6.1-194.33 - (Repealed effective October 1, 2010) How state association or bank may convert into federal savings institution.
§ 6.1-194.33. (Repealed effective October 1, 2010) How state association orbank may convert into federal savings institution.
A state association or state bank may convert into a federal savingsinstitution as follows:
1. At any meeting of the members or stockholders called and held inaccordance with the Virginia Stock Corporation Act (§ 13.1-601 et seq.) orthe Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider suchaction, the members or stockholders, by an affirmative vote of those holdingand voting two-thirds of the votes present in person or by proxy, may resolveto convert the association or bank into a federal savings institution;
2. A copy of the minutes of the meeting duly certified by the president orvice-president and the secretary or assistant secretary of the stateassociation or bank shall be transmitted to the Commission;
3. Thereafter, the state association or bank shall take such action as isnecessary under federal law to make it a federal savings institution;
4. It shall file with the Commission a certified copy of the charter issuedto it by the federal chartering authority, or a certificate of that authorityshowing the organization of the state association or bank as a federalsavings institution, and the association or bank shall thereupon cease to bea state association or bank;
5. No state association or bank shall convert into a federal savingsinstitution until it has been in operation as a state association or bank fora period of at least five years.
(Code 1950, §§ 6-201.43, 6.1-173, 6.1-195.52; 1960, c. 402; 1966, c. 584;1972, c. 796; 1982, c. 156; 1985, c. 425; 1990, c. 3; 1995, c. 133.)