                                 CODE OF VIRGINIA

NOTICE OF INTENT TO ACQUIRE OUT-OF-STATE SAVINGS INSTITUTION (§ 6.2-1160)

A Virginia savings institution, a Virginia savings institution holding company,
or an out-of-state savings institution holding company owning subsidiaries that
conduct a savings institution business in the Commonwealth shall file with the
Commission notice of its intention to acquire a financial institution outside
Virginia, together with such information as the Commission may request. The
Commission shall within 30 days or an extended period not exceeding 15 days,
disapprove such acquisition if it determines that the acquisition could affect
detrimentally the safety or soundness of a Virginia savings institution. The
Commission may approve such acquisition prior to the expiration of the 30-day
period if it determines that the acquisition will not affect detrimentally the
safety or soundness of such Virginia savings institution.

HISTORY: 1985, c. 425, § 6.1-194.105; 1994, c. 353; 2010, c. 794.