                                 CODE OF VIRGINIA

INVESTIGATION OF APPLICATION; PRESCRIBED INVESTIGATION PERIOD; SHORTENING,
LENGTHENING OR WAIVING OF PERIOD; HEARING; APPEALS (§ 6.2-1159)

A. For 90 days following receipt of a complete application under § 6.2-1157 or
6.2-1158, the Commission may conduct an investigation for the purpose of
determining whether:

   1. The proposed acquisition would be detrimental to the safety and soundness
   of the applicant or the Virginia savings institution or Virginia savings
   institution holding company that the applicant seeks to acquire or control;

   2. The applicant, its directors and officers, if applicable, and any proposed
   new directors and officers, of the Virginia savings institution or Virginia
   savings institution holding company that the applicant seeks to acquire, are
   qualified by character, experience and financial responsibility to control and
   operate a Virginia savings institution or Virginia savings institution holding
   company;

   3. The proposed acquisition would be prejudicial to the interests of the
   depositors, creditors, beneficiaries of fiduciary accounts or shareholders of
   the Virginia savings institution holding company or any Virginia savings
   institution that the applicant seeks to acquire or control; and

   4. The acquisition is in the public interest.

B. The 90-day investigation period may be shortened or waived by the Commission,
as it deems appropriate, if the Commission finds that it must act immediately in
order to prevent the probable failure of a Virginia savings institution
involved. The 90-day investigation period may be extended if the Commission
determines that the applicant has not furnished all the information necessary to
make the determination under &#xA7; 6.2-1157 or 6.2-1158 or that the information
submitted is substantially inaccurate or misleading.

C. Within the prescribed investigation period, or any extension thereof, and
upon request of the applicant or the Virginia savings institution or Virginia
savings institution holding company that the applicant seeks to acquire or
control, or upon its own motion, the Commission may order a hearing concerning
the proposed acquisition.

D. Within the prescribed investigation period, or any extension thereof, the
Commission, by giving written notice of its decision and the reasons therefor to
the applicant and to the Virginia savings institution or Virginia savings
institution holding company that the applicant seeks to acquire or control, may:
(i) approve the application, (ii) disapprove the application, or (iii) impose
such conditions on the acquisition as the Commission may deem advisable to
effect the purpose of this article.

HISTORY: 1985, c. 425, § 6.1-194.99; 2010, c. 794.