{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1187.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1187.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1187.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1187.html"}],"law_id":73360,"edition_id":1,"section_id":73360,"structure_id":16575,"section_number":"6.2-1187","catch_line":"Investment authority of state savings banks","history":"1991, c. 230, \u00a7 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.","full_text":"Notwithstanding any provision of \u00a7 6.2-1186 to the contrary:\n\n1\n\nA state savings bank shall not invest in an office building or buildings and appurtenances for the transaction of its business, or for the transaction of such business and for rental, without the prior approval of the Commissioner if the total amount of the investment exceeds the aggregate amount of the savings bank’s unimpaired capital fund;2\n\nA service corporation described in subdivision A 2 of § 6.2-1186 in which a savings bank invests shall be subject to state and local taxation in the same manner as are savings banks;3\n\nThe assets of a state savings bank may be invested in stock or obligations of the Federal Deposit Insurance Corporation;4\n\nThe assets of a state savings bank may be invested in commercial paper eligible for purchase by Federal Reserve Banks;5\n\nA state savings bank shall not invest more than 20 percent of its assets in loans the primary security for which is nonresidential real estate; and6\n\nA state savings bank shall conform to the loans-to-one-borrower limitations contained in § 6.2-875.","order_by":null,"text":{"0":{"id":264008,"text":"Notwithstanding any provision of \u00a7 6.2-1186 to the contrary:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":264009,"text":"A state savings bank shall not invest in an office building or buildings and appurtenances for the transaction of its business, or for the transaction of such business and for rental, without the prior approval of the Commissioner if the total amount of the investment exceeds the aggregate amount of the savings bank’s unimpaired capital fund;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":264010,"text":"A service corporation described in subdivision A 2 of § 6.2-1186 in which a savings bank invests shall be subject to state and local taxation in the same manner as are savings banks;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":264011,"text":"The assets of a state savings bank may be invested in stock or obligations of the Federal Deposit Insurance Corporation;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":264012,"text":"The assets of a state savings bank may be invested in commercial paper eligible for purchase by Federal Reserve Banks;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":264013,"text":"A state savings bank shall not invest more than 20 percent of its assets in loans the primary security for which is nonresidential real estate; and","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":264014,"text":"A state savings bank shall conform to the loans-to-one-borrower limitations contained in § 6.2-875.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":16575,"edition_id":1,"name":"Other Loans and Investments","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 04:24:50","date_modified":"2026-06-26 04:24:50","permalink":{"id":264461,"object_type":"structure","relational_id":16575,"identifier":"8","token":"6.2\/II\/11\/8","url":"\/6.2\/II\/11\/8\/","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":71500,"structure_id":16575,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","url":"\/6.2-1186\/","token":"6.2\/II\/11\/8\/6.2-1186","metadata":false},{"id":73360,"structure_id":16575,"section_number":"6.2-1187","catch_line":"Investment authority of state savings banks","url":"\/6.2-1187\/","token":"6.2\/II\/11\/8\/6.2-1187","metadata":false},{"id":86451,"structure_id":16575,"section_number":"6.2-1188","catch_line":"Effect of repeal or amendment of statute or regulation on existing loan or investment","url":"\/6.2-1188\/","token":"6.2\/II\/11\/8\/6.2-1188","metadata":false},{"id":75293,"structure_id":16575,"section_number":"6.2-1189","catch_line":"Limitation on liability of savings institutions making loans for certain purposes","url":"\/6.2-1189\/","token":"6.2\/II\/11\/8\/6.2-1189","metadata":false},{"id":73236,"structure_id":16575,"section_number":"6.2-1190","catch_line":"Perfection of certain security interests","url":"\/6.2-1190\/","token":"6.2\/II\/11\/8\/6.2-1190","metadata":false}],"previous_section":{"id":71500,"structure_id":16575,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","url":"\/6.2-1186\/","token":"6.2\/II\/11\/8\/6.2-1186","metadata":false},"next_section":{"id":86451,"structure_id":16575,"section_number":"6.2-1188","catch_line":"Effect of repeal or amendment of statute or regulation on existing loan or investment","url":"\/6.2-1188\/","token":"6.2\/II\/11\/8\/6.2-1188","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1187\/","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 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 1994, chapter 330<\/a>; in 2003, chapter 353<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":71500,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","order_by":null,"url":"\/6.2-1186\/"}],"refers_to":[{"id":71500,"section_number":"6.2-1186","catch_line":"General investment authority of state savings institutions","order_by":null,"url":"\/6.2-1186\/"},{"id":57173,"section_number":"6.2-875","catch_line":"Limitations on obligations of borrowers","order_by":null,"url":"\/6.2-875\/"}],"permalink":{"id":264467,"object_type":"law","relational_id":73360,"identifier":"6.2-1187","token":"6.2\/II\/11\/8\/6.2-1187","url":"\/6.2-1187\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1187\/","token":"6.2\/II\/11\/8\/6.2-1187","dublin_core":{"Title":"Investment authority of state savings banks","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1187","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Notwithstanding any provision of \u00a7 6.2-1186<\/a> to the contrary:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A state savings bank<\/span> shall not invest in an office building or buildings and appurtenances for the transaction of its business, or for the transaction of such business and for rental, without the prior approval of the Commissioner<\/span> if the total amount of the investment exceeds the aggregate amount of the savings bank’s unimpaired capital fund; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A service corporation<\/span> described in subdivision A 2 of § 6.2-1186<\/a> in which a savings bank invests shall be subject to state and local taxation in the same manner as are savings banks<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The assets<\/span> of a state savings bank<\/span> may be invested in stock or obligations of the Federal Deposit Insurance Corporation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The assets<\/span> of a state savings bank<\/span> may be invested in commercial paper eligible for purchase by Federal Reserve Banks; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A state savings bank<\/span> shall not invest more than 20 percent of its assets<\/span> in loans the primary security for which is nonresidential real estate; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A state savings bank<\/span> shall conform to the loans-to-one-borrower limitations contained in § 6.2-875<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT AUTHORITY OF STATE SAVINGS BANKS (\u00a7 6.2-1187)\n\nNotwithstanding any provision of \u00a7 6.2-1186 to the contrary:\n\n1. A state savings bank shall not invest in an office building or buildings and\nappurtenances for the transaction of its business, or for the transaction of\nsuch business and for rental, without the prior approval of the Commissioner if\nthe total amount of the investment exceeds the aggregate amount of the savings\nbank’s unimpaired capital fund;\n\n2. A service corporation described in subdivision A 2 of § 6.2-1186 in\nwhich a savings bank invests shall be subject to state and local taxation in the\nsame manner as are savings banks;\n\n3. The assets of a state savings bank may be invested in stock or obligations of\nthe Federal Deposit Insurance Corporation;\n\n4. The assets of a state savings bank may be invested in commercial paper\neligible for purchase by Federal Reserve Banks;\n\n5. A state savings bank shall not invest more than 20 percent of its assets in\nloans the primary security for which is nonresidential real estate; and\n\n6. A state savings bank shall conform to the loans-to-one-borrower limitations\ncontained in § 6.2-875.\n\nHISTORY: 1991, c. 230, \u00a7 6.1-194.136; 1994, c. 330; 2003, c. 353; 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}}