                                 CODE OF VIRGINIA

EXTENT TO WHICH ASSOCIATIONS REGARDED AS BANKS; CONVERSION OF CERTAIN
ASSOCIATIONS TO BANKS; NEW ASSOCIATIONS NOT AUTHORIZED (§ 6.2-1405)

A. An association incorporated after July 1, 1960, shall have all the powers
conferred on banks, shall be subject to all restrictions applicable to banks,
and shall for the purposes of state supervision and control be banks.

B. An association that had certificates of investment issued and outstanding on
January 1, 1959, may become a bank upon complying with all the provisions of
Chapter 8 (&#xA7; 6.2-800 et seq.).

C. Any person who has not obtained authorization from the Commission to do
business as an association prior to October 1, 2010, shall not conduct business
as an association.

HISTORY: Code 1950, §§ 6-245, 6-250; 1956, c. 433; 1960, c. 62; 1966, c. 584,
§§ 6.1-228, 6.1-230; 2010, c. 794.