CODE OF VIRGINIA

INVESTMENT AUTHORITY OF STATE SAVINGS BANKS (§ 6.2-1187)

Notwithstanding any provision of § 6.2-1186 to the contrary:

   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.

HISTORY: 1991, c. 230, § 6.1-194.136; 1994, c. 330; 2003, c. 353; 2010, c. 794.