6.1-232 - (Repealed effective October 1, 2010) Prohibitions as to associations having certificates issued and outstanding.

§ 6.1-232. (Repealed effective October 1, 2010) Prohibitions as toassociations having certificates issued and outstanding.

An association that has certificates of investment issued and outstandingshall not:

1. Advertise that it is subject to regulation or supervision by the StateCorporation Commission or the Bureau of Financial Institutions, or publishany advertisement suggesting that it is engaged in the business of banking orthat it receives deposits;

2. Advertise that it carries insurance unless its certificates of investmentare insured or guaranteed by a state or federal agency;

3. Own any shares of stock issued by any other corporation except to theextent legal for banks;

4. Invest more than eighty percent of the amount of its outstandingcertificates of investment in loans secured by liens on real estate;

5. Make any loan secured by liens on real estate in excess of that percent ofthe appraised value permitted to banks;

6. Issue certificates of investment for the purpose of borrowing money fromfinancial institutions;

7. Issue a certificate of investment paying a higher rate of interest thanfour and one-half percent per annum, except that notwithstanding thislimitation it may pay at any time an interest rate equal to the highest ratepaid by any state savings institution or bank located in the same communityin the Commonwealth of Virginia.

(Code 1950, § 6-251; 1956, c. 433; 1960, c. 64; 1966, c. 584; 1974, c. 176;1978, c. 14; 1996, c. 16.)