                                 CODE OF VIRGINIA

MEMBERSHIP IN FACILITATING ORGANIZATIONS OR INSTRUMENTALITIES (§ 6.2-1110)

A savings institution may become a member of, deal with, maintain reserves or
deposits with, or make reasonable payments or contributions to, and comply with
any reasonable requirements or conditions of eligibility of, any government or
private organization or instrumentality to the extent that the organization or
instrumentality assists in furthering or facilitating the institution&#8217;s
purposes, powers, services or community responsibilities. This section shall not
be construed to permit a savings institution to establish deposit or reserve
accounts with any financial institution or other entity if its accounts are not
insured by federal agency or other insurer approved by the Commissioner.

HISTORY: 1985, c. 425, § 6.1-194.4; 2010, c. 794.