{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-705.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-705.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-705.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-705.html"}],"law_id":57026,"edition_id":1,"section_id":57026,"structure_id":13877,"section_number":"6.2-705","catch_line":"Investigation of application","history":"1978, c. 683, \u00a7 6.1-387; 1983, c. 194, \u00a7 6.1-383.2; 1984, c. 335; 2010, c. 794.","full_text":"A\n\nFor 60 days following receipt of a complete application with the required information, fee, and consent as provided in subsection A of \u00a7 6.2-704, 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 of the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired;2\n\nThe applicant, its directors and officers, if applicable, and any proposed new directors and officers of the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, are qualified by character, experience, and financial responsibility to control and operate a Virginia financial institution;3\n\nThe proposed acquisition would be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts, or shareholders of the applicant or of the Virginia financial institution holding company or any Virginia financial institution that the applicant seeks to control or the stock of which is to be acquired; and4\n\nThe acquisition is in the public interest.B\n\nThe 60-day investigation period may be:1\n\nShortened 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 financial institution involved; or2\n\nExtended only if the Commission determines that the applicant has not furnished all the information required by subsection A of &#xA7; 6.2-704 or that the information submitted is substantially inaccurate or misleading.C\n\nWithin the prescribed investigation period, and upon request of the applicant or the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, the Commission may order a hearing concerning the proposed acquisition.D\n\nWithin the prescribed investigation period, the Commission, by giving written notice of its decision and the reasons therefor to the applicant and to the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, may (i) disapprove the application or (ii) impose such conditions on the acquisition as the Commission may deem advisable to effectuate the purposes of this chapter.E\n\nIf the Commission (i) takes no action within the prescribed investigation period or (ii) issues notice within the prescribed investigation period of its intent not to disapprove the application, the acquisition may be completed by the applicant.F\n\nAny party in interest aggrieved by any decision of the Commission, as a matter of right, may appeal to the Supreme Court of Virginia in the manner provided by law.G\n\nThe provisions of this section shall not apply:1\n\nTo mergers or acquisitions of assets authorized by the Commission pursuant to the provisions of &#xA7; 6.2-914;2\n\nIf the acquisition or merger is arranged by the Commission or other supervisory authority in order to prevent the insolvency or closing of the institution; or3\n\nIf a financial institution itself forms a corporation for the purpose of acquiring and holding the stock of such financial institution and it is proposed that the shareholders of the financial institution will become the shareholders of the financial institution holding company being organized. This exclusion shall apply regardless of the fact that some shareholders of the financial institution may dissent from the proposal.","order_by":null,"text":{"0":{"id":208887,"text":"For 60 days following receipt of a complete application with the required information, fee, and consent as provided in subsection A of \u00a7 6.2-704, 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":208888,"text":"The proposed acquisition would be detrimental to the safety and soundness of the applicant or of the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":208889,"text":"The applicant, its directors and officers, if applicable, and any proposed new directors and officers of the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, are qualified by character, experience, and financial responsibility to control and operate a Virginia financial institution;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":208890,"text":"The proposed acquisition would be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts, or shareholders of the applicant or of the Virginia financial institution holding company or any Virginia financial institution that the applicant seeks to control or the stock of which is to be acquired; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":208891,"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":208892,"text":"The 60-day investigation period may be:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"B1"},"6":{"id":208893,"text":"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 financial institution involved; or","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"7":{"id":208894,"text":"Extended only if the Commission determines that the applicant has not furnished all the information required by subsection A of &#xA7; 6.2-704 or that the information submitted is substantially inaccurate or misleading.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"8":{"id":208895,"text":"Within the prescribed investigation period, and upon request of the applicant or the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, 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":"B2","next_prefix":"D"},"9":{"id":208896,"text":"Within the prescribed investigation period, the Commission, by giving written notice of its decision and the reasons therefor to the applicant and to the Virginia financial institution or Virginia financial institution holding company that the applicant seeks to control or the stock of which is to be acquired, may (i) disapprove the application or (ii) impose such conditions on the acquisition as the Commission may deem advisable to effectuate the purposes of this chapter.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"10":{"id":208897,"text":"If the Commission (i) takes no action within the prescribed investigation period or (ii) issues notice within the prescribed investigation period of its intent not to disapprove the application, the acquisition may be completed by the applicant.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"11":{"id":208898,"text":"Any party in interest aggrieved by any decision of the Commission, as a matter of right, may appeal to the Supreme Court of Virginia in the manner provided by law.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"12":{"id":208899,"text":"The provisions of this section shall not apply:","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"G1"},"13":{"id":208900,"text":"To mergers or acquisitions of assets authorized by the Commission pursuant to the provisions of &#xA7; 6.2-914;","type":"section","prefixes":["G","1"],"prefix":"1","entire_prefix":"G1","prefix_anchor":"G1","level":2,"prior_prefix":"G","next_prefix":"G2"},"14":{"id":208901,"text":"If the acquisition or merger is arranged by the Commission or other supervisory authority in order to prevent the insolvency or closing of the institution; or","type":"section","prefixes":["G","2"],"prefix":"2","entire_prefix":"G2","prefix_anchor":"G2","level":2,"prior_prefix":"G1","next_prefix":"G3"},"15":{"id":208902,"text":"If a financial institution itself forms a corporation for the purpose of acquiring and holding the stock of such financial institution and it is proposed that the shareholders of the financial institution will become the shareholders of the financial institution holding company being organized. This exclusion shall apply regardless of the fact that some shareholders of the financial institution may dissent from the proposal.","type":"section","prefixes":["G","3"],"prefix":"3","entire_prefix":"G3","prefix_anchor":"G3","level":2,"prior_prefix":"G2"}},"ancestry":[{"id":13877,"edition_id":1,"name":"Acquisitions of Interests in Financial Institutions","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:46:09","date_modified":"2026-06-26 03:46:09","permalink":{"id":264999,"object_type":"structure","relational_id":13877,"identifier":"7","token":"6.2\/II\/7","url":"\/6.2\/II\/7\/","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":75055,"structure_id":13877,"section_number":"6.2-700","catch_line":"Definitions","url":"\/6.2-700\/","token":"6.2\/II\/7\/6.2-700","metadata":false},{"id":60495,"structure_id":13877,"section_number":"6.2-701","catch_line":"Presumptions regarding control of entities, ownership of shares, and activities of subsidiaries or other entities","url":"\/6.2-701\/","token":"6.2\/II\/7\/6.2-701","metadata":false},{"id":54906,"structure_id":13877,"section_number":"6.2-702","catch_line":"Registration; authority to transact business","url":"\/6.2-702\/","token":"6.2\/II\/7\/6.2-702","metadata":false},{"id":85442,"structure_id":13877,"section_number":"6.2-703","catch_line":"Acquisition of interest in entity other than financial institution by financial institutions","url":"\/6.2-703\/","token":"6.2\/II\/7\/6.2-703","metadata":false},{"id":69570,"structure_id":13877,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","url":"\/6.2-704\/","token":"6.2\/II\/7\/6.2-704","metadata":false},{"id":57026,"structure_id":13877,"section_number":"6.2-705","catch_line":"Investigation of application","url":"\/6.2-705\/","token":"6.2\/II\/7\/6.2-705","metadata":false},{"id":87334,"structure_id":13877,"section_number":"6.2-706","catch_line":"Cooperative agreements with other regulatory authorities","url":"\/6.2-706\/","token":"6.2\/II\/7\/6.2-706","metadata":false},{"id":72788,"structure_id":13877,"section_number":"6.2-707","catch_line":"Reports and examinations","url":"\/6.2-707\/","token":"6.2\/II\/7\/6.2-707","metadata":false},{"id":70385,"structure_id":13877,"section_number":"6.2-708","catch_line":"Unsafe or unsound practices; cease and desist orders","url":"\/6.2-708\/","token":"6.2\/II\/7\/6.2-708","metadata":false},{"id":77051,"structure_id":13877,"section_number":"6.2-709","catch_line":"Conformity with federal forms","url":"\/6.2-709\/","token":"6.2\/II\/7\/6.2-709","metadata":false},{"id":67335,"structure_id":13877,"section_number":"6.2-710","catch_line":"Regulations excluding financial institution holding companies from this chapter","url":"\/6.2-710\/","token":"6.2\/II\/7\/6.2-710","metadata":false},{"id":81309,"structure_id":13877,"section_number":"6.2-711","catch_line":"Civil penalties; injunction","url":"\/6.2-711\/","token":"6.2\/II\/7\/6.2-711","metadata":false},{"id":85696,"structure_id":13877,"section_number":"6.2-712","catch_line":"A savings institution holding company seeking to acquire a bank or bank holding company deemed a bank holding company","url":"\/6.2-712\/","token":"6.2\/II\/7\/6.2-712","metadata":false},{"id":74113,"structure_id":13877,"section_number":"6.2-713","catch_line":"Applicable laws and regulations","url":"\/6.2-713\/","token":"6.2\/II\/7\/6.2-713","metadata":false},{"id":65153,"structure_id":13877,"section_number":"6.2-714","catch_line":"Examinations of out-of-state bank holding companies and subsidiaries; reports; joint actions","url":"\/6.2-714\/","token":"6.2\/II\/7\/6.2-714","metadata":false},{"id":73214,"structure_id":13877,"section_number":"6.2-715","catch_line":"Notice of intent to acquire out-of-state bank","url":"\/6.2-715\/","token":"6.2\/II\/7\/6.2-715","metadata":false}],"previous_section":{"id":69570,"structure_id":13877,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","url":"\/6.2-704\/","token":"6.2\/II\/7\/6.2-704","metadata":false},"next_section":{"id":87334,"structure_id":13877,"section_number":"6.2-706","catch_line":"Cooperative agreements with other regulatory authorities","url":"\/6.2-706\/","token":"6.2\/II\/7\/6.2-706","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-705\/","history_text":"<p>This law was first created in 1978. The record of its establishment is cataloged in chapter 683 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 1978 \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 1983, chapter 194; in 1984, chapter 335; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":[{"id":69570,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","order_by":null,"url":"\/6.2-704\/"},{"id":63809,"section_number":"6.2-822","catch_line":"Merger and share exchange by state banks","order_by":null,"url":"\/6.2-822\/"}],"refers_to":[{"id":69570,"section_number":"6.2-704","catch_line":"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required","order_by":null,"url":"\/6.2-704\/"},{"id":64972,"section_number":"6.2-914","catch_line":"Merger or transfer of assets of insolvent bank","order_by":null,"url":"\/6.2-914\/"}],"permalink":{"id":265021,"object_type":"law","relational_id":57026,"identifier":"6.2-705","token":"6.2\/II\/7\/6.2-705","url":"\/6.2-705\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-705\/","token":"6.2\/II\/7\/6.2-705","dublin_core":{"Title":"Investigation of application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-705","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> For 60 days following receipt of a complete application with the required information, fee, and consent as provided in subsection A of \u00a7&nbsp;<a class=\"law\" title=\"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required\" href=\"\/6.2-704\/\">6.2-704<\/a>, the <span class=\"dictionary\">Commission<\/span> may conduct an investigation for the purpose of determining whether: <a id=\"paragraph-208887\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The proposed acquisition would be detrimental to the safety and soundness of the applicant or of the <span class=\"dictionary\">Virginia financial institution<\/span> or <span class=\"dictionary\">Virginia <span class=\"dictionary\">financial institution holding company<\/span><\/span> that the applicant seeks to control or the stock of which is to be acquired; <a id=\"paragraph-208888\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> The applicant, its directors and officers, if applicable, and any proposed new directors and officers of the <span class=\"dictionary\">Virginia financial institution<\/span> or <span class=\"dictionary\">Virginia <span class=\"dictionary\">financial institution holding company<\/span><\/span> that the applicant seeks to control or the stock of which is to be acquired, are qualified by character, experience, and financial responsibility to control and operate a <span class=\"dictionary\">Virginia financial institution<\/span>; <a id=\"paragraph-208889\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> The proposed acquisition would be prejudicial to the interests of the depositors, <span class=\"dictionary\">creditors<\/span>, beneficiaries of fiduciary accounts, or shareholders of the applicant or of the <span class=\"dictionary\">Virginia <span class=\"dictionary\">financial institution holding company<\/span><\/span> or any <span class=\"dictionary\">Virginia financial institution<\/span> that the applicant seeks to control or the stock of which is to be acquired; and <a id=\"paragraph-208890\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> The acquisition is in the public interest. <a id=\"paragraph-208891\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The 60-day investigation period may be: <a id=\"paragraph-208892\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Shortened or waived by the <span class=\"dictionary\">Commission<\/span>, as it deems appropriate, if the <span class=\"dictionary\">Commission<\/span> finds that it must act immediately in <span class=\"dictionary\">order<\/span> to prevent the probable failure of a <span class=\"dictionary\">Virginia financial institution<\/span> involved; or <a id=\"paragraph-208893\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Extended only if the <span class=\"dictionary\">Commission<\/span> determines that the applicant has not furnished all the information required by subsection A of &#xA7; <a class=\"law\" title=\"Acquisition of interests in financial institutions and financial institution holding companies; application; notice; Commission approval required\" href=\"\/6.2-704\/\">6.2-704<\/a> or that the information submitted is substantially inaccurate or misleading. <a id=\"paragraph-208894\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Within the prescribed investigation period, and upon request of the applicant or the <span class=\"dictionary\">Virginia financial institution<\/span> or <span class=\"dictionary\">Virginia <span class=\"dictionary\">financial institution holding company<\/span><\/span> that the applicant seeks to control or the stock of which is to be acquired, the <span class=\"dictionary\">Commission<\/span> may <span class=\"dictionary\">order<\/span> a <span class=\"dictionary\">hearing<\/span> concerning the proposed acquisition. <a id=\"paragraph-208895\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Within the prescribed investigation period, the <span class=\"dictionary\">Commission<\/span>, by giving written notice of its decision and the reasons therefor to the applicant and to the <span class=\"dictionary\">Virginia financial institution<\/span> or <span class=\"dictionary\">Virginia <span class=\"dictionary\">financial institution holding company<\/span><\/span> that the applicant seeks to control or the stock of which is to be acquired, may (i) disapprove the application or (ii) impose such conditions on the acquisition as the <span class=\"dictionary\">Commission<\/span> may deem advisable to effectuate the purposes of this chapter. <a id=\"paragraph-208896\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> If the <span class=\"dictionary\">Commission<\/span> (i) takes no action within the prescribed investigation period or (ii) <span class=\"dictionary\">issues<\/span> notice within the prescribed investigation period of its <span class=\"dictionary\">intent<\/span> not to disapprove the application, the acquisition may be completed by the applicant. <a id=\"paragraph-208897\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"F\"><p><span class=\"prefix-number\">F.<\/span> Any <span class=\"dictionary\">party in interest<\/span> aggrieved by any decision of the <span class=\"dictionary\">Commission<\/span>, as a matter of right, may <span class=\"dictionary\">appeal<\/span> to the Supreme <span class=\"dictionary\">Court<\/span> of Virginia in the manner provided by <span class=\"dictionary\">law<\/span>. <a id=\"paragraph-208898\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G\"><p><span class=\"prefix-number\">G.<\/span> The provisions of this section shall not apply: <a id=\"paragraph-208899\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#G\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> To mergers or acquisitions of <span class=\"dictionary\">assets<\/span> authorized by the <span class=\"dictionary\">Commission<\/span> pursuant to the provisions of &#xA7; <a class=\"law\" title=\"Merger or transfer of assets of insolvent bank\" href=\"\/6.2-914\/\">6.2-914<\/a>; <a id=\"paragraph-208900\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#G1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> If the acquisition or merger is arranged by the <span class=\"dictionary\">Commission<\/span> or other supervisory authority in <span class=\"dictionary\">order<\/span> to prevent the insolvency or closing of the institution; or <a id=\"paragraph-208901\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#G2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> If a financial institution itself forms a corporation for the purpose of acquiring and holding the stock of such financial institution and it is proposed that the shareholders of the financial institution will become the shareholders of the <span class=\"dictionary\">financial institution holding company<\/span> being organized. This exclusion shall apply regardless of the <span class=\"dictionary\">fact<\/span> that some shareholders of the financial institution may dissent from the proposal. <a id=\"paragraph-208902\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-705\/#G3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nINVESTIGATION OF APPLICATION (\u00a7 6.2-705)\n\nA. For 60 days following receipt of a complete application with the required\ninformation, fee, and consent as provided in subsection A of \u00a7 6.2-704, the\nCommission may conduct an investigation for the purpose of determining whether:\n\n   1. The proposed acquisition would be detrimental to the safety and soundness\n   of the applicant or of the Virginia financial institution or Virginia\n   financial institution holding company that the applicant seeks to control or\n   the stock of which is to be acquired;\n\n   2. The applicant, its directors and officers, if applicable, and any proposed\n   new directors and officers of the Virginia financial institution or Virginia\n   financial institution holding company that the applicant seeks to control or\n   the stock of which is to be acquired, are qualified by character, experience,\n   and financial responsibility to control and operate a Virginia financial\n   institution;\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 applicant or of the Virginia financial institution holding company or any\n   Virginia financial institution that the applicant seeks to control or the\n   stock of which is to be acquired; and\n\n   4. The acquisition is in the public interest.\n\nB. The 60-day investigation period may be:\n\n   1. Shortened or waived by the Commission, as it deems appropriate, if the\n   Commission finds that it must act immediately in order to prevent the probable\n   failure of a Virginia financial institution involved; or\n\n   2. Extended only if the Commission determines that the applicant has not\n   furnished all the information required by subsection A of &#xA7; 6.2-704 or\n   that the information submitted is substantially inaccurate or misleading.\n\nC. Within the prescribed investigation period, and upon request of the applicant\nor the Virginia financial institution or Virginia financial institution holding\ncompany that the applicant seeks to control or the stock of which is to be\nacquired, the Commission may order a hearing concerning the proposed\nacquisition.\n\nD. Within the prescribed investigation period, the Commission, by giving written\nnotice of its decision and the reasons therefor to the applicant and to the\nVirginia financial institution or Virginia financial institution holding company\nthat the applicant seeks to control or the stock of which is to be acquired, may\n(i) disapprove the application or (ii) impose such conditions on the acquisition\nas the Commission may deem advisable to effectuate the purposes of this chapter.\n\nE. If the Commission (i) takes no action within the prescribed investigation\nperiod or (ii) issues notice within the prescribed investigation period of its\nintent not to disapprove the application, the acquisition may be completed by\nthe applicant.\n\nF. Any party in interest aggrieved by any decision of the Commission, as a\nmatter of right, may appeal to the Supreme Court of Virginia in the manner\nprovided by law.\n\nG. The provisions of this section shall not apply:\n\n   1. To mergers or acquisitions of assets authorized by the Commission pursuant\n   to the provisions of &#xA7; 6.2-914;\n\n   2. If the acquisition or merger is arranged by the Commission or other\n   supervisory authority in order to prevent the insolvency or closing of the\n   institution; or\n\n   3. If a financial institution itself forms a corporation for the purpose of\n   acquiring and holding the stock of such financial institution and it is\n   proposed that the shareholders of the financial institution will become the\n   shareholders of the financial institution holding company being organized.\n   This exclusion shall apply regardless of the fact that some shareholders of\n   the financial institution may dissent from the proposal.\n\nHISTORY: 1978, c. 683, \u00a7 6.1-387; 1983, c. 194, \u00a7 6.1-383.2; 1984, c. 335;\n2010, 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}}