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1996 SESSION
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.
FULL TEXT
- 01/18/96 House: Presented & ordered printed 960630845 pdf
- 02/19/96 House: Bill text as passed House and Senate (HB491ER) pdf
- 02/29/96 Governor: Acts of Assembly Chapter text (CHAP0016) pdf
HISTORY
- 01/18/96 House: Presented & ordered printed 960630845
- 01/18/96 House: Referred to Committee on Corporations, Insurance and Banking
- 01/23/96 House: Reported from Corp., Ins. & Banking (22-Y 0-N)
- 01/24/96 House: Read first time
- 01/25/96 House: Read second time and engrossed
- 01/26/96 House: Read third time and passed House (Block Vote) (98-Y 0-N)
- 01/26/96 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 01/26/96 House: Communicated to Senate
- 01/29/96 Senate: Read first time
- 01/29/96 Senate: Referred to Committee on Commerce and Labor
- 02/12/96 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/13/96 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/13/96 Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
- 02/14/96 Senate: Read third time
- 02/14/96 Senate: Passed Senate (40-Y 0-N)
- 02/14/96 Senate: VOTE: PASSAGE (40-Y 0-N)
- 02/19/96 House: Bill text as passed House and Senate (HB491ER)
- 02/21/96 House: Enrolled
- 02/21/96 House: Signed by Speaker
- 02/22/96 Senate: Signed by President
- 02/28/96 Governor: Approved by Governor-Chapter 16 (effective 7/1/96)
- 02/29/96 Governor: Acts of Assembly Chapter text (CHAP0016)