A. Every association incorporated under the laws of the Commonwealth shall have as a part of its corporate name the words “building and loan association” or “savings and loan association.” No state association shall use the words “savings bank” as part of its corporate name.

Terms Used In Virginia Code 6.2-1116

  • Association: means a savings and loan association or building and loan association that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings and loan business. See Virginia Code 6.2-1100
  • Savings bank: means a savings institution specifically chartered under the laws of the Commonwealth, another state or a territory of the United States, the District of Columbia, or the United States as a savings bank. See Virginia Code 6.2-1100
  • State association: means an association incorporated under the laws of the Commonwealth. See Virginia Code 6.2-1100
  • State savings bank: means a savings bank organized and incorporated under the provisions of this chapter. See Virginia Code 6.2-1100

B. Every savings bank incorporated under the laws of the Commonwealth shall have as a part of its corporate name the words “savings bank.”

C. The provisions of subsection A of § 13.1-630 shall not apply to any association or state savings bank.

Code 1950, § 6-201.9; 1960, c. 402; 1966, c. 584, § 6.1-134; 1972, c. 796, § 6.1-195.8; 1983, c. 387; 1985, c. 425, § 6.1-194.10; 1991, c. 230, § 6.1-194.112; 2010, c. 794.

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