                                 CODE OF VIRGINIA

INVESTMENT AUTHORITY OF STATE SAVINGS BANKS (§ 6.2-1187)

Notwithstanding any provision of § 6.2-1186 to the contrary:

1. A state savings bank shall not invest in an office building or buildings and
appurtenances for the transaction of its business, or for the transaction of
such business and for rental, without the prior approval of the Commissioner if
the total amount of the investment exceeds the aggregate amount of the savings
bank&#8217;s unimpaired capital fund;

2. A service corporation described in subdivision A 2 of &#xA7; 6.2-1186 in
which a savings bank invests shall be subject to state and local taxation in the
same manner as are savings banks;

3. The assets of a state savings bank may be invested in stock or obligations of
the Federal Deposit Insurance Corporation;

4. The assets of a state savings bank may be invested in commercial paper
eligible for purchase by Federal Reserve Banks;

5. A state savings bank shall not invest more than 20 percent of its assets in
loans the primary security for which is nonresidential real estate; and

6. A state savings bank shall conform to the loans-to-one-borrower limitations
contained in &#xA7; 6.2-875.

HISTORY: 1991, c. 230, § 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.