{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1118.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1118.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1118.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1118.html"}],"law_id":57320,"edition_id":1,"section_id":57320,"structure_id":14426,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","history":"Code 1950, \u00a7 6-201.40; 1960, c. 402; 1966, c. 584, \u00a7 6.1-170; 1972, c. 796, \u00a7 6.1-195.47; 1973, c. 156; 1976, c. 658; 1979, c. 165; 1985, c. 425, \u00a7 6.1-194.12; 1986, c. 500; 1990, c. 3; 1991, c. 230, \u00a7 6.1-194.114; 1992, c. 460; 1996, c. 26; 1999, c. 95; 2010, c. 794.","full_text":"A\n\nBefore any state savings institution may begin business in the Commonwealth, it shall obtain from the Commission a certificate of authority to do so. Prior to issuing a certificate, the Commission shall ascertain that:1\n\nAll applicable provisions of law have been complied with;2\n\nIf a mutual association, deposits in a total amount deemed by the Commission to be sufficient to warrant successful operation but not less than $2 million, have been pledged or deposited and that such deposits shall not be withdrawable for at least one year;3\n\nIf a stock association, that financially responsible persons have subscribed for capital stock and surplus in an amount deemed by the Commission to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $2 million;4\n\nIf a mutual savings bank, deposits in such amount as the Commission deems necessary for safe and sound operation, but not less than $1 million have been pledged or deposited and that such deposits are not subject to withdrawal for at least one year;5\n\nIf a stock savings bank, that financially responsible persons have subscribed for capital stock in an amount deemed by the Commission to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $1 million;6\n\nRegulations governing directors of the association have been complied with;7\n\nThe public interest will be served by the addition of the proposed savings institution facilities in the community where the savings institution is to be located. The addition of such facilities shall be deemed in the public interest if, based on all relevant evidence and information, advantages such as increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices;8\n\nThe officers and directors of the proposed savings institution demonstrate (i) moral fitness, (ii) financial responsibility, and (iii) business ability; and9\n\nThe applicant has submitted evidence of (i) being fully insured by the Federal Deposit Insurance Corporation or other federal insurance agency or (ii) commitment by the Federal Deposit Insurance Corporation or other federal insurance agency that the applicant will be issued insurance of accounts immediately subsequent to the issuance of the certificate of authority. The Commission may issue a certificate conditioned upon the fact that the savings institution shall not commence to do business until it is issued insurance of accounts by the Federal Deposit Insurance Corporation or other federal insurance agency.B\n\nThe minimum capital stock requirement under:1\n\nSubdivisions A 2 and A 3 shall apply when a state association is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state association, or when this section is used in connection with the reorganization of an operating state association under a holding company; and2\n\nSubdivisions A 4 and A 5 shall apply when a state savings bank is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state savings bank, or when this section is used in connection with the reorganization of an operating state savings bank under a holding company.","order_by":null,"text":{"0":{"id":209936,"text":"Before any state savings institution may begin business in the Commonwealth, it shall obtain from the Commission a certificate of authority to do so. Prior to issuing a certificate, the Commission shall ascertain that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":209937,"text":"All applicable provisions of law have been complied with;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":209938,"text":"If a mutual association, deposits in a total amount deemed by the Commission to be sufficient to warrant successful operation but not less than $2 million, have been pledged or deposited and that such deposits shall not be withdrawable for at least one year;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":209939,"text":"If a stock association, that financially responsible persons have subscribed for capital stock and surplus in an amount deemed by the Commission to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $2 million;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":209940,"text":"If a mutual savings bank, deposits in such amount as the Commission deems necessary for safe and sound operation, but not less than $1 million have been pledged or deposited and that such deposits are not subject to withdrawal for at least one year;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":209941,"text":"If a stock savings bank, that financially responsible persons have subscribed for capital stock in an amount deemed by the Commission to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $1 million;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":209942,"text":"Regulations governing directors of the association have been complied with;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":209943,"text":"The public interest will be served by the addition of the proposed savings institution facilities in the community where the savings institution is to be located. The addition of such facilities shall be deemed in the public interest if, based on all relevant evidence and information, advantages such as increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":209944,"text":"The officers and directors of the proposed savings institution demonstrate (i) moral fitness, (ii) financial responsibility, and (iii) business ability; and","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":209945,"text":"The applicant has submitted evidence of (i) being fully insured by the Federal Deposit Insurance Corporation or other federal insurance agency or (ii) commitment by the Federal Deposit Insurance Corporation or other federal insurance agency that the applicant will be issued insurance of accounts immediately subsequent to the issuance of the certificate of authority. The Commission may issue a certificate conditioned upon the fact that the savings institution shall not commence to do business until it is issued insurance of accounts by the Federal Deposit Insurance Corporation or other federal insurance agency.","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"B"},"10":{"id":209946,"text":"The minimum capital stock requirement under:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A9","next_prefix":"B1"},"11":{"id":209947,"text":"Subdivisions A 2 and A 3 shall apply when a state association is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state association, or when this section is used in connection with the reorganization of an operating state association under a holding company; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"12":{"id":209948,"text":"Subdivisions A 4 and A 5 shall apply when a state savings bank is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state savings bank, or when this section is used in connection with the reorganization of an operating state savings bank under a holding company.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1118\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 14 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 1973, chapter 156; in 1976, chapter 658; in 1979, chapter 165; in 1985, chapter 425; in 1986, chapter 500; in 1990, chapter 3; in 1991, chapter 230; in 1992, chapter 460; in 1996, chapter 26<\/a>; in 1999, chapter 95<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":81364,"section_number":"6.2-1142","catch_line":"Conversion of federal financial institution into state savings institution or state bank","order_by":null,"url":"\/6.2-1142\/"},{"id":61360,"section_number":"6.2-1143","catch_line":"Conversion from state savings bank to state association; conversion from state association to state savings bank","order_by":null,"url":"\/6.2-1143\/"},{"id":65808,"section_number":"6.2-1146","catch_line":"State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank","order_by":null,"url":"\/6.2-1146\/"},{"id":72618,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","order_by":null,"url":"\/6.2-1149\/"},{"id":79438,"section_number":"6.2-1347.1","catch_line":"Conversion to a state mutual savings institution","order_by":null,"url":"\/6.2-1347.1\/"},{"id":67840,"section_number":"6.2-829","catch_line":"Conversion from state savings bank to state bank; conversion from state bank to state savings bank","order_by":null,"url":"\/6.2-829\/"},{"id":68881,"section_number":"6.2-830","catch_line":"Conversion from stock association to bank; conversion from bank to stock association","order_by":null,"url":"\/6.2-830\/"}],"refers_to":false,"permalink":{"id":264179,"object_type":"law","relational_id":57320,"identifier":"6.2-1118","token":"6.2\/II\/11\/2\/6.2-1118","url":"\/6.2-1118\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","dublin_core":{"Title":"Certificate of authority to do business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1118","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Before any state savings institution<\/span> may begin business in the Commonwealth, it shall obtain from the Commission<\/span> a certificate of authority to do so. Prior to issuing a certificate, the Commission<\/span> shall ascertain that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> All applicable provisions of law<\/span> have been complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If a mutual association<\/span>, deposits in a total amount deemed by the Commission<\/span> to be sufficient to warrant successful operation but not less than $2 million, have been pledged or deposited and that such deposits shall not be withdrawable for at least one year; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> If a stock association<\/span>, that financially responsible persons<\/span> have subscribed for capital stock and surplus in an amount deemed by the Commission<\/span> to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $2 million; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> If a mutual savings bank<\/span>, deposits in such amount as the Commission<\/span> deems necessary for safe and sound operation, but not less than $1 million have been pledged or deposited and that such deposits are not subject to withdrawal for at least one year; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> If a stock savings bank<\/span>, that financially responsible persons<\/span> have subscribed for capital stock in an amount deemed by the Commission<\/span> to be sufficient to warrant successful operation, provided that the capital stock shall have a paid-in value of not less than $1 million; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Regulations governing directors of the association have been complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The public interest will be served by the addition of the proposed savings institution facilities in the community where the savings institution is to be located. The addition of such facilities shall be deemed in the public interest if, based on all relevant evidence<\/span> and information, advantages such as increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The officers and directors of the proposed savings institution demonstrate (i) moral fitness, (ii) financial responsibility, and (iii) business ability; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The applicant has submitted evidence<\/span> of (i) being fully insured by the Federal Deposit Insurance Corporation or other federal insurance agency or (ii) commitment by the Federal Deposit Insurance Corporation or other federal insurance agency that the applicant will be issued insurance of accounts<\/span> immediately subsequent to the issuance of the certificate of authority. The Commission<\/span> may issue<\/span> a certificate conditioned upon the fact<\/span> that the savings institution shall not commence to do business until it is issued insurance of accounts<\/span> by the Federal Deposit Insurance Corporation or other federal insurance agency. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The minimum capital stock requirement under: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Subdivisions A 2 and A 3 shall apply when a state association<\/span> is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state association<\/span>, or when this section is used in connection with the reorganization of an operating state association<\/span> under a holding company; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Subdivisions A 4 and A 5 shall apply when a state savings bank<\/span> is being organized to begin business and shall not apply when this section is referred to or used in connection with the conversion of an operating savings institution or bank to a state savings bank<\/span>, or when this section is used in connection with the reorganization of an operating state savings bank<\/span> under a holding company. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCERTIFICATE OF AUTHORITY TO DO BUSINESS (\u00a7 6.2-1118)\n\nA. Before any state savings institution may begin business in the Commonwealth,\nit shall obtain from the Commission a certificate of authority to do so. Prior\nto issuing a certificate, the Commission shall ascertain that:\n\n 1. All applicable provisions of law have been complied with;\n\n 2. If a mutual association, deposits in a total amount deemed by the\n Commission to be sufficient to warrant successful operation but not less than\n $2 million, have been pledged or deposited and that such deposits shall not be\n withdrawable for at least one year;\n\n 3. If a stock association, that financially responsible persons have\n subscribed for capital stock and surplus in an amount deemed by the Commission\n to be sufficient to warrant successful operation, provided that the capital\n stock shall have a paid-in value of not less than $2 million;\n\n 4. If a mutual savings bank, deposits in such amount as the Commission deems\n necessary for safe and sound operation, but not less than $1 million have been\n pledged or deposited and that such deposits are not subject to withdrawal for\n at least one year;\n\n 5. If a stock savings bank, that financially responsible persons have\n subscribed for capital stock in an amount deemed by the Commission to be\n sufficient to warrant successful operation, provided that the capital stock\n shall have a paid-in value of not less than $1 million;\n\n 6. Regulations governing directors of the association have been complied with;\n\n 7. The public interest will be served by the addition of the proposed savings\n institution facilities in the community where the savings institution is to be\n located. The addition of such facilities shall be deemed in the public\n interest if, based on all relevant evidence and information, advantages such\n as increased competition, additional convenience, or gains in efficiency\n outweigh possible adverse effects such as diminished or unfair competition,\n undue concentration of resources, conflicts of interests, or unsafe or unsound\n practices;\n\n 8. The officers and directors of the proposed savings institution demonstrate\n (i) moral fitness, (ii) financial responsibility, and (iii) business ability;\n and\n\n 9. The applicant has submitted evidence of (i) being fully insured by the\n Federal Deposit Insurance Corporation or other federal insurance agency or\n (ii) commitment by the Federal Deposit Insurance Corporation or other federal\n insurance agency that the applicant will be issued insurance of accounts\n immediately subsequent to the issuance of the certificate of authority. The\n Commission may issue a certificate conditioned upon the fact that the savings\n institution shall not commence to do business until it is issued insurance of\n accounts by the Federal Deposit Insurance Corporation or other federal\n insurance agency.\n\nB. The minimum capital stock requirement under:\n\n 1. Subdivisions A 2 and A 3 shall apply when a state association is being\n organized to begin business and shall not apply when this section is referred\n to or used in connection with the conversion of an operating savings\n institution or bank to a state association, or when this section is used in\n connection with the reorganization of an operating state association under a\n holding company; and\n\n 2. Subdivisions A 4 and A 5 shall apply when a state savings bank is being\n organized to begin business and shall not apply when this section is referred\n to or used in connection with the conversion of an operating savings\n institution or bank to a state savings bank, or when this section is used in\n connection with the reorganization of an operating state savings bank under a\n holding company.\n\nHISTORY: Code 1950, \u00a7 6-201.40; 1960, c. 402; 1966, c. 584, \u00a7 6.1-170; 1972,\nc. 796, \u00a7 6.1-195.47; 1973, c. 156; 1976, c. 658; 1979, c. 165; 1985, c. 425,\n\u00a7 6.1-194.12; 1986, c. 500; 1990, c. 3; 1991, c. 230, \u00a7 6.1-194.114; 1992, c.\n460; 1996, c. 26; 1999, c. 95; 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}}