                                 CODE OF VIRGINIA

BROKERAGE SERVICES OF SAVINGS AND LOAN ASSOCIATIONS, SAVINGS BANKS OR SERVICE
CORPORATIONS OF EITHER; WHEN REGISTRATION NOT REQUIRED (§ 13.1-504.1)

A savings and loan association or a savings bank, or the service corporation of
either, may enter into an agreement with any person or entity which is a
registered broker-dealer under the applicable provisions of this chapter and
under the Securities Exchange Act of 1934, for the purpose of making brokerage
services available to customers of the association or savings bank. The
existence of such an agreement shall not of itself be sufficient to require
employees of the association, savings bank or service corporation to register as
an agent under the provisions of this article, so long as the employees&#8217;
activities with regard to such brokerage services are limited to the providing
of clerical or ministerial services.

HISTORY: 1984, c. 334.