Virginia § 6.2-1405 Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized

Virginia Statutes

§ 6.2-1405 — Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized

Virginia § 6.2-1405

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIIOTHER REGULATED PROVIDERS OF FINANCIAL SERVICES

Ch. 14INDUSTRIAL LOAN ASSOCIATIONS

This text of Virginia § 6.2-1405 (Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 6.2-1405 (2026).

Text

A.An association incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks.

B.An association that had certificates of investment issued and outstanding on January 1, 1959, may become a bank upon complying with all the provisions of Chapter 8 (§ 6.2-800 et seq.).

C.Any person who has not obtained authorization from the Commission to do business as an association prior to October 1, 2010, shall not conduct business as an association.

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A. An association incorporated after July 1, 1960, shall have all the powers conferred on banks, shall be subject to all restrictions applicable to banks, and shall for the purposes of state supervision and control be banks.

B. An association that had certificates of investment issued and outstanding on January 1, 1959, may become a bank upon complying with all the provisions of Chapter 8 (§ 6.2-800 et seq.).

C. Any person who has not obtained authorization from the Commission to do business as an association prior to October 1, 2010, shall not conduct business as an association.