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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>73360</law_id><section_number>6.2-1187</section_number><catch_line>Investment authority of state savings banks</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>6.2-1186</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="11">Savings Institutions</unit><unit label="article" level="4" order_by="1" identifier="8">Other Loans and Investments</unit></structure><text>
						<section><p>Notwithstanding any provision of &#xA7;&#xA0;<a class="law" title="General investment authority of state savings institutions" href="/6.2-1186/">6.2-1186</a> to the contrary:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> A <span class="dictionary">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 <span class="dictionary">Commissioner</span> if the total amount of the investment exceeds the aggregate amount of the savings bank&#x2019;s unimpaired capital fund; <a id="paragraph-264009" class="section-permalink" href="https://vacode.org/6.2-1187/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> A <span class="dictionary">service corporation</span> described in subdivision A 2 of &#xA7; <a class="law" title="General investment authority of state savings institutions" href="/6.2-1186/">6.2-1186</a> in which a savings bank invests shall be subject to state and local taxation in the same manner as are <span class="dictionary">savings banks</span>; <a id="paragraph-264010" class="section-permalink" href="https://vacode.org/6.2-1187/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> The <span class="dictionary">assets</span> of a <span class="dictionary">state savings bank</span> may be invested in stock or obligations of the Federal Deposit Insurance Corporation; <a id="paragraph-264011" class="section-permalink" href="https://vacode.org/6.2-1187/#3"><i class="fa fa-link"/></a></p></section>
						<section id="4"><p><span class="prefix-number">4.</span> The <span class="dictionary">assets</span> of a <span class="dictionary">state savings bank</span> may be invested in commercial paper eligible for purchase by Federal Reserve Banks; <a id="paragraph-264012" class="section-permalink" href="https://vacode.org/6.2-1187/#4"><i class="fa fa-link"/></a></p></section>
						<section id="5"><p><span class="prefix-number">5.</span> A <span class="dictionary">state savings bank</span> shall not invest more than 20 percent of its <span class="dictionary">assets</span> in loans the primary security for which is nonresidential real estate; and <a id="paragraph-264013" class="section-permalink" href="https://vacode.org/6.2-1187/#5"><i class="fa fa-link"/></a></p></section>
						<section id="6"><p><span class="prefix-number">6.</span> A <span class="dictionary">state savings bank</span> shall conform to the loans-to-one-borrower limitations contained in &#xA7; <a class="law" title="Limitations on obligations of borrowers" href="/6.2-875/">6.2-875</a>. <a id="paragraph-264014" class="section-permalink" href="https://vacode.org/6.2-1187/#6"><i class="fa fa-link"/></a></p></section></text><history>1991, c. 230, &#xA7; 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.</history><metadata></metadata></law>
