                                 CODE OF VIRGINIA

CHANGE OF BRANCH OFFICE LOCATION (§ 6.2-1135)

A. A state savings institution shall not change the permanent location of a
branch office without the prior approval of the Commission. An application to
change the location of a branch office shall be made in writing in such form as
may be prescribed by the Commission. Such application shall be approved by the
Commission if the Commission finds that the change in location is in the public
interest.

B. Notwithstanding the provisions of subsection A, a state savings institution
may change the permanent location of a branch office, without applying for the
approval of the Commission, if the new location will be within a one mile radius
of the old location of such branch office. In such event, the state savings
institution shall notify the Commissioner in writing, in such form as may be
prescribed by the Commissioner, at least 60 days before such office relocation
and may proceed with the relocation unless, within 30 days of receipt of the
notice, the Commissioner notifies the institution that the relocation is not in
the public interest. In that event, the institution shall be required to file an
application and obtain the approval of the Commission in accordance with
subsection A. The institution shall also notify the Commissioner in writing that
the office relocation has been completed within 10 days after the opening of the
office at its new location.

C. The provisions of subsections A and B shall also apply to foreign savings
institutions authorized to transact business in the Commonwealth.

D. The provisions of this section shall also apply to the relocation of the main
office of a state savings institution if it intends to accept deposits at the
new location of the main office.

HISTORY: 1985, c. 425, § 6.1-194.28; 1991, c. 230, § 6.1-194.121; 2010, c.
794.