                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1100)

As used in this chapter, unless the context requires a different
meaning:		&#8220;Account&#8221; means any account with a savings institution and
includes a checking, time, interest, or savings
account.		&#8220;Association&#8221; means a savings and loan association or
building and loan association that is authorized by law to accept deposits and
to hold itself out to the public as engaged in the savings and loan
business.		&#8220;Branch office&#8221; means an office of a savings institution
where, in addition to conducting other business activities of the institution,
the institution accepts deposits.		&#8220;Federal financial institution&#8221;
means a financial institution incorporated or organized in accordance with the
laws of the United States.		&#8220;Federal savings institution&#8221; means a
savings institution incorporated or organized in accordance with the laws of the
United States.		&#8220;Financial institution holding company&#8221; has the
meaning assigned to it in § 6.2-700.		&#8220;Foreign savings institution&#8221;
means a savings institution incorporated under the laws of a state other than
the Commonwealth, the principal business office of which is located outside the
Commonwealth. &#8220;Foreign savings institution&#8221; does not include a
savings institution incorporated under the laws of the United
States.		&#8220;Home loan&#8221; means a real estate loan the security for which
is a lien on real estate comprising a single-family dwelling or a dwelling unit
for four or fewer families in the aggregate.		&#8220;Insured savings
institution&#8221; means a savings institution whose accounts are insured by the
Federal Deposit Insurance Corporation or other federal insurance
agency.		&#8220;Liquid assets&#8221; means (i) cash on hand; (ii) cash on
deposit in Federal Home Loan Banks, Federal Reserve Banks, savings institutions,
or in commercial banks that is withdrawable upon not more than 30 days&#8217;
notice and that is not pledged as security for indebtedness; (iii) the liquid
asset fund of the United States League of Saving Institutions; (iv) obligations
of, or obligations that are fully guaranteed as to principal and interest by,
the United States; or (v) any other asset that the Commissioner designates as a
liquid asset. Any deposits in financial institutions under the control or in the
possession of any supervisory authority are not liquid assets.		&#8220;Main
office&#8221; means the office where a savings institution first commences to do
business or, if the savings institution has more than one office, the office
designated by the institution&#8217;s board of directors as the
institution&#8217;s main office.		&#8220;Manufactured building&#8221; means a
manufactured home or other structure designed for use as a dwelling or business
facility that is manufactured and assembled at a location other than the site
where such manufactured home or other structure is placed for use as a dwelling
or business facility, or both.		&#8220;Member&#8221; means a person (i) holding
a savings account of a mutual association, (ii) borrowing from a mutual
association, (iii) assuming or obligated upon a loan or interest therein held by
a mutual association, or (iv) purchasing real estate securing a loan or interest
therein held by a mutual association. &#8220;Member&#8221; includes such persons
with a joint and survivorship or other multiple owner or borrower relationship,
which persons shall constitute a single membership for purposes of this
chapter.		&#8220;Mutual association&#8221; means an association that is
organized and operated exclusively for the benefit of its members and that does
not issue shares of capital stock.		&#8220;Mutual savings institution&#8221;
means a savings institution that is organized and operated exclusively for the
benefit of its members and that does not issue shares of capital
stock.		&#8220;Real estate loan&#8221; means:

1. A loan on the security of any instrument, whether a mortgage, deed of trust,
or land contract, that makes the interest in real estate described therein,
whether in fee or in a leasehold or subleasehold extending or renewable
automatically or at the option of the holder, or at the option of the savings
institution, for a period of at least 10 years beyond the maturity of the loan,
specific security for the payment of the obligations secured by the instrument;
or

2. A loan, or interest therein, secured by cooperative housing units on the
security of (i) a security interest in the stock or membership certificate
issued to a tenant-stockholder or resident member of a cooperative housing
corporation, as defined in &#xA7; 13.1-501, coupled with (ii) the assignment by
way of security of the borrower&#8217;s interest in the proprietary lease or
other right of tenancy in the property owned by such corporation.
			&#8220;Savings account&#8221; means an interest-bearing account not subject
to withdrawal by check or other negotiable instrument.			&#8220;Savings
bank&#8221; means a savings institution specifically chartered under the laws of
the Commonwealth, another state or a territory of the United States, the
District of Columbia, or the United States as a savings bank. The term savings
bank does not include a savings and loan association or building and loan
association.			&#8220;Savings institution&#8221; means a savings and loan
association, a building and loan association, or savings bank, whether organized
as a capital stock corporation or a nonstock corporation, that is authorized by
law to accept deposits and to hold itself out to the public as engaged in the
savings institution business.			&#8220;Savings institution holding
company&#8221; means any person who, directly or indirectly, or acting in
concert with one or more other companies or with one or more subsidiaries or
affiliates, acquires, owns, controls or holds with power to vote 25 percent or
more of the voting shares of a stock savings institution, or which controls in
any manner the election of a majority of the directors of such
institution.			&#8220;Service corporation&#8221; means a stock corporation, all
of the stock of which is owned (i) directly by one or more savings institutions
or (ii) indirectly through a subsidiary or subsidiaries of one or more savings
institutions.			&#8220;State association&#8221; means an association
incorporated under the laws of the Commonwealth.			&#8220;State bank&#8221;
means a bank incorporated under the laws of the Commonwealth and that has its
principal business office in the Commonwealth.			&#8220;State savings
bank&#8221; means a savings bank organized and incorporated under the provisions
of this chapter. A state savings bank shall not be subject to the provisions of
this chapter applicable only to state associations.			&#8220;State savings
institution&#8221; means a savings institution incorporated under the laws of
the Commonwealth.			&#8220;Stock association&#8221; means an association that
issues shares of capital stock.			&#8220;Stock institution&#8221; means a
savings institution that issues shares of capital stock.			&#8220;Withdrawal
value&#8221; means the amount credited to an account less lawful deductions
therefrom, as shown by the records of the savings institution.

HISTORY: Code 1950, §§ 6-201.4, 6-201.5; 1960, c. 402; 1966, c. 584, 6.1-129,
6.1-130; 1970, c. 396; 1972, c. 796, § 6.1-195.4; 1975, c. 73; 1978, c. 14;
1980, c. 350; 1982, cc. 80, 224, § 6.1-195.57:1; 1985, c. 425, §§ 6.1-194.2,
6.1-194.40, 6.1-194.87; 1986, c. 500; 1988, c. 536; 1990, c. 3; 1991, cc. 228,
230, §§ 6.1-194.110, 6.1-194.131; 1996, cc. 16, 26; 1999, c. 77; 2010, c. 794.