6.1-194.26 - (Repealed effective October 1, 2010) Offices and other facilities of state associations and foreign savings institutions; approval of branch offices required.
§ 6.1-194.26. (Repealed effective October 1, 2010) Offices and otherfacilities of state associations and foreign savings institutions; approvalof branch offices required.
A. A state association may establish and operate such offices and otherfacilities as are authorized by its board of directors. However, a stateassociation shall not establish a branch office, or other office or facilitywhere deposits are accepted, without obtaining the prior approval of theCommission as provided in subsection B of this section. Prior toestablishing or permanently closing any office or other facility, theassociation shall give at least thirty days' written notice to theCommissioner, in such form as may be prescribed by the Commissioner. Theassociation shall also give written notice to the Commission in such form asmay be prescribed by the Commission within ten days after it has establishedor permanently closed an office or other facility.
B. Applications for authorization to establish a branch office, or otheroffice or facility where deposits are accepted, shall be made in writing, insuch form as may be prescribed by the Commission. Upon review of anassociation's application and any other information which the Commission mayreasonably require, the Commission shall approve the establishment of suchoffice or facility if it is satisfied that the public interest will be servedthereby. Such offices or facilities may be closed without the prior approvalof the Commission. However, written notice of the closing of such an officeshall be given to the Commissioner as provided in subsection A of thissection.
C. The requirements of subsections A and B of this section shall also applyto the establishment and closing of the offices of a foreign savingsinstitution authorized to transact business in the Commonwealth.
(Code 1950, §§ 6-201.41, 6.1-171, 6.1-195.48; 1960, c. 402; 1966, c. 584;1970, c. 397; 1972, c. 796; 1976, c. 658; 1978, c. 683; 1985, c. 425.)