                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1148)

As used in this article, unless the context requires a different meaning:
		&#8220;Acquire&#8221; means:

1. The merger or consolidation of one stock savings institution with another
stock savings institution or of a savings institution holding company with
another savings institution holding company;

2. The acquisition by a savings institution holding company or savings
institution of direct or indirect ownership or control of voting shares of
another savings institution holding company or a savings institution, if, after
such acquisition, the savings institution holding company or savings institution
making the acquisition will directly or indirectly own or control more than 25
percent of any class of voting shares of the other savings institution holding
company or savings institution;

3. The direct or indirect acquisition by a savings institution holding company
or by a savings institution of all or substantially all of the assets of another
savings institution holding company or of another savings institution; or

4. Any other action that would result in direct or indirect control by a savings
institution holding company or by a savings institution of another savings
institution holding company or another savings institution.
			&#8220;Out-of-state savings institution&#8221; means a savings institution
that:

1. Is organized under the laws of the United States or of one of the states
other than Virginia; and

2. Has its principal place of business in a state other than Virginia.
			&#8220;Out-of-state savings institution holding company&#8221; means a
savings institution holding company that has its principal place of business in
a state other than Virginia.
			&#8220;Principal place of business of a savings institution&#8221; shall be
the state in which the largest portion of the deposits of the savings
institution is located at the end of the last calendar year.
			&#8220;Principal place of business of a savings institution holding
company&#8221; shall be the state in which the largest portion of the deposits
of the holding company&#8217;s subsidiaries is located as of the end of the last
calendar year.
			&#8220;Subsidiary&#8221; with respect to a savings institution holding
company means:

1. Any company 25 percent or more of the voting shares of which, excluding
shares owned by the United States or by any company wholly owned by the United
States, is directly or indirectly owned or controlled by such savings
institution holding company, or is held by it with power to vote;

2. Any company the election of a majority of the directors of which is
controlled in any manner by such savings institution holding company; or

3. Any company with respect to the management or policies of which such savings
institution holding company has the power, directly or indirectly, to exercise a
controlling influence, as determined by the Commission, after notice and
opportunity for hearing.
			&#8220;Virginia savings institution&#8221; means a savings institution,
including a state savings bank, that:

1. Is organized under the laws of the Commonwealth or of the United States; and

2. Has deposit-taking offices located only in the Commonwealth.
			&#8220;Virginia savings institution holding company&#8221; means a savings
institution holding company, including the holding company of a state savings
bank, that:

1. Has its principal place of business in the Commonwealth;

2. The financial institution subsidiaries of which are located outside the
Commonwealth hold not greater than 20 percent of the total deposits held by all
of its financial institution subsidiaries; and

3. Is not controlled by a savings institution holding company other than a
Virginia savings institution holding company.

HISTORY: 1985, c. 425, § 6.1-194.96; 1988, c. 535; 1994, cc. 315, 353; 2010, c.
794.