                                 CODE OF VIRGINIA

ACQUISITIONS BY OUT-OF-STATE SAVINGS INSTITUTION HOLDING COMPANY (§ 6.2-1157)

A. Any savings institution holding company that does not have a Virginia savings
institution subsidiary, except as acquired in the regular course of securing or
collecting a debt previously contracted in good faith, may acquire a Virginia
savings institution holding company or a Virginia savings institution with the
approval of the Commission. Such savings institution holding company shall
submit to the Commission an application for approval of such acquisition, which
application may be approved if the Commission:

   1. Determines that the laws of the state in which the savings institution
   holding company making the acquisition has its principal place of business do
   not prohibit or unfairly impede a Virginia savings institution holding company
   meeting the criteria in this article from acquiring savings institutions or
   savings institution holding companies in that state;

   2. Determines that the laws of the state in which the savings institution
   holding company making the acquisition has its principal place of business
   permit such savings institution holding company to be acquired by the Virginia
   savings institution holding company or Virginia savings institution sought to
   be acquired. For purposes of this subsection, a Virginia savings institution
   shall be treated as if it were a Virginia savings institution holding company;

   3. Determines either that the Virginia savings institution sought to be
   acquired has been in existence and continuously operating for more than two
   years or that all of the savings institution subsidiaries of the Virginia
   savings institution holding company sought to be acquired have been in
   existence and continuously operating for more than two years. The Commission
   may approve the acquisition by such savings institution holding company of all
   or substantially all of the shares of a savings institution organized solely
   for the purpose of facilitating the acquisition of a savings institution that
   has been in existence and continuously operating as a savings institution for
   more than two years; and

   4. Makes the acquisition subject to any conditions, restrictions, requirements
   or other limitations that would apply to the acquisition by a Virginia savings
   institution holding company of a savings institution or savings institution
   holding company in the state where such savings institution holding company
   making the acquisition has its principal place of business but that would not
   apply to the acquisition of a savings institution or savings institution
   holding company in such state by a savings institution holding company all the
   savings institution subsidiaries of which are located in that state.

B. An out-of-state savings institution holding company that has a Virginia
savings institution subsidiary, except as acquired in the regular course of
securing or collecting a debt previously contracted in good faith, may acquire
any Virginia savings institution or Virginia savings institution holding company
with the approval of the Commission. Such savings institution holding company
shall submit to the Commission an application for approval of such acquisition,
which application may be approved if the Commission:

   1. Determines either that the Virginia savings institution sought to be
   acquired has been in existence and continuously operating for more than two
   years or that all of the savings institution subsidiaries of the Virginia
   savings institution holding company sought to be acquired have been in
   existence and continuously operating for more than two years. The Commission
   may approve the acquisition by such savings institution holding company of all
   or substantially all of the shares of the savings institution organized solely
   for the purpose of facilitating the acquisition of a savings institution that
   has been in existence and continuously operating as a savings institution for
   more than two years; and

   2. Makes the acquisition subject to any conditions, restrictions, requirements
   or other limitations that would apply to the acquisition by a Virginia savings
   institution holding company of a savings institution or a savings institution
   holding company in the state where such savings institution holding company
   making the acquisition has its principal place of business but that would not
   apply to the acquisition of a savings institution or a savings institution
   holding company in such state by a savings institution holding company all the
   savings institution subsidiaries of which are located in that state.

HISTORY: 1985, c. 425, § 6.1-194.97; 1994, c. 353; 2010, c. 794.