                                 CODE OF VIRGINIA

CONVERSION FROM STOCK SAVINGS INSTITUTION TO BANK (§ 6.2-1144)

A. A state stock association or state savings bank may be converted into a bank
by the amendment of its articles of incorporation in compliance with the
procedure established by Title 13.1, provided that such conversion is approved
in advance by the Commission. Prior to approving or disapproving a conversion,
the Commission shall investigate the application to convert as if it were an
application for a certificate of authority to begin a banking business, and
approval shall not be granted unless the applicant meets the standards
established by &#xA7; 6.2-816. The order granting a certificate of authority to
do a banking business shall designate the main office of the savings institution
as the main office of the resulting bank, and the resulting bank shall be
permitted to operate all branch offices of the savings institution that could
have been established de novo by a bank having its main office at such location
or which were in operation for at least five years prior to the date of the
order permitting conversion. Within one year of the date of a conversion, the
resulting bank shall conform its assets and operations to the provisions of law
regulating the operation of banks. The Commission may grant such resulting bank
additional one-year periods, not to exceed a total of four additional years, in
which to conform its assets and operations to the provisions of laws regulating
the operation of banks.

B. A bank may be converted into a savings bank upon compliance with the
procedure set forth in &#xA7; 6.2-829, or into a stock association upon
compliance with the procedure set forth in &#xA7; 6.2-830.

HISTORY: 1982, c. 224, § 6.1-195.57:2; 1985, c. 425, § 6.1-194.38; 1991, c.
230, § 6.1-194.129; 2010, c. 794.