{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1143.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1143.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1143.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1143.html"}],"law_id":61360,"edition_id":1,"section_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","history":"1991, c. 230, \u00a7 6.1-194.129; 2010, c. 794.","full_text":"A\n\nA state savings bank may be converted into a state association by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission. Prior to approving or disapproving a conversion, the Commission shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings and loan association business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118. The order granting a certificate of authority to do a savings and loan business shall designate the main office of the state savings bank as the main office of the resulting financial institution. The resulting financial institution shall be permitted to operate all branch offices of the state savings bank that could have been established de novo by such financial institution having its main office at such location or which were in operation for at least five years prior to the date of the order permitting conversion. Within one year of the date of a conversion, the resulting financial institution shall conform its assets and operations to the provisions of law regulating the operation of state associations. The Commission may grant such resulting financial institution additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations as required by this section.B\n\nA state association may be converted into a state savings bank by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission. Prior to approving or disapproving a conversion, the Commission shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings bank, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118. Within one year of the date of the conversion, the resulting state savings bank shall conform its assets and operations to the provisions of law regulating the operation of state savings banks. The Commission may grant such resulting state savings bank additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations to the provisions of law regulating the operation of state savings banks.","order_by":null,"text":{"0":{"id":224151,"text":"A state savings bank may be converted into a state association by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission. Prior to approving or disapproving a conversion, the Commission shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings and loan association business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118. The order granting a certificate of authority to do a savings and loan business shall designate the main office of the state savings bank as the main office of the resulting financial institution. The resulting financial institution shall be permitted to operate all branch offices of the state savings bank that could have been established de novo by such financial institution having its main office at such location or which were in operation for at least five years prior to the date of the order permitting conversion. Within one year of the date of a conversion, the resulting financial institution shall conform its assets and operations to the provisions of law regulating the operation of state associations. The Commission may grant such resulting financial institution additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations as required by this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":224152,"text":"A state association may be converted into a state savings bank by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission. Prior to approving or disapproving a conversion, the Commission shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings bank, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118. Within one year of the date of the conversion, the resulting state savings bank shall conform its assets and operations to the provisions of law regulating the operation of state savings banks. The Commission may grant such resulting state savings bank additional one-year periods, not to exceed a total of four additional years, in which to conform its assets and operations to the provisions of law regulating the operation of state savings banks.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1143\/","history_text":"

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 794<\/a>.<\/p>","references":[{"id":77126,"section_number":"6.2-1202","catch_line":"Fees for supervision and regulation; investigations","order_by":null,"url":"\/6.2-1202\/"}],"refers_to":[{"id":57320,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","order_by":null,"url":"\/6.2-1118\/"}],"permalink":{"id":264283,"object_type":"law","relational_id":61360,"identifier":"6.2-1143","token":"6.2\/II\/11\/4\/6.2-1143","url":"\/6.2-1143\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1143\/","token":"6.2\/II\/11\/4\/6.2-1143","dublin_core":{"Title":"Conversion from state savings bank to state association; conversion from state association to state savings bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1143","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state savings bank<\/span> may be converted into a state association<\/span> by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission<\/span>. Prior to approving or disapproving a conversion, the Commission<\/span> shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings and loan association business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118<\/a>. The order<\/span> granting a certificate of authority to do a savings and loan business shall designate the main office<\/span> of the state savings bank<\/span> as the main office<\/span> of the resulting financial institution<\/span>. The resulting financial institution<\/span> shall be permitted to operate all branch offices<\/span> of the state savings bank<\/span> that could have been established de novo<\/span> by such financial institution<\/span> having its main office<\/span> at such location or which were in operation for at least five years prior to the date of the order<\/span> permitting conversion. Within one year of the date of a conversion, the resulting financial institution<\/span> shall conform its assets<\/span> and operations to the provisions of law<\/span> regulating the operation of state associations<\/span>. The Commission<\/span> may grant such resulting financial institution<\/span> additional one-year periods, not to exceed a total of four additional years, in which to conform its assets<\/span> and operations as required by this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A state association<\/span> may be converted into a state savings bank<\/span> by the amendment of its articles of incorporation in compliance with the procedure established by Title 13.1, provided that such conversion is approved in advance by the Commission<\/span>. Prior to approving or disapproving a conversion, the Commission<\/span> shall investigate the application to convert as if it were an application for a certificate of authority to begin a savings bank, and approval shall not be granted unless the applicant meets the standards established by § 6.2-1118<\/a>. Within one year of the date of the conversion, the resulting state savings bank<\/span> shall conform its assets<\/span> and operations to the provisions of law<\/span> regulating the operation of state savings banks<\/span>. The Commission<\/span> may grant such resulting state savings bank<\/span> additional one-year periods, not to exceed a total of four additional years, in which to conform its assets<\/span> and operations to the provisions of law<\/span> regulating the operation of state savings banks<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION FROM STATE SAVINGS BANK TO STATE ASSOCIATION; CONVERSION FROM STATE\nASSOCIATION TO STATE SAVINGS BANK (\u00a7 6.2-1143)\n\nA. A state savings bank may be converted into a state association by the\namendment of its articles of incorporation in compliance with the procedure\nestablished by Title 13.1, provided that such conversion is approved in advance\nby the Commission. Prior to approving or disapproving a conversion, the\nCommission shall investigate the application to convert as if it were an\napplication for a certificate of authority to begin a savings and loan\nassociation business, and approval shall not be granted unless the applicant\nmeets the standards established by § 6.2-1118. The order granting a\ncertificate of authority to do a savings and loan business shall designate the\nmain office of the state savings bank as the main office of the resulting\nfinancial institution. The resulting financial institution shall be permitted to\noperate all branch offices of the state savings bank that could have been\nestablished de novo by such financial institution having its main office at such\nlocation or which were in operation for at least five years prior to the date of\nthe order permitting conversion. Within one year of the date of a conversion,\nthe resulting financial institution shall conform its assets and operations to\nthe provisions of law regulating the operation of state associations. The\nCommission may grant such resulting financial institution additional one-year\nperiods, not to exceed a total of four additional years, in which to conform its\nassets and operations as required by this section.\n\nB. A state association may be converted into a state savings bank by the\namendment of its articles of incorporation in compliance with the procedure\nestablished by Title 13.1, provided that such conversion is approved in advance\nby the Commission. Prior to approving or disapproving a conversion, the\nCommission shall investigate the application to convert as if it were an\napplication for a certificate of authority to begin a savings bank, and approval\nshall not be granted unless the applicant meets the standards established by\n§ 6.2-1118. Within one year of the date of the conversion, the resulting\nstate savings bank shall conform its assets and operations to the provisions of\nlaw regulating the operation of state savings banks. The Commission may grant\nsuch resulting state savings bank additional one-year periods, not to exceed a\ntotal of four additional years, in which to conform its assets and operations to\nthe provisions of law regulating the operation of state savings banks.\n\nHISTORY: 1991, c. 230, \u00a7 6.1-194.129; 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}}