Virginia Code 6.2-1161: Applicable laws and regulations; enforcement by Commission.
A. Any Virginia savings institution that is controlled by a savings institution holding company that is not a Virginia savings institution holding company shall be subject to all laws of the Commonwealth and all regulations under such laws that are applicable to Virginia savings institutions controlled by Virginia savings institution holding companies.
Terms Used In Virginia Code 6.2-1161
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Savings institution: means a savings and loan association, a building and loan association, or savings bank, whether organized as a capital stock corporation or a nonstock corporation, that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings institution business. See Virginia Code 6.2-1100
- Savings institution holding company: means any person who, directly or indirectly, or acting in concert with one or more other companies or with one or more subsidiaries or affiliates, acquires, owns, controls or holds with power to vote 25 percent or more of the voting shares of a stock savings institution, or which controls in any manner the election of a majority of the directors of such institution. See Virginia Code 6.2-1100
- Virginia savings institution: means a savings institution, including a state savings bank, that:
1. See Virginia Code 6.2-1148
B. The Commission shall adopt such regulations, including the imposition of reasonable application and administration fees, as it finds necessary to implement the provisions of this article.
C. The Commission shall have the same powers to enforce the provisions of this article as those granted under Article 9 (§ 6.2-1191 et seq.) of this chapter.
1985, c. 425, §§ 6.1-194.102, 6.1-194.104; 2010, c. 794.