CODE OF VIRGINIA

ACQUISITION OF CONTROL OF STATE STOCK INSTITUTION REQUIRES COMMISSION APPROVAL
(§ 6.2-1147)

No person, whether acting alone or in concert with others, shall acquire
ownership or control of 25 percent or more of the voting shares of a state stock
savings institution, or otherwise control the election of a majority of the
directors of such institution, without the approval of the Commission. The
Commission shall not approve the proposed acquisition unless the Commission
determines that the proposed acquisition is in the public interest.

HISTORY: 1985, c. 425, § 6.1-194.87; 1990, c. 3; 1991, c. 230, § 6.1-194.152;
1996, c. 16; 2010, c. 794.