6.1-194.126 - (Repealed effective October 1, 2010) How federal financial institution may convert into state savings bank.
§ 6.1-194.126. (Repealed effective October 1, 2010) How federal financialinstitution may convert into state savings bank.
A federal financial institution doing business in the Commonwealth may becomea state savings bank as follows:
1. It shall take such action as will effect its dissolution as a federalfinancial institution on a specified date;
2. Its directors, before its dissolution becomes effective, shall organize acorporation under this article and, in the case of a stock savings bank, theVirginia Stock Corporation Act (§ 13.1-601 et seq.) or, in the case of amutual savings bank, the Virginia Nonstock Corporation Act (§ 13.1-801 etseq.); and
3. The new corporation shall apply for a certificate of authority to dobusiness under § 6.1-194.114.
(1991, c. 230.)