Virginia § 6.2-1406 Sale of certificates of investment by certain associations prohibited

Virginia Statutes

§ 6.2-1406 — Sale of certificates of investment by certain associations prohibited

Virginia § 6.2-1406

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIIOTHER REGULATED PROVIDERS OF FINANCIAL SERVICES

Ch. 14INDUSTRIAL LOAN ASSOCIATIONS

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Bluebook

Va. Code Ann. § 6.2-1406 (2026).

Text

A.An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.

B.An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.

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A. An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.

B. An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.