{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1159.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1159.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1159.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1159.html"}],"law_id":83679,"edition_id":1,"section_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","history":"1985, c. 425, \u00a7 6.1-194.99; 2010, c. 794.","full_text":"A\n\nFor 90 days following receipt of a complete application under \u00a7 6.2-1157 or 6.2-1158, the Commission may conduct an investigation for the purpose of determining whether:1\n\nThe proposed acquisition would be detrimental to the safety and soundness of the applicant or the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control;2\n\nThe applicant, its directors and officers, if applicable, and any proposed new directors and officers, of the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire, are qualified by character, experience and financial responsibility to control and operate a Virginia savings institution or Virginia savings institution holding company;3\n\nThe proposed acquisition would be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts or shareholders of the Virginia savings institution holding company or any Virginia savings institution that the applicant seeks to acquire or control; and4\n\nThe acquisition is in the public interest.B\n\nThe 90-day investigation period may be shortened or waived by the Commission, as it deems appropriate, if the Commission finds that it must act immediately in order to prevent the probable failure of a Virginia savings institution involved. The 90-day investigation period may be extended if the Commission determines that the applicant has not furnished all the information necessary to make the determination under § 6.2-1157 or 6.2-1158 or that the information submitted is substantially inaccurate or misleading.C\n\nWithin the prescribed investigation period, or any extension thereof, and upon request of the applicant or the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control, or upon its own motion, the Commission may order a hearing concerning the proposed acquisition.D\n\nWithin the prescribed investigation period, or any extension thereof, the Commission, by giving written notice of its decision and the reasons therefor to the applicant and to the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control, may: (i) approve the application, (ii) disapprove the application, or (iii) impose such conditions on the acquisition as the Commission may deem advisable to effect the purpose of this article.","order_by":null,"text":{"0":{"id":299934,"text":"For 90 days following receipt of a complete application under \u00a7 6.2-1157 or 6.2-1158, the Commission may conduct an investigation for the purpose of determining whether:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":299935,"text":"The proposed acquisition would be detrimental to the safety and soundness of the applicant or the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":299936,"text":"The applicant, its directors and officers, if applicable, and any proposed new directors and officers, of the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire, are qualified by character, experience and financial responsibility to control and operate a Virginia savings institution or Virginia savings institution holding company;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":299937,"text":"The proposed acquisition would be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts or shareholders of the Virginia savings institution holding company or any Virginia savings institution that the applicant seeks to acquire or control; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":299938,"text":"The acquisition is in the public interest.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":299939,"text":"The 90-day investigation period may be shortened or waived by the Commission, as it deems appropriate, if the Commission finds that it must act immediately in order to prevent the probable failure of a Virginia savings institution involved. The 90-day investigation period may be extended if the Commission determines that the applicant has not furnished all the information necessary to make the determination under § 6.2-1157 or 6.2-1158 or that the information submitted is substantially inaccurate or misleading.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":299940,"text":"Within the prescribed investigation period, or any extension thereof, and upon request of the applicant or the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control, or upon its own motion, the Commission may order a hearing concerning the proposed acquisition.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"7":{"id":299941,"text":"Within the prescribed investigation period, or any extension thereof, the Commission, by giving written notice of its decision and the reasons therefor to the applicant and to the Virginia savings institution or Virginia savings institution holding company that the applicant seeks to acquire or control, may: (i) approve the application, (ii) disapprove the application, or (iii) impose such conditions on the acquisition as the Commission may deem advisable to effect the purpose of this article.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1159\/","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 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":false,"refers_to":[{"id":87076,"section_number":"6.2-1157","catch_line":"Acquisitions by out-of-state savings institution holding company","order_by":null,"url":"\/6.2-1157\/"},{"id":83536,"section_number":"6.2-1158","catch_line":"Acquisitions by out-of-state savings institution","order_by":null,"url":"\/6.2-1158\/"}],"permalink":{"id":264349,"object_type":"law","relational_id":83679,"identifier":"6.2-1159","token":"6.2\/II\/11\/5\/6.2-1159","url":"\/6.2-1159\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1159\/","token":"6.2\/II\/11\/5\/6.2-1159","dublin_core":{"Title":"Investigation of application; prescribed investigation period; shortening, lengthening or waiving of period; hearing; appeals","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1159","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For 90 days following receipt of a complete application under \u00a7 6.2-1157<\/a> or 6.2-1158<\/a>, the Commission<\/span> may conduct an investigation for the purpose of determining whether: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The proposed acquisition would be detrimental to the safety and soundness of the applicant or the Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span> that the applicant seeks to acquire or control; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The applicant, its directors and officers, if applicable, and any proposed new directors and officers, of the Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span> that the applicant seeks to acquire, are qualified by character, experience and financial responsibility to control and operate a Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The proposed acquisition would be prejudicial to the interests of the depositors, creditors<\/span>, beneficiaries of fiduciary accounts<\/span> or shareholders of the Virginia savings institution holding company<\/span><\/span> or any Virginia savings institution<\/span> that the applicant seeks to acquire or control; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The acquisition is in the public interest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The 90-day investigation period may be shortened or waived by the Commission<\/span>, as it deems appropriate, if the Commission<\/span> finds that it must act immediately in order<\/span> to prevent the probable failure of a Virginia savings institution<\/span> involved. The 90-day investigation period may be extended if the Commission<\/span> determines that the applicant has not furnished all the information necessary to make the determination under § 6.2-1157<\/a> or 6.2-1158<\/a> or that the information submitted is substantially inaccurate or misleading. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Within the prescribed investigation period, or any extension thereof, and upon request of the applicant or the Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span> that the applicant seeks to acquire or control, or upon its own motion<\/span>, the Commission<\/span> may order<\/span> a hearing<\/span> concerning the proposed acquisition. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Within the prescribed investigation period, or any extension thereof, the Commission<\/span>, by giving written notice of its decision and the reasons therefor to the applicant and to the Virginia savings institution<\/span> or Virginia savings institution holding company<\/span><\/span> that the applicant seeks to acquire or control, may: (i) approve the application, (ii) disapprove the application, or (iii) impose such conditions on the acquisition as the Commission<\/span> may deem advisable to effect the purpose of this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTIGATION OF APPLICATION; PRESCRIBED INVESTIGATION PERIOD; SHORTENING,\nLENGTHENING OR WAIVING OF PERIOD; HEARING; APPEALS (\u00a7 6.2-1159)\n\nA. For 90 days following receipt of a complete application under \u00a7 6.2-1157 or\n6.2-1158, the Commission may conduct an investigation for the purpose of\ndetermining whether:\n\n 1. The proposed acquisition would be detrimental to the safety and soundness\n of the applicant or the Virginia savings institution or Virginia savings\n institution holding company that the applicant seeks to acquire or control;\n\n 2. The applicant, its directors and officers, if applicable, and any proposed\n new directors and officers, of the Virginia savings institution or Virginia\n savings institution holding company that the applicant seeks to acquire, are\n qualified by character, experience and financial responsibility to control and\n operate a Virginia savings institution or Virginia savings institution holding\n company;\n\n 3. The proposed acquisition would be prejudicial to the interests of the\n depositors, creditors, beneficiaries of fiduciary accounts or shareholders of\n the Virginia savings institution holding company or any Virginia savings\n institution that the applicant seeks to acquire or control; and\n\n 4. The acquisition is in the public interest.\n\nB. The 90-day investigation period may be shortened or waived by the Commission,\nas it deems appropriate, if the Commission finds that it must act immediately in\norder to prevent the probable failure of a Virginia savings institution\ninvolved. The 90-day investigation period may be extended if the Commission\ndetermines that the applicant has not furnished all the information necessary to\nmake the determination under § 6.2-1157 or 6.2-1158 or that the information\nsubmitted is substantially inaccurate or misleading.\n\nC. Within the prescribed investigation period, or any extension thereof, and\nupon request of the applicant or the Virginia savings institution or Virginia\nsavings institution holding company that the applicant seeks to acquire or\ncontrol, or upon its own motion, the Commission may order a hearing concerning\nthe proposed acquisition.\n\nD. Within the prescribed investigation period, or any extension thereof, the\nCommission, by giving written notice of its decision and the reasons therefor to\nthe applicant and to the Virginia savings institution or Virginia savings\ninstitution holding company that the applicant seeks to acquire or control, may:\n(i) approve the application, (ii) disapprove the application, or (iii) impose\nsuch conditions on the acquisition as the Commission may deem advisable to\neffect the purpose of this article.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.99; 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}}