Virginia Code 6.2-1201: Special examinations.
Current as of: 2024 | Check for updates
|
Other versions
When (i) written application is made to the Commission by the board of directors or by the stockholders representing two-fifths of the total outstanding capital stock of any savings institution incorporated under the laws of and doing business in the Commonwealth, or (ii) in the judgment of the Commission it may be necessary for the protection of the public or of persons depositing or dealing with such savings institution, the Commission shall cause to be made a special examination of such savings institution. All expenses incident to such special examination may be charged to the savings institution so examined and shall be paid by the savings institution so charged.
Terms Used In Virginia Code 6.2-1201
- 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
1990, c. 247, § 6.1-194.84:1; 2010, c. 794.