{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1144.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1144.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1144.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1144.html"}],"law_id":66708,"edition_id":1,"section_id":66708,"structure_id":14228,"section_number":"6.2-1144","catch_line":"Conversion from stock savings institution to bank","history":"1982, c. 224, \u00a7 6.1-195.57:2; 1985, c. 425, \u00a7 6.1-194.38; 1991, c. 230, \u00a7 6.1-194.129; 2010, c. 794.","full_text":"A\n\nA state stock association or state savings bank may be converted into a 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 banking business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-816. The order granting a certificate of authority to do a banking business shall designate the main office of the savings institution as the main office of the resulting bank, and the resulting bank shall be permitted to operate all branch offices of the savings institution that could have been established de novo by a bank 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 bank shall conform its assets and operations to the provisions of law regulating the operation of banks. The Commission may grant such resulting 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 laws regulating the operation of banks.B\n\nA bank may be converted into a savings bank upon compliance with the procedure set forth in § 6.2-829, or into a stock association upon compliance with the procedure set forth in § 6.2-830.","order_by":null,"text":{"0":{"id":241927,"text":"A state stock association or state savings bank may be converted into a 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 banking business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-816. The order granting a certificate of authority to do a banking business shall designate the main office of the savings institution as the main office of the resulting bank, and the resulting bank shall be permitted to operate all branch offices of the savings institution that could have been established de novo by a bank 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 bank shall conform its assets and operations to the provisions of law regulating the operation of banks. The Commission may grant such resulting 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 laws regulating the operation of banks.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241928,"text":"A bank may be converted into a savings bank upon compliance with the procedure set forth in § 6.2-829, or into a stock association upon compliance with the procedure set forth in § 6.2-830.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1144\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 224 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 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 1985, chapter 425; in 1991, chapter 230; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":72786,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","order_by":null,"url":"\/6.2-816\/"},{"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\/"}],"permalink":{"id":264287,"object_type":"law","relational_id":66708,"identifier":"6.2-1144","token":"6.2\/II\/11\/4\/6.2-1144","url":"\/6.2-1144\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1144\/","token":"6.2\/II\/11\/4\/6.2-1144","dublin_core":{"Title":"Conversion from stock savings institution to bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1144","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state stock association<\/span> or state savings bank<\/span> may be converted into a 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<\/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 banking business, and approval shall not be granted unless the applicant meets the standards established by § 6.2-816<\/a>. The order<\/span> granting a certificate of authority to do a banking business shall designate the main office<\/span> of the savings institution<\/span> as the main office<\/span> of the resulting bank, and the resulting bank shall be permitted to operate all branch offices<\/span> of the savings institution<\/span> that could have been established de novo<\/span> by a bank 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 bank shall conform its assets<\/span> and operations to the provisions of law<\/span> regulating the operation of banks. The Commission<\/span> may grant such resulting bank 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 laws<\/span> regulating the operation of banks. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A bank may be converted into a savings bank upon compliance with the procedure set forth in § 6.2-829<\/a>, or into a stock association<\/span> upon compliance with the procedure set forth in § 6.2-830<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION FROM STOCK SAVINGS INSTITUTION TO BANK (\u00a7 6.2-1144)\n\nA. A state stock association or state savings bank may be converted into a bank\nby the amendment of its articles of incorporation in compliance with the\nprocedure established by Title 13.1, provided that such conversion is approved\nin advance by the Commission. Prior to approving or disapproving a conversion,\nthe Commission shall investigate the application to convert as if it were an\napplication for a certificate of authority to begin a banking business, and\napproval shall not be granted unless the applicant meets the standards\nestablished by § 6.2-816. The order granting a certificate of authority to\ndo a banking business shall designate the main office of the savings institution\nas the main office of the resulting bank, and the resulting bank shall be\npermitted to operate all branch offices of the savings institution that could\nhave been established de novo by a bank having its main office at such location\nor which were in operation for at least five years prior to the date of the\norder permitting conversion. Within one year of the date of a conversion, the\nresulting bank shall conform its assets and operations to the provisions of law\nregulating the operation of banks. The Commission may grant such resulting bank\nadditional one-year periods, not to exceed a total of four additional years, in\nwhich to conform its assets and operations to the provisions of laws regulating\nthe operation of banks.\n\nB. A bank may be converted into a savings bank upon compliance with the\nprocedure set forth in § 6.2-829, or into a stock association upon\ncompliance with the procedure set forth in § 6.2-830.\n\nHISTORY: 1982, c. 224, \u00a7 6.1-195.57:2; 1985, c. 425, \u00a7 6.1-194.38; 1991, c.\n230, \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}}