{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1139.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1139.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1139.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1139.html"}],"law_id":55893,"edition_id":1,"section_id":55893,"structure_id":14228,"section_number":"6.2-1139","catch_line":"Conversion from mutual savings institution to stock institution","history":"1972, c. 796, \u00a7 6.1-195.57; 1975, c. 130; 1978, c. 683; 1985, c. 425, \u00a7 6.1-194.32; 1990, c. 3; 1994, c. 331, \u00a7 6.1-194.123:1; 2010, c. 794.","full_text":"A\n\nWith the approval of the Commission, and in accordance with provisions of this section and regulations adopted hereunder, a state mutual savings institution may convert to a stock institution. The conversion shall be conducted in a manner equitable to all parties thereto as follows:1\n\nThe board of directors of the mutual savings institution shall first adopt by two-thirds vote a conversion plan. The provisions of the plan shall comply with regulations adopted by the Commission;2\n\nThe plan shall provide that holders of savings accounts in the mutual savings institution will be afforded the opportunity to preserve their interest in the institution’s net worth by subscribing to stock; and3\n\nThe Commission shall approve any such plan of conversion if the Commission ascertains that such conversion will not have an adverse effect on the stability of the institution and that all other regulations of the Commission relating to the conversion of a mutual savings institution to a stock institution have been complied with.B\n\nThe Commission shall adopt regulations governing the procedures to be followed in completing the conversion after a satisfactory plan has been adopted. The regulations shall ensure that any institution in converting shall continue to have its accounts insured by the Federal Deposit Insurance Corporation or other federal insurance agency.","order_by":null,"text":{"0":{"id":204738,"text":"With the approval of the Commission, and in accordance with provisions of this section and regulations adopted hereunder, a state mutual savings institution may convert to a stock institution. The conversion shall be conducted in a manner equitable to all parties thereto as follows:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":204739,"text":"The board of directors of the mutual savings institution shall first adopt by two-thirds vote a conversion plan. The provisions of the plan shall comply with regulations adopted by the Commission;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":204740,"text":"The plan shall provide that holders of savings accounts in the mutual savings institution will be afforded the opportunity to preserve their interest in the institution’s net worth by subscribing to stock; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":204741,"text":"The Commission shall approve any such plan of conversion if the Commission ascertains that such conversion will not have an adverse effect on the stability of the institution and that all other regulations of the Commission relating to the conversion of a mutual savings institution to a stock institution have been complied with.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":204742,"text":"The Commission shall adopt regulations governing the procedures to be followed in completing the conversion after a satisfactory plan has been adopted. The regulations shall ensure that any institution in converting shall continue to have its accounts insured by the Federal Deposit Insurance Corporation or other federal insurance agency.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"ancestry":[{"id":14228,"edition_id":1,"name":"Conversions, Reorganizations, Mergers, and Acquisitions","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:47:23","date_modified":"2026-06-26 03:47:23","permalink":{"id":264265,"object_type":"structure","relational_id":14228,"identifier":"4","token":"6.2\/II\/11\/4","url":"\/6.2\/II\/11\/4\/","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":55893,"structure_id":14228,"section_number":"6.2-1139","catch_line":"Conversion from mutual savings institution to stock institution","url":"\/6.2-1139\/","token":"6.2\/II\/11\/4\/6.2-1139","metadata":false},{"id":77083,"structure_id":14228,"section_number":"6.2-1140","catch_line":"Reorganization of mutual association into mutual holding company; approval by Commissioner; powers; issuance of stock","url":"\/6.2-1140\/","token":"6.2\/II\/11\/4\/6.2-1140","metadata":false},{"id":68986,"structure_id":14228,"section_number":"6.2-1141","catch_line":"Conversion of state savings institution into federal financial institution","url":"\/6.2-1141\/","token":"6.2\/II\/11\/4\/6.2-1141","metadata":false},{"id":81364,"structure_id":14228,"section_number":"6.2-1142","catch_line":"Conversion of federal financial institution into state savings institution or state bank","url":"\/6.2-1142\/","token":"6.2\/II\/11\/4\/6.2-1142","metadata":false},{"id":61360,"structure_id":14228,"section_number":"6.2-1143","catch_line":"Conversion from state savings bank to state association; conversion from state association to state savings bank","url":"\/6.2-1143\/","token":"6.2\/II\/11\/4\/6.2-1143","metadata":false},{"id":66708,"structure_id":14228,"section_number":"6.2-1144","catch_line":"Conversion from stock savings institution to bank","url":"\/6.2-1144\/","token":"6.2\/II\/11\/4\/6.2-1144","metadata":false},{"id":75638,"structure_id":14228,"section_number":"6.2-1145","catch_line":"Merger or consolidation of savings institutions","url":"\/6.2-1145\/","token":"6.2\/II\/11\/4\/6.2-1145","metadata":false},{"id":65808,"structure_id":14228,"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","url":"\/6.2-1146\/","token":"6.2\/II\/11\/4\/6.2-1146","metadata":false},{"id":55449,"structure_id":14228,"section_number":"6.2-1147","catch_line":"Acquisition of control of state stock institution requires Commission approval","url":"\/6.2-1147\/","token":"6.2\/II\/11\/4\/6.2-1147","metadata":false}],"next_section":{"id":77083,"structure_id":14228,"section_number":"6.2-1140","catch_line":"Reorganization of mutual association into mutual holding company; approval by Commissioner; powers; issuance of stock","url":"\/6.2-1140\/","token":"6.2\/II\/11\/4\/6.2-1140","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1139\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 796 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 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 6 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 1975, chapter 130; in 1978, chapter 683; in 1985, chapter 425; in 1990, chapter 3; in 1994, chapter 331<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264267,"object_type":"law","relational_id":55893,"identifier":"6.2-1139","token":"6.2\/II\/11\/4\/6.2-1139","url":"\/6.2-1139\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1139\/","token":"6.2\/II\/11\/4\/6.2-1139","dublin_core":{"Title":"Conversion from mutual savings institution to stock institution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1139","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> With the approval of the Commission<\/span>, and in accordance with provisions of this section and regulations adopted hereunder, a state mutual savings institution<\/span> may convert to a stock institution<\/span>. The conversion shall be conducted in a manner equitable<\/span> to all parties thereto as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The board of directors of the mutual savings institution<\/span> shall first adopt by two-thirds vote a conversion plan. The provisions of the plan shall comply with regulations adopted by the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The plan shall provide that holders of savings accounts<\/span> in the mutual savings institution<\/span> will be afforded the opportunity to preserve their interest in the institution’s net worth by subscribing to stock; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The Commission<\/span> shall approve any such plan of conversion if the Commission<\/span> ascertains that such conversion will not have an adverse effect on the stability of the institution and that all other regulations of the Commission<\/span> relating to the conversion of a mutual savings institution<\/span> to a stock institution<\/span> have been complied with. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> shall adopt regulations governing the procedures to be followed in completing the conversion after a satisfactory plan has been adopted. The regulations shall ensure that any institution in converting shall continue to have its accounts insured by the Federal Deposit Insurance Corporation or other federal insurance agency. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION FROM MUTUAL SAVINGS INSTITUTION TO STOCK INSTITUTION (\u00a7 6.2-1139)\n\nA. With the approval of the Commission, and in accordance with provisions of\nthis section and regulations adopted hereunder, a state mutual savings\ninstitution may convert to a stock institution. The conversion shall be\nconducted in a manner equitable to all parties thereto as follows:\n\n 1. The board of directors of the mutual savings institution shall first adopt\n by two-thirds vote a conversion plan. The provisions of the plan shall comply\n with regulations adopted by the Commission;\n\n 2. The plan shall provide that holders of savings accounts in the mutual\n savings institution will be afforded the opportunity to preserve their\n interest in the institution’s net worth by subscribing to stock; and\n\n 3. The Commission shall approve any such plan of conversion if the Commission\n ascertains that such conversion will not have an adverse effect on the\n stability of the institution and that all other regulations of the Commission\n relating to the conversion of a mutual savings institution to a stock\n institution have been complied with.\n\nB. The Commission shall adopt regulations governing the procedures to be\nfollowed in completing the conversion after a satisfactory plan has been\nadopted. The regulations shall ensure that any institution in converting shall\ncontinue to have its accounts insured by the Federal Deposit Insurance\nCorporation or other federal insurance agency.\n\nHISTORY: 1972, c. 796, \u00a7 6.1-195.57; 1975, c. 130; 1978, c. 683; 1985, c. 425,\n\u00a7 6.1-194.32; 1990, c. 3; 1994, c. 331, \u00a7 6.1-194.123:1; 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}}