6.2-829 - (Effective October 1, 2010) Conversion from state savings bank to state bank; conversion from state bank to state savings bank.
§ 6.2-829. (Effective October 1, 2010) Conversion from state savings bank tostate bank; conversion from state bank to state savings bank.
A. A state savings bank may be converted into a state bank upon compliancewith the procedure set forth in subsection A of § 6.2-1144.
B. A state bank may be converted into a state savings bank by the amendmentof its articles of incorporation in compliance with the procedure establishedby Title 13.1, provided that such conversion is approved in advance by theCommission. Prior to approving or disapproving a conversion, the Commissionshall investigate the application to convert as if it were an application fora certificate of authority to begin a savings bank, and approval shall not begranted unless the applicant meets the standards established by § 6.2-1118.Within one year of the date of the conversion, the resulting state savingsbank shall conform its assets and operations to the provisions of lawregulating the operation of state savings banks. The Commission may grantsuch resulting state savings bank additional one-year periods, not to exceeda total of four additional years, in which to conform its assets andoperations to the provisions of law regulating the operation of state savingsbanks.
(1991, c. 230, § 6.1-194.129; 2010, c. 794.)