{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1195.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1195.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1195.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1195.html"}],"law_id":82129,"edition_id":1,"section_id":82129,"structure_id":13751,"section_number":"6.2-1195","catch_line":"Examination of state savings institutions and affiliates by Commissioner; report of examination","history":"Code 1950, \u00a7 6-201.54; 1960, c. 402; 1966, c. 584, \u00a7 6.1-184; 1972, c. 796, \u00a7 6.1-195.64; 1976, c. 82; 1985, c. 425, \u00a7 6.1-194.79; 1991, c. 230, \u00a7 6.1-194.145; 1992, c. 224; 1996, c. 80; 1997, c. 50; 2010, c. 794.","full_text":"A\n\nAs used in this section, the term “affiliate of any state savings institution” means any entity (i) of which the state savings institution, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 percent of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons, exercising similar functions, (ii) of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of such state savings institution who own or control either a majority of the shares of the state savings institution or more than 50 percent of the number of shares voted for the election of directors of the state savings institution at the preceding election, or by trustees for the benefit of the shareholders of the state savings institution, or (iii) of which a majority of the directors, trustees, or other persons exercising similar functions are directors of the state savings institution.B\n\nThe Commissioner shall, not less than once during any period of three consecutive calendar years, or at such additional times as he deems necessary, with or without previous notice, examine each state savings institution. A copy of the report of all examinations shall be furnished to the savings institution. The report shall be presented by the president or other chief executive officer to the directors at their next meeting.C\n\nNo other copies of a report of examination shall be made except as necessary for review by officers and directors of the state savings institution. Copies of the report made for officers and directors of the savings institution shall not be removed from the premises of such savings institution and shall be destroyed after the review has been completed. The original examination report shall be kept among the records of the Bureau. Upon resolution of the board of directors of a savings institution, examination reports may be inspected in the savings institution by such other persons as the board may specify.D\n\nIn connection with the examination of any state savings institution, the Commission may make or cause to be made an examination of the affiliates of the state savings institution as shall be necessary to ascertain the financial condition of the savings institution and disclose fully the relations between the savings institution and its affiliates and the effect of such relations upon the affairs of the savings institution.E\n\nUpon written application made to the Commission by the board of directors or by the stockholders representing two-fifths of the total outstanding capital stock of any savings institution incorporated under the laws of and doing business in the Commonwealth, or when, in the judgment of the Commission, it may be necessary for the protection of the public or of persons depositing or dealing with such state savings institution, the Commission shall cause to be made a special examination of such state savings institution. All expenses incident to such special examination may be charged to the state savings institution so examined and shall be paid by the savings institution so charged.","order_by":null,"text":{"0":{"id":294343,"text":"As used in this section, the term “affiliate of any state savings institution” means any entity (i) of which the state savings institution, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 percent of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons, exercising similar functions, (ii) of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of such state savings institution who own or control either a majority of the shares of the state savings institution or more than 50 percent of the number of shares voted for the election of directors of the state savings institution at the preceding election, or by trustees for the benefit of the shareholders of the state savings institution, or (iii) of which a majority of the directors, trustees, or other persons exercising similar functions are directors of the state savings institution.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":294344,"text":"The Commissioner shall, not less than once during any period of three consecutive calendar years, or at such additional times as he deems necessary, with or without previous notice, examine each state savings institution. A copy of the report of all examinations shall be furnished to the savings institution. The report shall be presented by the president or other chief executive officer to the directors at their next meeting.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":294345,"text":"No other copies of a report of examination shall be made except as necessary for review by officers and directors of the state savings institution. Copies of the report made for officers and directors of the savings institution shall not be removed from the premises of such savings institution and shall be destroyed after the review has been completed. The original examination report shall be kept among the records of the Bureau. Upon resolution of the board of directors of a savings institution, examination reports may be inspected in the savings institution by such other persons as the board may specify.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":294346,"text":"In connection with the examination of any state savings institution, the Commission may make or cause to be made an examination of the affiliates of the state savings institution as shall be necessary to ascertain the financial condition of the savings institution and disclose fully the relations between the savings institution and its affiliates and the effect of such relations upon the affairs of the savings institution.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":294347,"text":"Upon written application made to the Commission by the board of directors or by the stockholders representing two-fifths of the total outstanding capital stock of any savings institution incorporated under the laws of and doing business in the Commonwealth, or when, in the judgment of the Commission, it may be necessary for the protection of the public or of persons depositing or dealing with such state savings institution, the Commission shall cause to be made a special examination of such state savings institution. All expenses incident to such special examination may be charged to the state savings institution so examined and shall be paid by the savings institution so charged.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13751,"edition_id":1,"name":"Supervision","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:45:46","date_modified":"2026-06-26 03:45:46","permalink":{"id":264483,"object_type":"structure","relational_id":13751,"identifier":"9","token":"6.2\/II\/11\/9","url":"\/6.2\/II\/11\/9\/","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":57271,"structure_id":13751,"section_number":"6.2-1191","catch_line":"General supervisory powers of Commission","url":"\/6.2-1191\/","token":"6.2\/II\/11\/9\/6.2-1191","metadata":false},{"id":58058,"structure_id":13751,"section_number":"6.2-1192","catch_line":"Regulations","url":"\/6.2-1192\/","token":"6.2\/II\/11\/9\/6.2-1192","metadata":false},{"id":54754,"structure_id":13751,"section_number":"6.2-1193","catch_line":"Statements to be furnished by Commission to directors of savings institutions","url":"\/6.2-1193\/","token":"6.2\/II\/11\/9\/6.2-1193","metadata":false},{"id":76799,"structure_id":13751,"section_number":"6.2-1194","catch_line":"State savings institutions to furnish financial statements and reports","url":"\/6.2-1194\/","token":"6.2\/II\/11\/9\/6.2-1194","metadata":false},{"id":82129,"structure_id":13751,"section_number":"6.2-1195","catch_line":"Examination of state savings institutions and affiliates by Commissioner; report of examination","url":"\/6.2-1195\/","token":"6.2\/II\/11\/9\/6.2-1195","metadata":false},{"id":54871,"structure_id":13751,"section_number":"6.2-1196","catch_line":"Access to books and evidence of debt; examination of directors, officers, and employees under oath","url":"\/6.2-1196\/","token":"6.2\/II\/11\/9\/6.2-1196","metadata":false},{"id":69518,"structure_id":13751,"section_number":"6.2-1197","catch_line":"False statements; penalty","url":"\/6.2-1197\/","token":"6.2\/II\/11\/9\/6.2-1197","metadata":false},{"id":62949,"structure_id":13751,"section_number":"6.2-1198","catch_line":"Audits","url":"\/6.2-1198\/","token":"6.2\/II\/11\/9\/6.2-1198","metadata":false},{"id":60843,"structure_id":13751,"section_number":"6.2-1199","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves or insolvency; appointment of Federal Deposit Insurance Corporation as receiver","url":"\/6.2-1199\/","token":"6.2\/II\/11\/9\/6.2-1199","metadata":false},{"id":85960,"structure_id":13751,"section_number":"6.2-1200","catch_line":"Removal of director or officer; appeal; penalty for acting after removal","url":"\/6.2-1200\/","token":"6.2\/II\/11\/9\/6.2-1200","metadata":false},{"id":68119,"structure_id":13751,"section_number":"6.2-1201","catch_line":"Special examinations","url":"\/6.2-1201\/","token":"6.2\/II\/11\/9\/6.2-1201","metadata":false},{"id":77126,"structure_id":13751,"section_number":"6.2-1202","catch_line":"Fees for supervision and regulation; investigations","url":"\/6.2-1202\/","token":"6.2\/II\/11\/9\/6.2-1202","metadata":false},{"id":74032,"structure_id":13751,"section_number":"6.2-1203","catch_line":"Examination of persons believed to be doing business without authority; doing business without authority; penalty","url":"\/6.2-1203\/","token":"6.2\/II\/11\/9\/6.2-1203","metadata":false},{"id":64847,"structure_id":13751,"section_number":"6.2-1204","catch_line":"Compliance by savings institution holding companies with federal regulations constitutes compliance with Commission regulations","url":"\/6.2-1204\/","token":"6.2\/II\/11\/9\/6.2-1204","metadata":false},{"id":61378,"structure_id":13751,"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","url":"\/6.2-1205\/","token":"6.2\/II\/11\/9\/6.2-1205","metadata":false}],"previous_section":{"id":76799,"structure_id":13751,"section_number":"6.2-1194","catch_line":"State savings institutions to furnish financial statements and reports","url":"\/6.2-1194\/","token":"6.2\/II\/11\/9\/6.2-1194","metadata":false},"next_section":{"id":54871,"structure_id":13751,"section_number":"6.2-1196","catch_line":"Access to books and evidence of debt; examination of directors, officers, and employees under oath","url":"\/6.2-1196\/","token":"6.2\/II\/11\/9\/6.2-1196","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1195\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 10 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 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1976, chapter 82; in 1985, chapter 425; in 1991, chapter 230; in 1992, chapter 224; in 1996, chapter 80<\/a>; in 1997, chapter 50<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264501,"object_type":"law","relational_id":82129,"identifier":"6.2-1195","token":"6.2\/II\/11\/9\/6.2-1195","url":"\/6.2-1195\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1195\/","token":"6.2\/II\/11\/9\/6.2-1195","dublin_core":{"Title":"Examination of state savings institutions and affiliates by Commissioner; report of examination","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1195","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, the term “affiliate of any state savings institution<\/span><\/span>” means any entity<\/span> (i) of which the state savings institution<\/span>, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 percent of the number of shares voted for the election of its directors, trustees, or other persons<\/span> exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons<\/span>, exercising similar functions, (ii) of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of such state savings institution<\/span> who own or control either a majority of the shares of the state savings institution<\/span> or more than 50 percent of the number of shares voted for the election of directors of the state savings institution<\/span> at the preceding election, or by trustees for the benefit of the shareholders of the state savings institution<\/span>, or (iii) of which a majority of the directors, trustees, or other persons<\/span> exercising similar functions are directors of the state savings institution<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commissioner<\/span> shall, not less than once during any period of three consecutive calendar years, or at such additional times as he deems necessary, with or without previous notice, examine each state savings institution<\/span>. A copy of the report of all examinations shall be furnished to the savings institution. The report shall be presented by the president or other chief executive officer to the directors at their next meeting. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No other copies of a report of examination shall be made except as necessary for review by officers and directors of the state savings institution<\/span>. Copies of the report made for officers and directors of the savings institution shall not be removed from the premises of such savings institution and shall be destroyed after the review has been completed. The original examination report shall be kept among the records of the Bureau<\/span>. Upon resolution of the board of directors of a savings institution, examination reports may be inspected in the savings institution by such other persons<\/span> as the board may specify. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> In connection with the examination of any state savings institution<\/span>, the Commission<\/span> may make or cause to be made an examination of the affiliates of the state savings institution<\/span> as shall be necessary to ascertain the financial condition of the savings institution and disclose fully the relations between the savings institution and its affiliates and the effect of such relations upon the affairs of the savings institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Upon written application made to the Commission<\/span> by the board of directors or by the stockholders representing two-fifths of the total outstanding capital stock of any savings institution incorporated under the laws<\/span> of and doing business in the Commonwealth, or when, in the judgment<\/span> of the Commission<\/span>, it may be necessary for the protection of the public or of persons<\/span> depositing or dealing with such state savings institution<\/span>, the Commission<\/span> shall cause to be made a special examination of such state savings institution<\/span>. All expenses incident to such special examination may be charged to the state savings institution<\/span> so examined and shall be paid by the savings institution so charged. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXAMINATION OF STATE SAVINGS INSTITUTIONS AND AFFILIATES BY COMMISSIONER; REPORT\nOF EXAMINATION (\u00a7 6.2-1195)\n\nA. As used in this section, the term “affiliate of any state savings\ninstitution” means any entity (i) of which the state savings institution,\ndirectly or indirectly, owns or controls either a majority of the voting shares\nor more than 50 percent of the number of shares voted for the election of its\ndirectors, trustees, or other persons exercising similar functions at the\npreceding election, or controls in any manner the election of a majority of its\ndirectors, trustees, or other persons, exercising similar functions, (ii) of\nwhich control is held, directly or indirectly, through stock ownership or in any\nother manner, by the shareholders of such state savings institution who own or\ncontrol either a majority of the shares of the state savings institution or more\nthan 50 percent of the number of shares voted for the election of directors of\nthe state savings institution at the preceding election, or by trustees for the\nbenefit of the shareholders of the state savings institution, or (iii) of which\na majority of the directors, trustees, or other persons exercising similar\nfunctions are directors of the state savings institution.\n\nB. The Commissioner shall, not less than once during any period of three\nconsecutive calendar years, or at such additional times as he deems necessary,\nwith or without previous notice, examine each state savings institution. A copy\nof the report of all examinations shall be furnished to the savings institution.\nThe report shall be presented by the president or other chief executive officer\nto the directors at their next meeting.\n\nC. No other copies of a report of examination shall be made except as necessary\nfor review by officers and directors of the state savings institution. Copies of\nthe report made for officers and directors of the savings institution shall not\nbe removed from the premises of such savings institution and shall be destroyed\nafter the review has been completed. The original examination report shall be\nkept among the records of the Bureau. Upon resolution of the board of directors\nof a savings institution, examination reports may be inspected in the savings\ninstitution by such other persons as the board may specify.\n\nD. In connection with the examination of any state savings institution, the\nCommission may make or cause to be made an examination of the affiliates of the\nstate savings institution as shall be necessary to ascertain the financial\ncondition of the savings institution and disclose fully the relations between\nthe savings institution and its affiliates and the effect of such relations upon\nthe affairs of the savings institution.\n\nE. Upon written application made to the Commission by the board of directors or\nby the stockholders representing two-fifths of the total outstanding capital\nstock of any savings institution incorporated under the laws of and doing\nbusiness in the Commonwealth, or when, in the judgment of the Commission, it may\nbe necessary for the protection of the public or of persons depositing or\ndealing with such state savings institution, the Commission shall cause to be\nmade a special examination of such state savings institution. All expenses\nincident to such special examination may be charged to the state savings\ninstitution so examined and shall be paid by the savings institution so charged.\n\nHISTORY: Code 1950, \u00a7 6-201.54; 1960, c. 402; 1966, c. 584, \u00a7 6.1-184; 1972,\nc. 796, \u00a7 6.1-195.64; 1976, c. 82; 1985, c. 425, \u00a7 6.1-194.79; 1991, c. 230,\n\u00a7 6.1-194.145; 1992, c. 224; 1996, c. 80; 1997, c. 50; 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}}