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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54754</law_id><section_number>6.2-1193</section_number><catch_line>Statements to be furnished by Commission to directors of savings institutions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><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="9">Supervision</unit></structure><text>
						<section><p>The <span class="dictionary">Commission</span> shall prepare and make available to each <span class="dictionary">member</span> of the board of directors of every <span class="dictionary">state savings institution</span> a statement describing generally their duties and responsibilities. The statement shall include a <span class="dictionary">brief</span> outline of the examining procedure employed by the <span class="dictionary">Commission</span>, an explanation of the distinction between an examination and an audit, and any information that the <span class="dictionary">Commission</span> deems necessary to apprise the directors of the necessity for an adequate system of internal controls.</p></section></text><history>Code 1950, &#xA7; 6-201.59; 1960, c. 402; 1966, c. 584, &#xA7; 6.1-189; 1972, c. 796, &#xA7; 6.1-195.69; 1985, c. 425, &#xA7; 6.1-194.77; 1991, c. 230, &#xA7; 6.1-194.143; 2010, c. 794.</history><metadata></metadata></law>
