Section 50. The application process

Upon receiving a satisfactorily completed application, the Bureau will accept it as filed, investigate the proposed transaction, and present the matter to the Commission for action.

In every case the Commission will act within 90 days after an application has been filed, unless such time is extended. The 90-day investigation period may be extended if the Commission determines that the applicant has not furnished all the information necessary to make the determinations required herein or that the information submitted is substantially inaccurate or misleading.

Within the prescribed investigation period (or any extension thereof), and upon request of the applicant or any state savings institution or state savings institution holding company which the applicant seeks to acquire or control, or upon its own motion, the Commission may order a hearing concerning the proposed acquisition. Within the prescribed investigation period (or any extension thereof), the Commission, by giving written notice of its decision and the reasons therefor to the applicant and to the state savings institution or state savings institution holding company which the applicant seeks to acquire or control, may: (i) approve the application, (ii) disapprove the application, or (iii) impose such conditions on the acquisition as the Commission may deem advisable to effect the purposes of this section.

The 90-day investigation period may be shortened or waived by the Commission, as it deems appropriate, if the Commission finds that it must act immediately in order to prevent the probable failure of a state savings institution affected by the application.

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.