{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1117.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1117.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1117.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1117.html"}],"law_id":86871,"edition_id":1,"section_id":86871,"structure_id":14426,"section_number":"6.2-1117","catch_line":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","history":"Code 1950, \u00a7 6-201.12; 1960, c. 402; 1966, c. 584, \u00a7 6.1-137; 1972, c. 796, \u00a7 6.1-195.11; 1981, c. 62; 1984, c. 136; 1985, c. 425, \u00a7 6.1-194.11; 1991, c. 230, \u00a7 6.1-194.113; 2010, c. 794.","full_text":"A\n\nShares of stock issued by a stock institution shall be paid for in full in cash at not less than their par value upon issuance or, in the case of a stock institution then actively conducting operations, in property or services valued, with the approval of the Commission, at an amount not less than the aggregate value of the shares issued in exchange therefor. A stock institution may not purchase, redeem or otherwise reacquire shares of stock that it has issued and may not accept its shares of stock as security. A stock institution shall have the power to redeem or otherwise reacquire shares of its common or preferred stock to the same extent as commercial banks incorporated under the laws of the Commonwealth are permitted to do under this title.B\n\nSubscriptions to the capital stock of a stock institution shall be paid in money at not less than par. No stock institution shall begin business until the amount specified in its certificate of authority to commence business has been received by it.C\n\nAll money received for subscriptions to or for purchases of stock of a stock institution before it opens for business shall be deposited in an escrow account in an insured financial institution or invested in United States government obligations, under the joint control of two organizing directors of the stock institution, both of whom shall be bonded for an amount not less than the total amount of money under their control. Such funds, together with any income thereon, less such organizational expenses as have been approved by the stock institution&#8217;s board of directors, shall be remitted to the stock institution on the day it opens for business. If the stock institution is denied a certificate of authority, is refused insurance of accounts, or it is otherwise determined that the stock institution will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders. The directors of the stock institution, individually, jointly and severally, shall be liable for any failure of the savings institution to refund such funds to the subscribers or shareholders. This liability may be enforced by a suit in equity instituted by one or more of the subscribers or stockholders on behalf of all against the stock institution and one or more of its directors.D\n\nThe requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law, of stock option plans and stock purchase plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the stock institution has opened for business. Any such plan with respect to a stock association shall be established as follows:1\n\nThe board of directors shall by resolution propose the stock option or stock purchase plan. The plan shall describe any effect the adoption of the plan is expected to have on the value of issued and outstanding shares of the association;2\n\nNotice of a meeting of stockholders, stating that the purpose or one of the purposes of the meeting is to consider the plan so proposed by the board of directors, shall be given to each stockholder of record entitled to vote thereon within the time and in the manner provided in Chapter 9 (&#xA7; 13.1-601 et seq.) of Title 13.1 for giving of notice of meetings of stockholders. A copy of the plan shall be included with such notice; and3\n\nAt such meeting, the plan shall be adopted if approved by the affirmative vote of the holders of more than two-thirds of the shares entitled to vote thereon.\n\t\t\t\tAny such plan with respect to a savings bank shall be adopted if approved by a majority vote of the institution&#8217;s shareholders. In no event shall such a plan established by a stock savings bank provide that a stock option be granted at a price which is less than 100 percent of the book value per share of the stock as shown by the stock institution&#8217;s last published statement prior to the granting of the option.","order_by":null,"text":{"0":{"id":311024,"text":"Shares of stock issued by a stock institution shall be paid for in full in cash at not less than their par value upon issuance or, in the case of a stock institution then actively conducting operations, in property or services valued, with the approval of the Commission, at an amount not less than the aggregate value of the shares issued in exchange therefor. A stock institution may not purchase, redeem or otherwise reacquire shares of stock that it has issued and may not accept its shares of stock as security. A stock institution shall have the power to redeem or otherwise reacquire shares of its common or preferred stock to the same extent as commercial banks incorporated under the laws of the Commonwealth are permitted to do under this title.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":311025,"text":"Subscriptions to the capital stock of a stock institution shall be paid in money at not less than par. No stock institution shall begin business until the amount specified in its certificate of authority to commence business has been received by it.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":311026,"text":"All money received for subscriptions to or for purchases of stock of a stock institution before it opens for business shall be deposited in an escrow account in an insured financial institution or invested in United States government obligations, under the joint control of two organizing directors of the stock institution, both of whom shall be bonded for an amount not less than the total amount of money under their control. Such funds, together with any income thereon, less such organizational expenses as have been approved by the stock institution&#8217;s board of directors, shall be remitted to the stock institution on the day it opens for business. If the stock institution is denied a certificate of authority, is refused insurance of accounts, or it is otherwise determined that the stock institution will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders. The directors of the stock institution, individually, jointly and severally, shall be liable for any failure of the savings institution to refund such funds to the subscribers or shareholders. This liability may be enforced by a suit in equity instituted by one or more of the subscribers or stockholders on behalf of all against the stock institution and one or more of its directors.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":311027,"text":"The requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by law, of stock option plans and stock purchase plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the stock institution has opened for business. Any such plan with respect to a stock association shall be established as follows:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"D1"},"4":{"id":311028,"text":"The board of directors shall by resolution propose the stock option or stock purchase plan. The plan shall describe any effect the adoption of the plan is expected to have on the value of issued and outstanding shares of the association;","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"5":{"id":311029,"text":"Notice of a meeting of stockholders, stating that the purpose or one of the purposes of the meeting is to consider the plan so proposed by the board of directors, shall be given to each stockholder of record entitled to vote thereon within the time and in the manner provided in Chapter 9 (&#xA7; 13.1-601 et seq.) of Title 13.1 for giving of notice of meetings of stockholders. A copy of the plan shall be included with such notice; and","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"6":{"id":311030,"text":"At such meeting, the plan shall be adopted if approved by the affirmative vote of the holders of more than two-thirds of the shares entitled to vote thereon.\n\t\t\t\tAny such plan with respect to a savings bank shall be adopted if approved by a majority vote of the institution&#8217;s shareholders. In no event shall such a plan established by a stock savings bank provide that a stock option be granted at a price which is less than 100 percent of the book value per share of the stock as shown by the stock institution&#8217;s last published statement prior to the granting of the option.","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2"}},"ancestry":[{"id":14426,"edition_id":1,"name":"Incorporation; Certificate of Authority; Corporate Administration","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:06","date_modified":"2026-06-26 03:48:06","permalink":{"id":264161,"object_type":"structure","relational_id":14426,"identifier":"2","token":"6.2\/II\/11\/2","url":"\/6.2\/II\/11\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":67165,"structure_id":14426,"section_number":"6.2-1114","catch_line":"Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act","url":"\/6.2-1114\/","token":"6.2\/II\/11\/2\/6.2-1114","metadata":false},{"id":67065,"structure_id":14426,"section_number":"6.2-1115","catch_line":"Formation of state savings institutions","url":"\/6.2-1115\/","token":"6.2\/II\/11\/2\/6.2-1115","metadata":false},{"id":55786,"structure_id":14426,"section_number":"6.2-1116","catch_line":"Corporation name","url":"\/6.2-1116\/","token":"6.2\/II\/11\/2\/6.2-1116","metadata":false},{"id":86871,"structure_id":14426,"section_number":"6.2-1117","catch_line":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","url":"\/6.2-1117\/","token":"6.2\/II\/11\/2\/6.2-1117","metadata":false},{"id":57320,"structure_id":14426,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","metadata":false},{"id":83031,"structure_id":14426,"section_number":"6.2-1119","catch_line":"Commissions and other fees for sale of stock not permitted","url":"\/6.2-1119\/","token":"6.2\/II\/11\/2\/6.2-1119","metadata":false},{"id":73082,"structure_id":14426,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","metadata":false},{"id":79467,"structure_id":14426,"section_number":"6.2-1121","catch_line":"Board of directors","url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","metadata":false},{"id":82570,"structure_id":14426,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","metadata":false},{"id":78474,"structure_id":14426,"section_number":"6.2-1123","catch_line":"Notice of meetings of members; determining members entitled to notice or to vote","url":"\/6.2-1123\/","token":"6.2\/II\/11\/2\/6.2-1123","metadata":false},{"id":73534,"structure_id":14426,"section_number":"6.2-1124","catch_line":"Voting rights; proxies","url":"\/6.2-1124\/","token":"6.2\/II\/11\/2\/6.2-1124","metadata":false},{"id":84832,"structure_id":14426,"section_number":"6.2-1125","catch_line":"Access to books and records; communication with members","url":"\/6.2-1125\/","token":"6.2\/II\/11\/2\/6.2-1125","metadata":false},{"id":69406,"structure_id":14426,"section_number":"6.2-1126","catch_line":"Audit of savings institution; report","url":"\/6.2-1126\/","token":"6.2\/II\/11\/2\/6.2-1126","metadata":false},{"id":82490,"structure_id":14426,"section_number":"6.2-1127","catch_line":"Bonds of officers and employees","url":"\/6.2-1127\/","token":"6.2\/II\/11\/2\/6.2-1127","metadata":false},{"id":70597,"structure_id":14426,"section_number":"6.2-1128","catch_line":"Loans to executive officers or directors","url":"\/6.2-1128\/","token":"6.2\/II\/11\/2\/6.2-1128","metadata":false},{"id":74367,"structure_id":14426,"section_number":"6.2-1129","catch_line":"Overdrafts by savings institution officers, directors or employees","url":"\/6.2-1129\/","token":"6.2\/II\/11\/2\/6.2-1129","metadata":false},{"id":63419,"structure_id":14426,"section_number":"6.2-1130","catch_line":"Reserves; surplus and undivided profits","url":"\/6.2-1130\/","token":"6.2\/II\/11\/2\/6.2-1130","metadata":false},{"id":56309,"structure_id":14426,"section_number":"6.2-1131","catch_line":"Liability of members of mutual savings institutions","url":"\/6.2-1131\/","token":"6.2\/II\/11\/2\/6.2-1131","metadata":false},{"id":60084,"structure_id":14426,"section_number":"6.2-1132","catch_line":"Mutual capital certificates","url":"\/6.2-1132\/","token":"6.2\/II\/11\/2\/6.2-1132","metadata":false}],"previous_section":{"id":55786,"structure_id":14426,"section_number":"6.2-1116","catch_line":"Corporation name","url":"\/6.2-1116\/","token":"6.2\/II\/11\/2\/6.2-1116","metadata":false},"next_section":{"id":57320,"structure_id":14426,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1117\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1981, chapter 62; in 1984, chapter 136; in 1985, chapter 425; in 1991, chapter 230; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"}],"permalink":{"id":264175,"object_type":"law","relational_id":86871,"identifier":"6.2-1117","token":"6.2\/II\/11\/2\/6.2-1117","url":"\/6.2-1117\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1117\/","token":"6.2\/II\/11\/2\/6.2-1117","dublin_core":{"Title":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1117","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Shares of stock issued by a <span class=\"dictionary\">stock institution<\/span> shall be paid for in full in cash at not less than their par value upon issuance or, in the case of a <span class=\"dictionary\">stock institution<\/span> then actively conducting operations, in property or services valued, with the approval of the <span class=\"dictionary\">Commission<\/span>, at an amount not less than the aggregate value of the shares issued in exchange therefor. A <span class=\"dictionary\">stock institution<\/span> may not purchase, redeem or otherwise reacquire shares of stock that it has issued and may not accept its shares of stock as security. A <span class=\"dictionary\">stock institution<\/span> shall have the power to redeem or otherwise reacquire shares of its common or preferred stock to the same extent as commercial banks incorporated under the <span class=\"dictionary\">laws<\/span> of the Commonwealth are permitted to do under this title. <a id=\"paragraph-311024\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Subscriptions to the capital stock of a <span class=\"dictionary\">stock institution<\/span> shall be paid in money at not less than par. No <span class=\"dictionary\">stock institution<\/span> shall begin business until the amount specified in its certificate of authority to commence business has been received by it. <a id=\"paragraph-311025\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> All money received for subscriptions to or for purchases of stock of a <span class=\"dictionary\">stock institution<\/span> before it opens for business shall be deposited in an escrow <span class=\"dictionary\">account<\/span> in an insured <span class=\"dictionary\">financial institution<\/span> or invested in United States government obligations, under the joint control of two organizing directors of the <span class=\"dictionary\">stock institution<\/span>, both of whom shall be bonded for an amount not less than the total amount of money under their control. Such funds, together with any income thereon, less such organizational expenses as have been approved by the <span class=\"dictionary\">stock institution<\/span>&#8217;s board of directors, shall be remitted to the <span class=\"dictionary\">stock institution<\/span> on the day it opens for business. If the <span class=\"dictionary\">stock institution<\/span> is denied a certificate of authority, is refused insurance of <span class=\"dictionary\">accounts<\/span>, or it is otherwise determined that the <span class=\"dictionary\">stock institution<\/span> will not open for business, such funds, after payment of any amount owing for expenses in connection with such attempted organization, including reasonable consulting fees, attorney fees, salaries, filing fees, and other expenses, shall be refunded to subscribers or shareholders. The directors of the <span class=\"dictionary\">stock institution<\/span>, individually, jointly and severally, shall be liable for any failure of the <span class=\"dictionary\">savings institution<\/span> to refund such funds to the subscribers or shareholders. This liability may be enforced by a suit in <span class=\"dictionary\">equity<\/span> instituted by one or more of the subscribers or stockholders on behalf of all against the <span class=\"dictionary\">stock institution<\/span> and one or more of its directors. <a id=\"paragraph-311026\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> The requirement that capital stock be paid in money shall not be construed to prohibit the establishment, as otherwise authorized by <span class=\"dictionary\">law<\/span>, of stock option plans and stock purchase plans, and the issuance of stock pursuant to such plans. Such plans shall be established only after the <span class=\"dictionary\">stock institution<\/span> has opened for business. Any such plan with respect to a <span class=\"dictionary\">stock association<\/span> shall be established as follows: <a id=\"paragraph-311027\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The board of directors shall by resolution propose the stock option or stock purchase plan. The plan shall describe any effect the adoption of the plan is expected to have on the value of issued and outstanding shares of the association; <a id=\"paragraph-311028\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#D1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Notice of a meeting of stockholders, stating that the purpose or one of the purposes of the meeting is to consider the plan so proposed by the board of directors, shall be given to each stockholder of record entitled to vote thereon within the time and in the manner provided in Chapter 9 (&#xA7; <a class=\"law\" title=\"Short title\" href=\"\/13.1-601\/\">13.1-601<\/a> et seq.) of Title 13.1 for giving of notice of meetings of stockholders. A copy of the plan shall be included with such notice; and <a id=\"paragraph-311029\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#D2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> At such meeting, the plan shall be adopted if approved by the affirmative vote of the holders of more than two-thirds of the shares entitled to vote thereon.\n\t\t\t\tAny such plan with respect to a <span class=\"dictionary\">savings bank<\/span> shall be adopted if approved by a majority vote of the institution&#8217;s shareholders. In no event shall such a plan established by a stock <span class=\"dictionary\">savings bank<\/span> provide that a stock option be granted at a price which is less than 100 percent of the book value per share of the stock as shown by the <span class=\"dictionary\">stock institution<\/span>&#8217;s last published statement prior to the granting of the option. <a id=\"paragraph-311030\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1117\/#D3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPAR VALUE OF SHARES; PAYMENT OF SHARES; REACQUISITIONS OF SHARES OR ACCEPTANCE\nTHEREOF AS SECURITY; HOW SUBSCRIPTIONS TO STOCK TO BE PAID; DISPOSITION OF MONEY\nRECEIVED BEFORE INSTITUTION OPENS; STOCK OPTION PLANS (\u00a7 6.2-1117)\n\nA. Shares of stock issued by a stock institution shall be paid for in full in\ncash at not less than their par value upon issuance or, in the case of a stock\ninstitution then actively conducting operations, in property or services valued,\nwith the approval of the Commission, at an amount not less than the aggregate\nvalue of the shares issued in exchange therefor. A stock institution may not\npurchase, redeem or otherwise reacquire shares of stock that it has issued and\nmay not accept its shares of stock as security. A stock institution shall have\nthe power to redeem or otherwise reacquire shares of its common or preferred\nstock to the same extent as commercial banks incorporated under the laws of the\nCommonwealth are permitted to do under this title.\n\nB. Subscriptions to the capital stock of a stock institution shall be paid in\nmoney at not less than par. No stock institution shall begin business until the\namount specified in its certificate of authority to commence business has been\nreceived by it.\n\nC. All money received for subscriptions to or for purchases of stock of a stock\ninstitution before it opens for business shall be deposited in an escrow account\nin an insured financial institution or invested in United States government\nobligations, under the joint control of two organizing directors of the stock\ninstitution, both of whom shall be bonded for an amount not less than the total\namount of money under their control. Such funds, together with any income\nthereon, less such organizational expenses as have been approved by the stock\ninstitution&#8217;s board of directors, shall be remitted to the stock\ninstitution on the day it opens for business. If the stock institution is denied\na certificate of authority, is refused insurance of accounts, or it is otherwise\ndetermined that the stock institution will not open for business, such funds,\nafter payment of any amount owing for expenses in connection with such attempted\norganization, including reasonable consulting fees, attorney fees, salaries,\nfiling fees, and other expenses, shall be refunded to subscribers or\nshareholders. The directors of the stock institution, individually, jointly and\nseverally, shall be liable for any failure of the savings institution to refund\nsuch funds to the subscribers or shareholders. This liability may be enforced by\na suit in equity instituted by one or more of the subscribers or stockholders on\nbehalf of all against the stock institution and one or more of its directors.\n\nD. The requirement that capital stock be paid in money shall not be construed to\nprohibit the establishment, as otherwise authorized by law, of stock option\nplans and stock purchase plans, and the issuance of stock pursuant to such\nplans. Such plans shall be established only after the stock institution has\nopened for business. Any such plan with respect to a stock association shall be\nestablished as follows:\n\n   1. The board of directors shall by resolution propose the stock option or\n   stock purchase plan. The plan shall describe any effect the adoption of the\n   plan is expected to have on the value of issued and outstanding shares of the\n   association;\n\n   2. Notice of a meeting of stockholders, stating that the purpose or one of the\n   purposes of the meeting is to consider the plan so proposed by the board of\n   directors, shall be given to each stockholder of record entitled to vote\n   thereon within the time and in the manner provided in Chapter 9 (&#xA7;\n   13.1-601 et seq.) of Title 13.1 for giving of notice of meetings of\n   stockholders. A copy of the plan shall be included with such notice; and\n\n   3. At such meeting, the plan shall be adopted if approved by the affirmative\n   vote of the holders of more than two-thirds of the shares entitled to vote\n   thereon.\n   \t\t\t\tAny such plan with respect to a savings bank shall be adopted if approved\n   by a majority vote of the institution&#8217;s shareholders. In no event shall\n   such a plan established by a stock savings bank provide that a stock option be\n   granted at a price which is less than 100 percent of the book value per share\n   of the stock as shown by the stock institution&#8217;s last published\n   statement prior to the granting of the option.\n\nHISTORY: Code 1950, \u00a7 6-201.12; 1960, c. 402; 1966, c. 584, \u00a7 6.1-137; 1972,\nc. 796, \u00a7 6.1-195.11; 1981, c. 62; 1984, c. 136; 1985, c. 425, \u00a7 6.1-194.11;\n1991, c. 230, \u00a7 6.1-194.113; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}