{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-828.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-828.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-828.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-828.html"}],"law_id":70763,"edition_id":1,"section_id":70763,"structure_id":14285,"section_number":"6.2-828","catch_line":"Conversion of state bank to federal savings institution","history":"Code 1950, \u00a7\u00a7 6-201.43; 6-201.44; 1960, c. 402; 1966, c. 584, \u00a7\u00a7 6.1-173, 6.1-174; 1972, c. 796, \u00a7\u00a7 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985, c. 425; 1990, c. 3; 1995, c. 133; 2010, c. 794.","full_text":"A\n\nA state bank may convert into a federal savings institution as follows:1\n\nAt any meeting of the stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the bank into a federal savings institution;2\n\nA copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state bank shall be transmitted to the Commission;3\n\nThereafter, the state bank shall take such action as is necessary under federal law to make it a federal savings institution; and4\n\nThe bank shall file with the Commission a certified copy of the charter issued to it by the federal chartering authority, or a certificate of that authority showing the organization of the bank as a federal savings institution.B\n\nUpon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the bank shall cease to be a state bank.C\n\nNo state bank shall convert into a federal savings institution until it has been in operation as a state bank for a period of at least five years.D\n\nWhen a conversion of a state bank into federal savings institution becomes effective, the state bank shall cease to be a Virginia corporation and all its property, by operation of law and without any further act or deed, shall continue to be vested in it under its new name as a federal savings institution and under its federal charter. The federal savings institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state bank. The federal savings institution, at the time of the taking effect of the conversion, shall become and continue to be responsible for all of the obligations of the state bank including taxes and other liabilities created by law or incurred by it before becoming a federal savings institution to the same extent as though the conversion had not taken place.","order_by":null,"text":{"0":{"id":255250,"text":"A state bank may convert into a federal savings institution as follows:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":255251,"text":"At any meeting of the stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the bank into a federal savings institution;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":255252,"text":"A copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state bank shall be transmitted to the Commission;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":255253,"text":"Thereafter, the state bank shall take such action as is necessary under federal law to make it a federal savings institution; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":255254,"text":"The bank shall file with the Commission a certified copy of the charter issued to it by the federal chartering authority, or a certificate of that authority showing the organization of the bank as a federal savings institution.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":255255,"text":"Upon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the bank shall cease to be a state bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":255256,"text":"No state bank shall convert into a federal savings institution until it has been in operation as a state bank for a period of at least five years.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"7":{"id":255257,"text":"When a conversion of a state bank into federal savings institution becomes effective, the state bank shall cease to be a Virginia corporation and all its property, by operation of law and without any further act or deed, shall continue to be vested in it under its new name as a federal savings institution and under its federal charter. The federal savings institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state bank. The federal savings institution, at the time of the taking effect of the conversion, shall become and continue to be responsible for all of the obligations of the state bank including taxes and other liabilities created by law or incurred by it before becoming a federal savings institution to the same extent as though the conversion had not taken place.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14285,"edition_id":1,"name":"Bank Mergers and Conversions","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:47:36","date_modified":"2026-06-26 03:47:36","permalink":{"id":265441,"object_type":"structure","relational_id":14285,"identifier":"4","token":"6.2\/II\/8\/4","url":"\/6.2\/II\/8\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":63809,"structure_id":14285,"section_number":"6.2-822","catch_line":"Merger and share exchange by state banks","url":"\/6.2-822\/","token":"6.2\/II\/8\/4\/6.2-822","metadata":false},{"id":84764,"structure_id":14285,"section_number":"6.2-823","catch_line":"Conversion of national banking association to state bank; certificate of authority","url":"\/6.2-823\/","token":"6.2\/II\/8\/4\/6.2-823","metadata":false},{"id":59646,"structure_id":14285,"section_number":"6.2-824","catch_line":"Status of converted bank","url":"\/6.2-824\/","token":"6.2\/II\/8\/4\/6.2-824","metadata":false},{"id":70477,"structure_id":14285,"section_number":"6.2-825","catch_line":"State bank becoming national bank; notice required; effect on liabilities","url":"\/6.2-825\/","token":"6.2\/II\/8\/4\/6.2-825","metadata":false},{"id":55555,"structure_id":14285,"section_number":"6.2-826","catch_line":"Effect of conversion of state bank to national bank","url":"\/6.2-826\/","token":"6.2\/II\/8\/4\/6.2-826","metadata":false},{"id":76999,"structure_id":14285,"section_number":"6.2-827","catch_line":"Rights of national bank stockholders dissenting from conversion","url":"\/6.2-827\/","token":"6.2\/II\/8\/4\/6.2-827","metadata":false},{"id":70763,"structure_id":14285,"section_number":"6.2-828","catch_line":"Conversion of state bank to federal savings institution","url":"\/6.2-828\/","token":"6.2\/II\/8\/4\/6.2-828","metadata":false},{"id":67840,"structure_id":14285,"section_number":"6.2-829","catch_line":"Conversion from state savings bank to state bank; conversion from state bank to state savings bank","url":"\/6.2-829\/","token":"6.2\/II\/8\/4\/6.2-829","metadata":false},{"id":68881,"structure_id":14285,"section_number":"6.2-830","catch_line":"Conversion from stock association to bank; conversion from bank to stock association","url":"\/6.2-830\/","token":"6.2\/II\/8\/4\/6.2-830","metadata":false}],"previous_section":{"id":76999,"structure_id":14285,"section_number":"6.2-827","catch_line":"Rights of national bank stockholders dissenting from conversion","url":"\/6.2-827\/","token":"6.2\/II\/8\/4\/6.2-827","metadata":false},"next_section":{"id":67840,"structure_id":14285,"section_number":"6.2-829","catch_line":"Conversion from state savings bank to state bank; conversion from state bank to state savings bank","url":"\/6.2-829\/","token":"6.2\/II\/8\/4\/6.2-829","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-828\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 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 1982, chapter 156; in 1985, chapter 425; in 1990, chapter 3; in 1995, chapter 133<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"},{"id":76305,"section_number":"13.1-801","catch_line":"Short title","order_by":null,"url":"\/13.1-801\/"}],"permalink":{"id":265467,"object_type":"law","relational_id":70763,"identifier":"6.2-828","token":"6.2\/II\/8\/4\/6.2-828","url":"\/6.2-828\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-828\/","token":"6.2\/II\/8\/4\/6.2-828","dublin_core":{"Title":"Conversion of state bank to federal savings institution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-828","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state bank<\/span> may convert into a federal savings institution as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> At any meeting of the stockholders called and held in accordance with the Virginia Stock Corporation Act (§ 13.1-601<\/a> et seq.) or the Virginia Nonstock Corporation Act (§ 13.1-801<\/a> et seq.) to consider such action, the stockholders, by an affirmative vote of those holding and voting two-thirds of the votes present in person<\/span> or by proxy, may resolve to convert the bank into a federal savings institution; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A copy of the minutes of the meeting duly certified by the president or vice-president and the secretary or assistant secretary of the state bank<\/span> shall be transmitted to the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Thereafter, the state bank<\/span> shall take such action as is necessary under federal law<\/span> to make it a federal savings institution; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The bank shall file with the Commission<\/span> a certified copy of the charter issued to it by the federal chartering authority, or a certificate of that authority showing the organization of the bank as a federal savings institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon the filing of the certified copy of a charter or certificate of authority as provided in subdivision A 4, the bank shall cease to be a state bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No state bank<\/span> shall convert into a federal savings institution until it has been in operation as a state bank<\/span> for a period of at least five years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> When a conversion of a state bank<\/span> into federal savings institution becomes effective, the state bank<\/span> shall cease to be a Virginia corporation and all its property, by operation of law<\/span> and without any further act or deed, shall continue to be vested in it under its new name as a federal savings institution and under its federal charter. The federal savings institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by it as a state bank<\/span>. The federal savings institution, at the time of the taking effect of the conversion, shall become and continue to be responsible for all of the obligations of the state bank<\/span> including taxes and other liabilities created by law<\/span> or incurred by it before becoming a federal savings institution to the same extent as though the conversion had not taken place. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF STATE BANK TO FEDERAL SAVINGS INSTITUTION (\u00a7 6.2-828)\n\nA. A state bank may convert into a federal savings institution as follows:\n\n 1. At any meeting of the stockholders called and held in accordance with the\n Virginia Stock Corporation Act (§ 13.1-601 et seq.) or the Virginia\n Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action,\n the stockholders, by an affirmative vote of those holding and voting\n two-thirds of the votes present in person or by proxy, may resolve to convert\n the bank into a federal savings institution;\n\n 2. A copy of the minutes of the meeting duly certified by the president or\n vice-president and the secretary or assistant secretary of the state bank\n shall be transmitted to the Commission;\n\n 3. Thereafter, the state bank shall take such action as is necessary under\n federal law to make it a federal savings institution; and\n\n 4. The bank shall file with the Commission a certified copy of the charter\n issued to it by the federal chartering authority, or a certificate of that\n authority showing the organization of the bank as a federal savings\n institution.\n\nB. Upon the filing of the certified copy of a charter or certificate of\nauthority as provided in subdivision A 4, the bank shall cease to be a state\nbank.\n\nC. No state bank shall convert into a federal savings institution until it has\nbeen in operation as a state bank for a period of at least five years.\n\nD. When a conversion of a state bank into federal savings institution becomes\neffective, the state bank shall cease to be a Virginia corporation and all its\nproperty, by operation of law and without any further act or deed, shall\ncontinue to be vested in it under its new name as a federal savings institution\nand under its federal charter. The federal savings institution shall have, hold\nand enjoy the same in its own right as fully and to the same extent as the same\nwas possessed, held and enjoyed by it as a state bank. The federal savings\ninstitution, at the time of the taking effect of the conversion, shall become\nand continue to be responsible for all of the obligations of the state bank\nincluding taxes and other liabilities created by law or incurred by it before\nbecoming a federal savings institution to the same extent as though the\nconversion had not taken place.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-201.43; 6-201.44; 1960, c. 402; 1966, c. 584, \u00a7\u00a7\n6.1-173, 6.1-174; 1972, c. 796, \u00a7\u00a7 6.1-195.52, 6.1-195.53; 1982, c. 156; 1985,\nc. 425; 1990, c. 3; 1995, c. 133; 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}}