Virginia Code 6.2-1187: Investment authority of state savings banks
Notwithstanding any provision of § 6.2-1186 to the contrary:
Terms Used In Virginia Code 6.2-1187
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- 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
- Service corporation: means a stock corporation, all of the stock of which is owned (i) directly by one or more savings institutions or (ii) indirectly through a subsidiary or subsidiaries of one or more savings institutions. See Virginia Code 6.2-1100
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- State savings bank: means a savings bank organized and incorporated under the provisions of this chapter. See Virginia Code 6.2-1100
1. A state savings bank shall not invest in an office building or buildings and appurtenances for the transaction of its business, or for the transaction of such business and for rental, without the prior approval of the Commissioner if the total amount of the investment exceeds the aggregate amount of the savings bank’s unimpaired capital fund;
2. A service corporation described in subdivision A 2 of § 6.2-1186 in which a savings bank invests shall be subject to state and local taxation in the same manner as are savings banks;
3. The assets of a state savings bank may be invested in stock or obligations of the Federal Deposit Insurance Corporation;
4. The assets of a state savings bank may be invested in commercial paper eligible for purchase by Federal Reserve Banks;
5. A state savings bank shall not invest more than 20 percent of its assets in loans the primary security for which is nonresidential real estate; and
6. A state savings bank shall conform to the loans-to-one-borrower limitations contained in § 6.2-875.
1991, c. 230, § 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.