Section 40. Standard for approval

A. No application that involves the acquisition of control of a state savings institution or a state savings institution holding company, other than applications of the types described in subsections B and C of 10VAC5-30-30 of this chapter, shall be approved unless the Commission determines that:

1. The proposed acquisition would not be detrimental to the safety and soundness of the applicant or of the state savings institution or state savings institution holding company which the applicant seeks to acquire or control;

2. The applicant, its directors and officers (if applicable), and any proposed new directors and officers of the state savings institution or state savings institution holding company which the applicant seeks to control, are qualified by character, experience and financial responsibility to control and operate a state savings institution or state savings institution holding company;

3. The proposed acquisition would not be prejudicial to the interests of the depositors, creditors, beneficiaries of fiduciary accounts or shareholders of the state savings institution holding company or any state savings institution which the applicant seeks to acquire or control; and

4. The acquisition is in the public interest.

B. No application that involves the circumstances described in subsection B or C of 10VAC5-30-30 shall be approved unless the Commission determines that the proposed action or transaction would not be detrimental to the soundness of any state savings institution affected by the action or transaction.

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.