{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1148.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1148.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1148.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1148.html"}],"law_id":87028,"edition_id":1,"section_id":87028,"structure_id":13529,"section_number":"6.2-1148","catch_line":"Definitions","history":"1985, c. 425, \u00a7 6.1-194.96; 1988, c. 535; 1994, cc. 315, 353; 2010, c. 794.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Acquire” means:\n\n1\n\nThe merger or consolidation of one stock savings institution with another stock savings institution or of a savings institution holding company with another savings institution holding company;2\n\nThe acquisition by a savings institution holding company or savings institution of direct or indirect ownership or control of voting shares of another savings institution holding company or a savings institution, if, after such acquisition, the savings institution holding company or savings institution making the acquisition will directly or indirectly own or control more than 25 percent of any class of voting shares of the other savings institution holding company or savings institution;3\n\nThe direct or indirect acquisition by a savings institution holding company or by a savings institution of all or substantially all of the assets of another savings institution holding company or of another savings institution; or4\n\nAny other action that would result in direct or indirect control by a savings institution holding company or by a savings institution of another savings institution holding company or another savings institution.\n\t\t\t“Out-of-state savings institution” means a savings institution that:1\n\nIs organized under the laws of the United States or of one of the states other than Virginia; and2\n\nHas its principal place of business in a state other than Virginia.\n\t\t\t“Out-of-state savings institution holding company” means a savings institution holding company that has its principal place of business in a state other than Virginia.\n\t\t\t“Principal place of business of a savings institution” shall be the state in which the largest portion of the deposits of the savings institution is located at the end of the last calendar year.\n\t\t\t“Principal place of business of a savings institution holding company” shall be the state in which the largest portion of the deposits of the holding company’s subsidiaries is located as of the end of the last calendar year.\n\t\t\t“Subsidiary” with respect to a savings institution holding company means:1\n\nAny company 25 percent or more of the voting shares of which, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by such savings institution holding company, or is held by it with power to vote;2\n\nAny company the election of a majority of the directors of which is controlled in any manner by such savings institution holding company; or3\n\nAny company with respect to the management or policies of which such savings institution holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.\n\t\t\t“Virginia savings institution” means a savings institution, including a state savings bank, that:1\n\nIs organized under the laws of the Commonwealth or of the United States; and2\n\nHas deposit-taking offices located only in the Commonwealth.\n\t\t\t“Virginia savings institution holding company” means a savings institution holding company, including the holding company of a state savings bank, that:1\n\nHas its principal place of business in the Commonwealth;2\n\nThe financial institution subsidiaries of which are located outside the Commonwealth hold not greater than 20 percent of the total deposits held by all of its financial institution subsidiaries; and3\n\nIs not controlled by a savings institution holding company other than a Virginia savings institution holding company.","order_by":null,"text":{"0":{"id":311596,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Acquire” means:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":311597,"text":"The merger or consolidation of one stock savings institution with another stock savings institution or of a savings institution holding company with another savings institution holding company;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":311598,"text":"The acquisition by a savings institution holding company or savings institution of direct or indirect ownership or control of voting shares of another savings institution holding company or a savings institution, if, after such acquisition, the savings institution holding company or savings institution making the acquisition will directly or indirectly own or control more than 25 percent of any class of voting shares of the other savings institution holding company or savings institution;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":311599,"text":"The direct or indirect acquisition by a savings institution holding company or by a savings institution of all or substantially all of the assets of another savings institution holding company or of another savings institution; or","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":311600,"text":"Any other action that would result in direct or indirect control by a savings institution holding company or by a savings institution of another savings institution holding company or another savings institution.\n\t\t\t“Out-of-state savings institution” means a savings institution that:","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"1"},"5":{"id":311601,"text":"Is organized under the laws of the United States or of one of the states other than Virginia; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"4","next_prefix":"2"},"6":{"id":311602,"text":"Has its principal place of business in a state other than Virginia.\n\t\t\t“Out-of-state savings institution holding company” means a savings institution holding company that has its principal place of business in a state other than Virginia.\n\t\t\t“Principal place of business of a savings institution” shall be the state in which the largest portion of the deposits of the savings institution is located at the end of the last calendar year.\n\t\t\t“Principal place of business of a savings institution holding company” shall be the state in which the largest portion of the deposits of the holding company’s subsidiaries is located as of the end of the last calendar year.\n\t\t\t“Subsidiary” with respect to a savings institution holding company means:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"1"},"7":{"id":311603,"text":"Any company 25 percent or more of the voting shares of which, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by such savings institution holding company, or is held by it with power to vote;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"2","next_prefix":"2"},"8":{"id":311604,"text":"Any company the election of a majority of the directors of which is controlled in any manner by such savings institution holding company; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"9":{"id":311605,"text":"Any company with respect to the management or policies of which such savings institution holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission, after notice and opportunity for hearing.\n\t\t\t“Virginia savings institution” means a savings institution, including a state savings bank, that:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"10":{"id":311606,"text":"Is organized under the laws of the Commonwealth or of the United States; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"11":{"id":311607,"text":"Has deposit-taking offices located only in the Commonwealth.\n\t\t\t“Virginia savings institution holding company” means a savings institution holding company, including the holding company of a state savings bank, that:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"1"},"12":{"id":311608,"text":"Has its principal place of business in the Commonwealth;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"2","next_prefix":"2"},"13":{"id":311609,"text":"The financial institution subsidiaries of which are located outside the Commonwealth hold not greater than 20 percent of the total deposits held by all of its financial institution subsidiaries; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"14":{"id":311610,"text":"Is not controlled by a savings institution holding company other than a Virginia savings institution holding company.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13529,"edition_id":1,"name":"Foreign Savings Institutions; Acquisitions by Out-Of-State Savings Institutions or Out-Of-State Savings Institution Holding Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":264303,"object_type":"structure","relational_id":13529,"identifier":"5","token":"6.2\/II\/11\/5","url":"\/6.2\/II\/11\/5\/","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":87028,"structure_id":13529,"section_number":"6.2-1148","catch_line":"Definitions","url":"\/6.2-1148\/","token":"6.2\/II\/11\/5\/6.2-1148","metadata":false},{"id":72618,"structure_id":13529,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","url":"\/6.2-1149\/","token":"6.2\/II\/11\/5\/6.2-1149","metadata":false},{"id":54494,"structure_id":13529,"section_number":"6.2-1150","catch_line":"When operation of foreign savings institution in the Commonwealth is prohibited","url":"\/6.2-1150\/","token":"6.2\/II\/11\/5\/6.2-1150","metadata":false},{"id":65228,"structure_id":13529,"section_number":"6.2-1151","catch_line":"Applicability of Virginia Stock and Nonstock Corporation Acts","url":"\/6.2-1151\/","token":"6.2\/II\/11\/5\/6.2-1151","metadata":false},{"id":68576,"structure_id":13529,"section_number":"6.2-1152","catch_line":"Law applicable to contracts of foreign savings institutions","url":"\/6.2-1152\/","token":"6.2\/II\/11\/5\/6.2-1152","metadata":false},{"id":65806,"structure_id":13529,"section_number":"6.2-1153","catch_line":"Examination and supervision of foreign savings institutions","url":"\/6.2-1153\/","token":"6.2\/II\/11\/5\/6.2-1153","metadata":false},{"id":76607,"structure_id":13529,"section_number":"6.2-1154","catch_line":"Revocation of certificate of authority of foreign savings institution","url":"\/6.2-1154\/","token":"6.2\/II\/11\/5\/6.2-1154","metadata":false},{"id":79460,"structure_id":13529,"section_number":"6.2-1155","catch_line":"Unapproved foreign savings institutions","url":"\/6.2-1155\/","token":"6.2\/II\/11\/5\/6.2-1155","metadata":false},{"id":84988,"structure_id":13529,"section_number":"6.2-1156","catch_line":"Activities that are not considered \"doing business.\"","url":"\/6.2-1156\/","token":"6.2\/II\/11\/5\/6.2-1156","metadata":false},{"id":87076,"structure_id":13529,"section_number":"6.2-1157","catch_line":"Acquisitions by out-of-state savings institution holding company","url":"\/6.2-1157\/","token":"6.2\/II\/11\/5\/6.2-1157","metadata":false},{"id":83536,"structure_id":13529,"section_number":"6.2-1158","catch_line":"Acquisitions by out-of-state savings institution","url":"\/6.2-1158\/","token":"6.2\/II\/11\/5\/6.2-1158","metadata":false},{"id":83679,"structure_id":13529,"section_number":"6.2-1159","catch_line":"Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals","url":"\/6.2-1159\/","token":"6.2\/II\/11\/5\/6.2-1159","metadata":false},{"id":86253,"structure_id":13529,"section_number":"6.2-1160","catch_line":"Notice of intent to acquire out-of-state savings institution","url":"\/6.2-1160\/","token":"6.2\/II\/11\/5\/6.2-1160","metadata":false},{"id":64824,"structure_id":13529,"section_number":"6.2-1161","catch_line":"Applicable laws and regulations; enforcement by Commission","url":"\/6.2-1161\/","token":"6.2\/II\/11\/5\/6.2-1161","metadata":false},{"id":83343,"structure_id":13529,"section_number":"6.2-1162","catch_line":"Periodic reports; interstate agreements","url":"\/6.2-1162\/","token":"6.2\/II\/11\/5\/6.2-1162","metadata":false},{"id":63593,"structure_id":13529,"section_number":"6.2-1163","catch_line":"Application of article to bank or bank holding company","url":"\/6.2-1163\/","token":"6.2\/II\/11\/5\/6.2-1163","metadata":false},{"id":82624,"structure_id":13529,"section_number":"6.2-1164","catch_line":"Acquisitions of state savings bank or holding companies by out-of-state financial institutions","url":"\/6.2-1164\/","token":"6.2\/II\/11\/5\/6.2-1164","metadata":false},{"id":64336,"structure_id":13529,"section_number":"6.2-1165","catch_line":"Nonseverability","url":"\/6.2-1165\/","token":"6.2\/II\/11\/5\/6.2-1165","metadata":false}],"next_section":{"id":72618,"structure_id":13529,"section_number":"6.2-1149","catch_line":"Foreign savings institutions; certificate of authority","url":"\/6.2-1149\/","token":"6.2\/II\/11\/5\/6.2-1149","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1148\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 425 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 1985 \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 1988, chapter 535; in 1994, chapters 315<\/a> and 353<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":69374,"section_number":"6.2-1103","catch_line":"Prohibitions on conduct of savings institution business; exceptions; penalty","order_by":null,"url":"\/6.2-1103\/"},{"id":61378,"section_number":"6.2-1205","catch_line":"Merger, consolidation or transfer of assets of insolvent or financially unstable savings institution; notice and hearing; final order; priorities; examinations of resulting institutions","order_by":null,"url":"\/6.2-1205\/"}],"refers_to":false,"permalink":{"id":264305,"object_type":"law","relational_id":87028,"identifier":"6.2-1148","token":"6.2\/II\/11\/5\/6.2-1148","url":"\/6.2-1148\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1148\/","token":"6.2\/II\/11\/5\/6.2-1148","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1148","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Acquire” means:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The merger or consolidation<\/span> of one stock savings institution with another stock savings institution or of a savings institution holding company<\/span> with another savings institution holding company<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The acquisition by a savings institution holding company<\/span> or savings institution of direct or indirect ownership or control of voting shares of another savings institution holding company<\/span> or a savings institution, if, after such acquisition, the savings institution holding company<\/span> or savings institution making the acquisition will directly or indirectly own or control more than 25 percent of any class of voting shares of the other savings institution holding company<\/span> or savings institution; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The direct or indirect acquisition by a savings institution holding company<\/span> or by a savings institution of all or substantially all of the assets<\/span> of another savings institution holding company<\/span> or of another savings institution; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any other action that would result in direct or indirect control by a savings institution holding company<\/span> or by a savings institution of another savings institution holding company<\/span> or another savings institution.\n\t\t\t“Out-of-state savings institution<\/span><\/span>” means a savings institution that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is organized under the laws<\/span> of the United States or of one of the states other than Virginia; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has its principal place of business in a state other than Virginia.\n\t\t\t“Out-of-state savings institution holding company<\/span><\/span>” means a savings institution holding company<\/span> that has its principal place of business in a state other than Virginia.\n\t\t\t“Principal place of business of a savings institution” shall be the state in which the largest portion of the deposits of the savings institution is located at the end of the last calendar year.\n\t\t\t“Principal place of business of a savings institution holding company<\/span>” shall be the state in which the largest portion of the deposits of the holding company’s subsidiaries is located as of the end of the last calendar year.\n\t\t\t“Subsidiary” with respect to a savings institution holding company<\/span> means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any company 25 percent or more of the voting shares of which, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by such savings institution holding company<\/span>, or is held by it with power to vote; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any company the election of a majority of the directors of which is controlled in any manner by such savings institution holding company<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any company with respect to the management or policies of which such savings institution holding company<\/span> has the power, directly or indirectly, to exercise a controlling influence, as determined by the Commission<\/span>, after notice and opportunity for hearing<\/span>.\n\t\t\t“Virginia savings institution<\/span>” means a savings institution, including a state savings bank<\/span>, that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is organized under the laws<\/span> of the Commonwealth or of the United States; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has deposit-taking offices located only in the Commonwealth.\n\t\t\t“Virginia savings institution holding company<\/span><\/span>” means a savings institution holding company<\/span>, including the holding company of a state savings bank<\/span>, that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has its principal place of business in the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The financial institution<\/span> subsidiaries of which are located outside the Commonwealth hold not greater than 20 percent of the total deposits held by all of its financial institution<\/span> subsidiaries; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Is not controlled by a savings institution holding company<\/span> other than a Virginia savings institution holding company<\/span><\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1148)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Acquire” means:\n\n1. The merger or consolidation of one stock savings institution with another\nstock savings institution or of a savings institution holding company with\nanother savings institution holding company;\n\n2. The acquisition by a savings institution holding company or savings\ninstitution of direct or indirect ownership or control of voting shares of\nanother savings institution holding company or a savings institution, if, after\nsuch acquisition, the savings institution holding company or savings institution\nmaking the acquisition will directly or indirectly own or control more than 25\npercent of any class of voting shares of the other savings institution holding\ncompany or savings institution;\n\n3. The direct or indirect acquisition by a savings institution holding company\nor by a savings institution of all or substantially all of the assets of another\nsavings institution holding company or of another savings institution; or\n\n4. Any other action that would result in direct or indirect control by a savings\ninstitution holding company or by a savings institution of another savings\ninstitution holding company or another savings institution.\n\t\t\t“Out-of-state savings institution” means a savings institution\nthat:\n\n1. Is organized under the laws of the United States or of one of the states\nother than Virginia; and\n\n2. Has its principal place of business in a state other than Virginia.\n\t\t\t“Out-of-state savings institution holding company” means a\nsavings institution holding company that has its principal place of business in\na state other than Virginia.\n\t\t\t“Principal place of business of a savings institution” shall be\nthe state in which the largest portion of the deposits of the savings\ninstitution is located at the end of the last calendar year.\n\t\t\t“Principal place of business of a savings institution holding\ncompany” shall be the state in which the largest portion of the deposits\nof the holding company’s subsidiaries is located as of the end of the last\ncalendar year.\n\t\t\t“Subsidiary” with respect to a savings institution holding\ncompany means:\n\n1. Any company 25 percent or more of the voting shares of which, excluding\nshares owned by the United States or by any company wholly owned by the United\nStates, is directly or indirectly owned or controlled by such savings\ninstitution holding company, or is held by it with power to vote;\n\n2. Any company the election of a majority of the directors of which is\ncontrolled in any manner by such savings institution holding company; or\n\n3. Any company with respect to the management or policies of which such savings\ninstitution holding company has the power, directly or indirectly, to exercise a\ncontrolling influence, as determined by the Commission, after notice and\nopportunity for hearing.\n\t\t\t“Virginia savings institution” means a savings institution,\nincluding a state savings bank, that:\n\n1. Is organized under the laws of the Commonwealth or of the United States; and\n\n2. Has deposit-taking offices located only in the Commonwealth.\n\t\t\t“Virginia savings institution holding company” means a savings\ninstitution holding company, including the holding company of a state savings\nbank, that:\n\n1. Has its principal place of business in the Commonwealth;\n\n2. The financial institution subsidiaries of which are located outside the\nCommonwealth hold not greater than 20 percent of the total deposits held by all\nof its financial institution subsidiaries; and\n\n3. Is not controlled by a savings institution holding company other than a\nVirginia savings institution holding company.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.96; 1988, c. 535; 1994, cc. 315, 353; 2010, c.\n794.","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}}