                                 CODE OF VIRGINIA

CONVERSION FROM STATE SAVINGS BANK TO STATE BANK; CONVERSION FROM STATE BANK TO
STATE SAVINGS BANK (§ 6.2-829)

A. A state savings bank may be converted into a state bank upon compliance with
the procedure set forth in subsection A of &#xA7; 6.2-1144.

B. A state bank may be converted into a state savings bank by the amendment of
its articles of incorporation in compliance with the procedure established by
Title 13.1, provided that such conversion is approved in advance by the
Commission. Prior to approving or disapproving a conversion, the Commission
shall investigate the application to convert as if it were an application for a
certificate of authority to begin a savings bank, and approval shall not be
granted unless the applicant meets the standards established by &#xA7; 6.2-1118.
Within one year of the date of the conversion, the resulting state savings bank
shall conform its assets and operations to the provisions of law regulating the
operation of state savings banks. The Commission may grant such resulting state
savings bank additional one-year periods, not to exceed a total of four
additional years, in which to conform its assets and operations to the
provisions of law regulating the operation of state savings banks.

HISTORY: 1991, c. 230, § 6.1-194.129; 2010, c. 794.