                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1100)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Account&#8221; means any account with a savings institution and
includes a checking, time, interest, or savings account.
		&#8220;Association&#8221; means a savings and loan association or building and
loan association that is authorized by law to accept deposits and to hold itself
out to the public as engaged in the savings and loan business.
		&#8220;Branch office&#8221; means an office of a savings institution where, in
addition to conducting other business activities of the institution, the
institution accepts deposits.
		&#8220;Federal financial institution&#8221; means a financial institution
incorporated or organized in accordance with the laws of the United States.
		&#8220;Federal savings institution&#8221; means a savings institution
incorporated or organized in accordance with the laws of the United States.
		&#8220;Financial institution holding company&#8221; has the meaning assigned
to it in § 6.2-700.
		&#8220;Foreign savings institution&#8221; means a savings institution
incorporated under the laws of a state other than the Commonwealth, the
principal business office of which is located outside the Commonwealth.
&#8220;Foreign savings institution&#8221; does not include a savings institution
incorporated under the laws of the United States.
		&#8220;Home loan&#8221; means a real estate loan the security for which is a
lien on real estate comprising a single-family dwelling or a dwelling unit for
four or fewer families in the aggregate.
		&#8220;Insured savings institution&#8221; means a savings institution whose
accounts are insured by the Federal Deposit Insurance Corporation or other
federal insurance agency.
		&#8220;Liquid assets&#8221; means (i) cash on hand; (ii) cash on deposit in
Federal Home Loan Banks, Federal Reserve Banks, savings institutions, or in
commercial banks that is withdrawable upon not more than 30 days&#8217; notice
and that is not pledged as security for indebtedness; (iii) the liquid asset
fund of the United States League of Saving Institutions; (iv) obligations of, or
obligations that are fully guaranteed as to principal and interest by, the
United States; or (v) any other asset that the Commissioner designates as a
liquid asset. Any deposits in financial institutions under the control or in the
possession of any supervisory authority are not liquid assets.
		&#8220;Main office&#8221; means the office where a savings institution first
commences to do business or, if the savings institution has more than one
office, the office designated by the institution&#8217;s board of directors as
the institution&#8217;s main office.
		&#8220;Manufactured building&#8221; means a manufactured home or other
structure designed for use as a dwelling or business facility that is
manufactured and assembled at a location other than the site where such
manufactured home or other structure is placed for use as a dwelling or business
facility, or both.
		&#8220;Member&#8221; means a person (i) holding a savings account of a mutual
association, (ii) borrowing from a mutual association, (iii) assuming or
obligated upon a loan or interest therein held by a mutual association, or (iv)
purchasing real estate securing a loan or interest therein held by a mutual
association. &#8220;Member&#8221; includes such persons with a joint and
survivorship or other multiple owner or borrower relationship, which persons
shall constitute a single membership for purposes of this chapter.
		&#8220;Mutual association&#8221; means an association that is organized and
operated exclusively for the benefit of its members and that does not issue
shares of capital stock.
		&#8220;Mutual savings institution&#8221; means a savings institution that is
organized and operated exclusively for the benefit of its members and that does
not issue shares of capital stock.
		&#8220;Real estate loan&#8221; means:

1. A loan on the security of any instrument, whether a mortgage, deed of trust,
or land contract, that makes the interest in real estate described therein,
whether in fee or in a leasehold or subleasehold extending or renewable
automatically or at the option of the holder, or at the option of the savings
institution, for a period of at least 10 years beyond the maturity of the loan,
specific security for the payment of the obligations secured by the instrument;
or

2. A loan, or interest therein, secured by cooperative housing units on the
security of (i) a security interest in the stock or membership certificate
issued to a tenant-stockholder or resident member of a cooperative housing
corporation, as defined in &#xA7; 13.1-501, coupled with (ii) the assignment by
way of security of the borrower&#8217;s interest in the proprietary lease or
other right of tenancy in the property owned by such corporation.
			&#8220;Savings account&#8221; means an interest-bearing account not subject
to withdrawal by check or other negotiable instrument.
			&#8220;Savings bank&#8221; means a savings institution specifically chartered
under the laws of the Commonwealth, another state or a territory of the United
States, the District of Columbia, or the United States as a savings bank. The
term savings bank does not include a savings and loan association or building
and loan association.
			&#8220;Savings institution&#8221; means a savings and loan association, a
building and loan association, or savings bank, whether organized as a capital
stock corporation or a nonstock corporation, that is authorized by law to accept
deposits and to hold itself out to the public as engaged in the savings
institution business.
			&#8220;Savings institution holding company&#8221; means any person who,
directly or indirectly, or acting in concert with one or more other companies or
with one or more subsidiaries or affiliates, acquires, owns, controls or holds
with power to vote 25 percent or more of the voting shares of a stock savings
institution, or which controls in any manner the election of a majority of the
directors of such institution.
			&#8220;Service corporation&#8221; means a stock corporation, all of the stock
of which is owned (i) directly by one or more savings institutions or (ii)
indirectly through a subsidiary or subsidiaries of one or more savings
institutions.
			&#8220;State association&#8221; means an association incorporated under the
laws of the Commonwealth.
			&#8220;State bank&#8221; means a bank incorporated under the laws of the
Commonwealth and that has its principal business office in the Commonwealth.
			&#8220;State savings bank&#8221; means a savings bank organized and
incorporated under the provisions of this chapter. A state savings bank shall
not be subject to the provisions of this chapter applicable only to state
associations.
			&#8220;State savings institution&#8221; means a savings institution
incorporated under the laws of the Commonwealth.
			&#8220;Stock association&#8221; means an association that issues shares of
capital stock.
			&#8220;Stock institution&#8221; means a savings institution that issues
shares of capital stock.
			&#8220;Withdrawal value&#8221; means the amount credited to an account less
lawful deductions therefrom, as shown by the records of the savings institution.

HISTORY: Code 1950, §§ 6-201.4, 6-201.5; 1960, c. 402; 1966, c. 584, 6.1-129,
6.1-130; 1970, c. 396; 1972, c. 796, § 6.1-195.4; 1975, c. 73; 1978, c. 14;
1980, c. 350; 1982, cc. 80, 224, § 6.1-195.57:1; 1985, c. 425, §§ 6.1-194.2,
6.1-194.40, 6.1-194.87; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1991, cc. 228,
230, §§ 6.1-194.110, 6.1-194.131; 1996, cc. 16, 26; 1999, c. 77; 2010, c. 794.