appeals.
A. For ninety days following receipt of a complete application under §6.1-194.97 or § 6.1-194.98, the Commission shall be empowered to conduct aninvestigation for the purpose of determining whether:
1. The proposed acquisition would be detrimental to the safety and soundnessof the applicant or the Virginia savings institution or Virginia savingsinstitution holding company which the applicant seeks to acquire or control;
2. The applicant, its directors and officers, if applicable, and any proposednew directors and officers, of the Virginia savings institution or Virginiasavings institution holding company which the applicant seeks to acquire, arequalified by character, experience and financial responsibility to controland operate a Virginia savings institution or Virginia savings institutionholding company;
3. The proposed acquisition would be prejudicial to the interests of thedepositors, creditors, beneficiaries of fiduciary accounts or shareholders ofthe Virginia savings institution holding company or any Virginia savingsinstitution which the applicant seeks to acquire or control; and
4. The acquisition is in the public interest.
B. 1. The ninety-day investigation period may be shortened or waived by theCommission, as it deems appropriate, if the Commission finds that it must actimmediately in order to prevent the probable failure of a Virginia savingsinstitution involved.
2. The ninety-day investigation period may be extended if the Commissiondetermines that the applicant has not furnished all the information necessaryto make the determination under § 6.1-194.97 or § 6.1-194.98 or that theinformation submitted is substantially inaccurate or misleading.
C. Within the prescribed investigation period, or any extension thereof, andupon request of the applicant or the Virginia savings institution or Virginiasavings institution holding company which the applicant seeks to acquire orcontrol, or upon its own motion, the Commission may order a hearingconcerning the proposed acquisition.
D. Within the prescribed investigation period, or any extension thereof, theCommission, by giving written notice of its decision and the reasons thereforto the applicant and to the Virginia savings institution or Virginia savingsinstitution holding company which the applicant seeks to acquire or control,may: (i) approve the application, (ii) disapprove the application, or (iii)impose such conditions on the acquisition as the Commission may deemadvisable to effect the purpose of this article.
E. Any party in interest aggrieved by any decision of the Commission may, asa matter of right, appeal to the Supreme Court of Virginia in the mannerprovided by law.
(1985, c. 425.)