{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1168.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1168.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1168.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1168.html"}],"law_id":72950,"edition_id":1,"section_id":72950,"structure_id":14436,"section_number":"6.2-1168","catch_line":"Redemption","history":"1985, c. 425, \u00a7 6.1-194.51; 2010, c. 794.","full_text":"At any time that funds are on hand for the purpose, a mutual savings institution shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days’ notice by certified mail addressed to each affected account holder at his last address as recorded on the books of the institution. No mutual savings institution shall redeem any of its savings accounts when its liabilities exceed its assets or when it has applications for withdrawal that have been on file more than 30 days and have not been reached for payment. The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. If the notice of redemption has been duly given, and if on or before the redemption date the funds necessary for such redemption have been set aside to be, and continue to be, available therefor, interest upon the accounts called for redemption shall cease to accrue from and after the date specified as the redemption date. All rights with respect to such accounts shall terminate upon the redemption date, other than any right of the account holder of record to receive the redemption price without interest. Accounts called for redemption, if unclaimed, shall be subject to the Virginia Disposition of Unclaimed Property Act (\u00a7 55.1-2500 et seq.).","order_by":null,"text":{"0":{"id":262763,"text":"At any time that funds are on hand for the purpose, a mutual savings institution shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days’ notice by certified mail addressed to each affected account holder at his last address as recorded on the books of the institution. No mutual savings institution shall redeem any of its savings accounts when its liabilities exceed its assets or when it has applications for withdrawal that have been on file more than 30 days and have not been reached for payment. The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. If the notice of redemption has been duly given, and if on or before the redemption date the funds necessary for such redemption have been set aside to be, and continue to be, available therefor, interest upon the accounts called for redemption shall cease to accrue from and after the date specified as the redemption date. All rights with respect to such accounts shall terminate upon the redemption date, other than any right of the account holder of record to receive the redemption price without interest. Accounts called for redemption, if unclaimed, shall be subject to the Virginia Disposition of Unclaimed Property Act (\u00a7 55.1-2500 et seq.).","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14436,"edition_id":1,"name":"Accounts","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:08","date_modified":"2026-06-26 03:48:08","permalink":{"id":264377,"object_type":"structure","relational_id":14436,"identifier":"6","token":"6.2\/II\/11\/6","url":"\/6.2\/II\/11\/6\/","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":60070,"structure_id":14436,"section_number":"6.2-1166","catch_line":"Accounts of state savings institutions","url":"\/6.2-1166\/","token":"6.2\/II\/11\/6\/6.2-1166","metadata":false},{"id":72669,"structure_id":14436,"section_number":"6.2-1167","catch_line":"Rules governing withdrawal","url":"\/6.2-1167\/","token":"6.2\/II\/11\/6\/6.2-1167","metadata":false},{"id":72950,"structure_id":14436,"section_number":"6.2-1168","catch_line":"Redemption","url":"\/6.2-1168\/","token":"6.2\/II\/11\/6\/6.2-1168","metadata":false},{"id":67289,"structure_id":14436,"section_number":"6.2-1169","catch_line":"Accounts of savings institutions as legal investments and as security","url":"\/6.2-1169\/","token":"6.2\/II\/11\/6\/6.2-1169","metadata":false},{"id":69447,"structure_id":14436,"section_number":"6.2-1170","catch_line":"Deposits of federal taxes and U.S. Treasury tax and loan accounts","url":"\/6.2-1170\/","token":"6.2\/II\/11\/6\/6.2-1170","metadata":false},{"id":75969,"structure_id":14436,"section_number":"6.2-1171","catch_line":"Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829)","url":"\/6.2-1171\/","token":"6.2\/II\/11\/6\/6.2-1171","metadata":false},{"id":76647,"structure_id":14436,"section_number":"6.2-1172","catch_line":"Accounts issued in name of minor","url":"\/6.2-1172\/","token":"6.2\/II\/11\/6\/6.2-1172","metadata":false},{"id":55801,"structure_id":14436,"section_number":"6.2-1173","catch_line":"Powers of attorney on accounts","url":"\/6.2-1173\/","token":"6.2\/II\/11\/6\/6.2-1173","metadata":false},{"id":73540,"structure_id":14436,"section_number":"6.2-1174","catch_line":"Accounts of deceased or incompetent persons","url":"\/6.2-1174\/","token":"6.2\/II\/11\/6\/6.2-1174","metadata":false},{"id":86347,"structure_id":14436,"section_number":"6.2-1175","catch_line":"Repealed","url":"\/6.2-1175\/","token":"6.2\/II\/11\/6\/6.2-1175","metadata":false},{"id":57143,"structure_id":14436,"section_number":"6.2-1176","catch_line":"Accounts of fiduciaries","url":"\/6.2-1176\/","token":"6.2\/II\/11\/6\/6.2-1176","metadata":false},{"id":58219,"structure_id":14436,"section_number":"6.2-1177","catch_line":"Savings institution need not inquire as to fiduciary funds deposited in fiduciary's personal account","url":"\/6.2-1177\/","token":"6.2\/II\/11\/6\/6.2-1177","metadata":false},{"id":66743,"structure_id":14436,"section_number":"6.2-1178","catch_line":"Accounts held by various trustees for same beneficiary","url":"\/6.2-1178\/","token":"6.2\/II\/11\/6\/6.2-1178","metadata":false}],"previous_section":{"id":72669,"structure_id":14436,"section_number":"6.2-1167","catch_line":"Rules governing withdrawal","url":"\/6.2-1167\/","token":"6.2\/II\/11\/6\/6.2-1167","metadata":false},"next_section":{"id":67289,"structure_id":14436,"section_number":"6.2-1169","catch_line":"Accounts of savings institutions as legal investments and as security","url":"\/6.2-1169\/","token":"6.2\/II\/11\/6\/6.2-1169","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1168\/","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":58539,"section_number":"55.1-2500","catch_line":"Definitions","order_by":null,"url":"\/55.1-2500\/"}],"permalink":{"id":264387,"object_type":"law","relational_id":72950,"identifier":"6.2-1168","token":"6.2\/II\/11\/6\/6.2-1168","url":"\/6.2-1168\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1168\/","token":"6.2\/II\/11\/6\/6.2-1168","dublin_core":{"Title":"Redemption","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1168","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

At any time that funds are on hand for the purpose, a mutual savings institution<\/span> shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts<\/span> on an earnings date by giving 30 days’ notice by certified mail addressed to each affected account<\/span> holder at his last address as recorded on the books of the institution. No mutual savings institution<\/span> shall redeem any of its savings accounts<\/span> when its liabilities exceed its assets<\/span> or when it has applications for withdrawal that have been on file more than 30 days and have not been reached for payment. The redemption<\/span> price of savings accounts<\/span> redeemed shall be the full value of the account<\/span> redeemed, as determined by the board of directors, but in no event shall the redemption<\/span> price be less than the withdrawal value<\/span>. If the notice of redemption<\/span> has been duly given, and if on or before the redemption<\/span> date the funds necessary for such redemption<\/span> have been set aside to be, and continue to be, available therefor, interest upon the accounts called for redemption<\/span> shall cease to accrue from and after the date specified as the redemption<\/span> date. All rights with respect to such accounts shall terminate upon the redemption<\/span> date, other than any right of the account<\/span> holder of record to receive the redemption<\/span> price without interest. Accounts called for redemption<\/span>, if unclaimed, shall be subject to the Virginia Disposition<\/span> of Unclaimed Property Act (\u00a7 55.1-2500<\/a> et seq.).<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREDEMPTION (\u00a7 6.2-1168)\n\nAt any time that funds are on hand for the purpose, a mutual savings institution\nshall have the right to redeem by lot or otherwise, as the board of directors\nmay determine, all or any part of any of its savings accounts on an earnings\ndate by giving 30 days’ notice by certified mail addressed to each\naffected account holder at his last address as recorded on the books of the\ninstitution. No mutual savings institution shall redeem any of its savings\naccounts when its liabilities exceed its assets or when it has applications for\nwithdrawal that have been on file more than 30 days and have not been reached\nfor payment. The redemption price of savings accounts redeemed shall be the full\nvalue of the account redeemed, as determined by the board of directors, but in\nno event shall the redemption price be less than the withdrawal value. If the\nnotice of redemption has been duly given, and if on or before the redemption\ndate the funds necessary for such redemption have been set aside to be, and\ncontinue to be, available therefor, interest upon the accounts called for\nredemption shall cease to accrue from and after the date specified as the\nredemption date. All rights with respect to such accounts shall terminate upon\nthe redemption date, other than any right of the account holder of record to\nreceive the redemption price without interest. Accounts called for redemption,\nif unclaimed, shall be subject to the Virginia Disposition of Unclaimed Property\nAct (\u00a7 55.1-2500 et seq.).\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.51; 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}}