{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1141.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1141.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1141.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1141.html"}],"law_id":68986,"edition_id":1,"section_id":68986,"structure_id":14228,"section_number":"6.2-1141","catch_line":"Conversion of state savings institution into federal financial institution","history":"Code 1950, \u00a7\u00a7 6-201.43, 6-201.44; 1960, c. 402; 1966, c. 584, \u00a7\u00a7 6.1-173, 6.1-174; 1972, c. 796, \u00a7\u00a7 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985, c. 425, \u00a7\u00a7 6.1-194.33, 6.1-194.34; 1990, c. 3; 1991, c. 230, \u00a7\u00a7 6.1-194.124, 6.1-194.125; 1995, c. 133; 2010, c. 794.","full_text":"A\n\nA state savings institution may convert into a federal financial institution as follows:1\n\nAt any meeting of the members or stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members or stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the state savings institution into a federal financial institution;2\n\nA copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state savings institution shall be transmitted to the Commission;3\n\nThereafter, the state savings institution shall take such action as is necessary under federal law to make it a federal financial institution; and4\n\nThe savings institution shall file with the Commission a certified copy of the charter issued to it by the federal chartering authority or a certificate of that authority showing the organization of the state savings institution as a federal financial institution.B\n\nUpon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the savings institution shall cease to be a state savings institution.C\n\nNo state savings institution shall convert into a federal financial institution until it has been in operation as a state savings institution for a period of at least five years.D\n\nWhen a conversion of a state savings institution into federal financial institution becomes effective, the state savings institution shall cease to be a Virginia corporation and all its property, by operation of law and without any further act or deed, shall continue to be vested in it under its new name as a federal financial institution and under its federal charter. The federal financial institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state savings institution. The federal financial institution, at the time of the taking effect of the conversion, shall become, and continue to be, responsible for all of the obligations of the state savings institution, including taxes and other liabilities created by law or incurred by it before becoming a federal financial institution, to the same extent as though the conversion had not taken place.","order_by":null,"text":{"0":{"id":249717,"text":"A state savings institution may convert into a federal financial institution as follows:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":249718,"text":"At any meeting of the members or stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members or stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the state savings institution into a federal financial institution;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":249719,"text":"A copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state savings institution shall be transmitted to the Commission;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":249720,"text":"Thereafter, the state savings institution shall take such action as is necessary under federal law to make it a federal financial institution; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":249721,"text":"The savings institution shall file with the Commission a certified copy of the charter issued to it by the federal chartering authority or a certificate of that authority showing the organization of the state savings institution as a federal financial institution.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":249722,"text":"Upon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the savings institution shall cease to be a state savings institution.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":249723,"text":"No state savings institution shall convert into a federal financial institution until it has been in operation as a state savings institution for a period of at least five years.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"7":{"id":249724,"text":"When a conversion of a state savings institution into federal financial institution becomes effective, the state savings institution shall cease to be a Virginia corporation and all its property, by operation of law and without any further act or deed, shall continue to be vested in it under its new name as a federal financial institution and under its federal charter. The federal financial institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state savings institution. The federal financial institution, at the time of the taking effect of the conversion, shall become, and continue to be, responsible for all of the obligations of the state savings institution, including taxes and other liabilities created by law or incurred by it before becoming a federal financial institution, to the same extent as though the conversion had not taken place.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1141\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 9 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 1982, chapter 156; in 1985, chapter 425; in 1990, chapter 3; in 1991, chapter 230; in 1995, chapter 133<\/a>; in 2010, chapter 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\/"},{"id":76305,"section_number":"13.1-801","catch_line":"Short title","order_by":null,"url":"\/13.1-801\/"}],"permalink":{"id":264275,"object_type":"law","relational_id":68986,"identifier":"6.2-1141","token":"6.2\/II\/11\/4\/6.2-1141","url":"\/6.2-1141\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1141\/","token":"6.2\/II\/11\/4\/6.2-1141","dublin_core":{"Title":"Conversion of state savings institution into federal financial institution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1141","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state savings institution<\/span> may convert into a federal financial institution<\/span> as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> At any meeting of the members<\/span> or stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601<\/a> et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801<\/a> et seq.) to consider such action, the members<\/span> or stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person<\/span> or by proxy, may resolve to convert the state savings institution<\/span> into a federal financial institution<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state savings institution<\/span> shall be transmitted to the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Thereafter, the state savings institution<\/span> shall take such action as is necessary under federal law<\/span> to make it a federal financial institution<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The savings institution shall file with the Commission<\/span> a certified copy of the charter issued to it by the federal chartering authority or a certificate of that authority showing the organization of the state savings institution<\/span> as a federal financial institution<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the savings institution shall cease to be a state savings institution<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No state savings institution<\/span> shall convert into a federal financial institution<\/span> until it has been in operation as a state savings institution<\/span> for a period of at least five years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> When a conversion of a state savings institution<\/span> into federal financial institution<\/span> becomes effective, the state savings institution<\/span> shall cease to be a Virginia corporation and all its property, by operation of law<\/span> and without any further act or deed, shall continue to be vested in it under its new name as a federal financial institution<\/span> and under its federal charter. The federal financial institution<\/span> shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state savings institution<\/span>. The federal financial institution<\/span>, at the time of the taking effect of the conversion, shall become, and continue to be, responsible for all of the obligations of the state savings institution<\/span>, including taxes and other liabilities created by law<\/span> or incurred by it before becoming a federal financial institution<\/span>, to the same extent as though the conversion had not taken place. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF STATE SAVINGS INSTITUTION INTO FEDERAL FINANCIAL INSTITUTION (\u00a7\n6.2-1141)\n\nA. A state savings institution may convert into a federal financial institution\nas follows:\n\n 1. At any meeting of the members or stockholders called and held in accordance\n with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the\n Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such\n action, the members or stockholders, by an affirmative vote of those holding\n and voting two-thirds of the votes present in person or by proxy, may resolve\n to convert the state savings institution into a federal financial institution;\n\n 2. A copy of the minutes of the meeting duly certified by the president or\n vice-president and the secretary or assistant secretary of the state savings\n institution shall be transmitted to the Commission;\n\n 3. Thereafter, the state savings institution shall take such action as is\n necessary under federal law to make it a federal financial institution; and\n\n 4. The savings institution shall file with the Commission a certified copy of\n the charter issued to it by the federal chartering authority or a certificate\n of that authority showing the organization of the state savings institution as\n a federal financial institution.\n\nB. Upon the filing of the certified copy of a charter or certificate of\nauthority as provided in subdivision A 4, the savings institution shall cease to\nbe a state savings institution.\n\nC. No state savings institution shall convert into a federal financial\ninstitution until it has been in operation as a state savings institution for a\nperiod of at least five years.\n\nD. When a conversion of a state savings institution into federal financial\ninstitution becomes effective, the state savings institution shall cease to be a\nVirginia corporation and all its property, by operation of law and without any\nfurther act or deed, shall continue to be vested in it under its new name as a\nfederal financial institution and under its federal charter. The federal\nfinancial institution shall have, hold and enjoy the same in its own right as\nfully and to the same extent as the same was possessed, held and enjoyed by it\nas a state savings institution. The federal financial institution, at the time\nof the taking effect of the conversion, shall become, and continue to be,\nresponsible for all of the obligations of the state savings institution,\nincluding taxes and other liabilities created by law or incurred by it before\nbecoming a federal financial institution, to the same extent as though the\nconversion had not taken place.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-201.43, 6-201.44; 1960, c. 402; 1966, c. 584, \u00a7\u00a7\n6.1-173, 6.1-174; 1972, c. 796, \u00a7\u00a7 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985,\nc. 425, \u00a7\u00a7 6.1-194.33, 6.1-194.34; 1990, c. 3; 1991, c. 230, \u00a7\u00a7 6.1-194.124,\n6.1-194.125; 1995, c. 133; 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}}