Virginia Code 6.2-1406: Sale of certificates of investment by certain associations prohibited
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A. An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.
Terms Used In Virginia Code 6.2-1406
- Association: means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (§ Virginia Code 6.2-1400
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.
Code 1950, § 6-255; 1960, c. 63; 1966, c. 584, §§ 6.1-229, 6.1-231; 1974, c. 176; 2010, c. 794.