VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

• | print version

HB 1938 Certificate of authority of a savings association to do business.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Banking and finance; certificate of authority of a savings association to do business. Eliminates the requirement that organizing savings institutions establish a separate capital account labeled “reserve for operation” prior to receiving a certificate of authority from the State Corporation Commission. Financial reports do not normally provide such reserves, and including these reserves is in violation of Generally Accepted Accounting Procedures (GAAP).

SUMMARY AS INTRODUCED:

Banking and finance; certificate of authority of a savings association to do business. Eliminates the requirement that organizing savings institutions establish a separate capital account labeled “reserve for operation” prior to receiving a certificate of authority from the State Corporation Commission. Financial reports do not normally provide such reserves, and including these reserves is in violation of Generally Accepted Accounting Procedures (GAAP).