Virginia § 6.2-1147 Acquisition of control of state stock institution requires Commission approval

Virginia Statutes

§ 6.2-1147 — Acquisition of control of state stock institution requires Commission approval

Virginia § 6.2-1147

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIDEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS

Ch. 11SAVINGS INSTITUTIONS

Art. 4CONVERSIONS, REORGANIZATIONS, MERGERS, AND ACQUISITIONS

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Bluebook

Va. Code Ann. § 6.2-1147 (2026).

Text

No person, whether acting alone or in concert with others, shall acquire ownership or control of 25 percent or more of the voting shares of a state stock savings institution, or otherwise control the election of a majority of the directors of such institution, without the approval of the Commission. The Commission shall not approve the proposed acquisition unless the Commission determines that the proposed acquisition is in the public interest.

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No person, whether acting alone or in concert with others, shall acquire ownership or control of 25 percent or more of the voting shares of a state stock savings institution, or otherwise control the election of a majority of the directors of such institution, without the approval of the Commission. The Commission shall not approve the proposed acquisition unless the Commission determines that the proposed acquisition is in the public interest.