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1996 SESSION

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HB 491 Banking and finance; savings institutions.

Introduced by: Gladys B. Keating | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; corporations; savings institutions. Amends provisions in the Virginia Stock Corporation Act which prohibit public service companies and depository institutions from participating in business ventures organized in forms exposing such institutions to unlimited liability. This bill adds "savings institutions" to the list of institutions prohibited from participating in such ventures. Substituted for "savings and loan associations" in current law, the new reference will, according to the State Corporation Commission (SCC), bring both state savings banks as well as savings and loans within the prohibition. Industrial loan associations are deleted from the statute's prohibition because, the SCC reports, these associations are no longer depository institutions. The bill also replaces several other references to "savings and loan associations" with "savings institutions" to clarify that savings banks are included within such references.


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