{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1120.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1120.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1120.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1120.html"}],"law_id":73082,"edition_id":1,"section_id":73082,"structure_id":14426,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","history":"1991, c. 230, \u00a7 6.1-194.116; 2010, c. 794.","full_text":"A state savings bank shall comply with the applicable minimum capital requirements of the Federal Deposit Insurance Corporation. The Commission may impose such additional minimum capital requirements as it deems necessary in order to insure the safe and sound operation of state savings banks.","order_by":null,"text":{"0":{"id":263161,"text":"A state savings bank shall comply with the applicable minimum capital requirements of the Federal Deposit Insurance Corporation. The Commission may impose such additional minimum capital requirements as it deems necessary in order to insure the safe and sound operation of state savings banks.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1120\/","history_text":"<p>This law was first created in 1991. The record of its establishment is cataloged in chapter 230 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264187,"object_type":"law","relational_id":73082,"identifier":"6.2-1120","token":"6.2\/II\/11\/2\/6.2-1120","url":"\/6.2-1120\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","dublin_core":{"Title":"Minimum capital requirement","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1120","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">state savings bank<\/span> shall comply with the applicable minimum capital requirements of the Federal Deposit Insurance Corporation. The <span class=\"dictionary\">Commission<\/span> may impose such additional minimum capital requirements as it deems necessary in <span class=\"dictionary\">order<\/span> to insure the safe and sound operation of <span class=\"dictionary\">state savings banks<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMINIMUM CAPITAL REQUIREMENT (\u00a7 6.2-1120)\n\nA state savings bank shall comply with the applicable minimum capital\nrequirements of the Federal Deposit Insurance Corporation. The Commission may\nimpose such additional minimum capital requirements as it deems necessary in\norder to insure the safe and sound operation of state savings banks.\n\nHISTORY: 1991, c. 230, \u00a7 6.1-194.116; 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}}