§ 6.2-1191. General supervisory powers of Commission
The Commission shall have general supervisory powers with respect to all state associations, state savings banks and their holding companies, foreign savings institutions transacting business in the Commonwealth, savings institution holding companies whose principal place of business is located in the Commonwealth, service corporations that are owned or controlled by one or more state savings […]
§ 6.2-1192. Regulations
A. The Commission may adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to present evidence and be heard, in accordance with the Commission’s Rules. B. The Commission may adopt […]
§ 6.2-1193. Statements to be furnished by Commission to directors of savings institutions
The Commission shall prepare and make available to each member of the board of directors of every state savings institution a statement describing generally their duties and responsibilities. The statement shall include a brief outline of the examining procedure employed by the Commission, an explanation of the distinction between an examination and an audit, and […]
§ 6.2-1194. State savings institutions to furnish financial statements and reports
A. Every state savings institution shall furnish the Commission within 30 days after the close of its fiscal year a statement of its financial condition on forms supplied by the Commission. The statements shall be made in accordance with forms prescribed by the Commission, certified under oath by the president or treasurer of the savings […]
§ 6.2-1195. Examination of state savings institutions and affiliates by Commissioner; report of examination
A. As used in this section, the term “affiliate of any state savings institution” means any entity (i) of which the state savings institution, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 percent of the number of shares voted for the election of its directors, trustees, […]
§ 6.2-1187. Investment authority of state savings banks
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 […]
§ 6.2-1188. Effect of repeal or amendment of statute or regulation on existing loan or investment
Any investment or loan that was in compliance with the provisions of this chapter or a regulation of the Commission in existence when such investment or loan was made shall remain a legal investment or loan even though the power to make such investment or loan in the future is amended or revoked by regulation […]
§ 6.2-1189. Limitation on liability of savings institutions making loans for certain purposes
A savings institution that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real or personal property for personal use, or for sale or lease to others, or for the acquisition or operation of a business, […]
§ 6.2-1190. Perfection of certain security interests
When securities are sold by a savings institution subject to an obligation of repurchase, any security interest or interest of ownership therein may be perfected (i) as specified by Title 8.8 or Title 8.9A; (ii) by designation to the person holding physical custody thereof, which shall include a person keeping the master records, in case […]
§ 6.2-1186. General investment authority of state savings institutions
A. Subject to the powers and limitations regarding real estate loans set forth in § 6.2-1179, and except as provided in § 6.2-1187 with respect to state savings banks, the assets of a state savings institution may be invested only: 1. In real and personal property necessary for the conduct of its business and in […]