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Can you summarize 10 VAAC Agency 5, Chapter 30?
State Corporation Commission > Savings Institution Holding Companies
Short Summary
These legal documents pertain to state savings institution holding companies in Virginia. They cover various aspects such as the authority of the State Corporation Commission to order a holding company to cease and desist actions detrimental to the safety or soundness of a state savings institution, reporting requirements for holding companies, examination powers of the Bureau of Financial Institutions, and the application process for acquiring or controlling state savings institutions or holding companies. The documents also define key terms related to savings institution holding companies and specify that certain inter-state acquisitions are governed by a different article of the Code of Virginia. The approval process for acquisitions of control is outlined, including criteria for determining whether the acquisition is detrimental to safety and soundness, qualifications of applicants and proposed directors/officers, and protection of the interests of depositors, creditors, beneficiaries, and shareholders. The documents also address the maintenance of books and records by holding companies. No specific penalties or exemptions are mentioned in these documents.
Whom does it apply to?
Persons seeking to create state savings institution holding companies, acquire control of state savings institutions or state savings institution holding companies, or acquire control of additional financial institutions or non-financial companies
What does it govern?
State savings institution holding companies, acquisition of control of state savings institutions or state savings institution holding companies, acquisition of control of additional financial institutions or non-financial companies by state savings institution holding companies
What are exemptions?
No application fee is required for cases where a state savings institution forms a corporation to acquire and hold its own stock, with the shareholders of the state savings institution becoming shareholders of the resulting holding company
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
Virginia