Section 30. Requirement of an application

A. Except as provided in subsection B of this Section, no person shall take any action, or consummate any transaction, directly or indirectly, or through or in concert with one or more other persons, that would result in the creation of a state savings institution holding company, and no persons shall acquire control of a state savings institution or state savings institution holding company, unless such person first (i) files a satisfactorily completed application with the Bureau of Financial Institutions using the form prescribed from time to time for such purpose; (ii) delivers to the Bureau such other information as the Bureau may require, certified or verified as may be deemed appropriate by the Bureau; (iii) pays an application fee of $3,000; and (iv) receives prior written approval of the action, transaction or acquisition from the Commission.

B. In instances in which the action to be taken is limited to the formation of a corporation by a state savings institution for the purpose of acquiring and holding the stock of such state savings institution, and the shareholders of the state savings institution will become the shareholders of the resulting state savings institution holding company, no application fee shall be required.

C. No state savings institution holding company shall acquire control of any additional financial institution, or of any other company which is not a financial institution, unless such state savings institution holding company first (i) files a satisfactorily completed application with the Bureau of Financial Institutions using the form prescribed from time to time for such purpose; (ii) delivers to the Bureau such other information as the Bureau may require, certified or verified as may be deemed appropriate by the Bureau; (iii) pays an application fee of $3,000; and (iv) receives prior written approval of the acquisition from the Commission.

Historical Notes

Derived from VR225-01-0301, eff. June 3, 1986; amended, July 1, 1990.

Statutory Authority

§ 6.2-1192 of the Code of Virginia.