A. A mutual savings institution shall have the power to issue and to sell, directly or through underwriters, capital certificates that (i) represent nonwithdrawable capital contributions and (ii) constitute part of the reserves and net worth of the institution.
B. Capital certificates:
1. Shall have no voting rights;
2. Shall be subordinate to all savings accounts, debt obligations and claims of creditors of the institution;
3. Shall constitute a claim in liquidation against any reserves, surplus, and other net worth accounts remaining after the payment in full of all savings accounts, debt obligations, and claims of creditors;
4. Shall be entitled to the payment of earnings prior to the allocation of any income to surplus or other net worth accounts of the institution; and
5. May be issued with a fixed rate of earnings or with a prior claim to distribution of a specified percentage of any net income remaining after required allocations to reserves, or a combination thereof.
C. Losses shall be charged against capital certificates only after reserves, surplus, and other net worth accounts have been exhausted.
1985, c. 425, § 6.1-194.25; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 11 - Savings Institutions
§ 6.2-1101. Construction and application of chapter
§ 6.2-1102. Associations operating share accumulation loan plans; continued operation
§ 6.2-1103. Prohibitions on conduct of savings institution business; exceptions; penalty
§ 6.2-1104. False statements and similar actions prohibited; penalty
§ 6.2-1105. Use of savings institution name, logo, or symbol for marketing purposes; penalty
§ 6.2-1106. Prohibitions on the use of certain terms; exceptions; penalty
§ 6.2-1107. Defamation of savings institutions and certain federal agencies prohibited; penalty
§ 6.2-1109. Representations that accounts are insured; misleading advertisements
§ 6.2-1110. Membership in facilitating organizations or instrumentalities
§ 6.2-1113. Discoverability or admissibility of compliance review committee documents
§ 6.2-1114. Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act
§ 6.2-1115. Formation of state savings institutions
§ 6.2-1118. Certificate of authority to do business
§ 6.2-1119. Commissions and other fees for sale of stock not permitted
§ 6.2-1120. Minimum capital requirement
§ 6.2-1121. Board of directors
§ 6.2-1122. Meetings of board of directors
§ 6.2-1123. Notice of meetings of members; determining members entitled to notice or to vote
§ 6.2-1124. Voting rights; proxies
§ 6.2-1125. Access to books and records; communication with members
§ 6.2-1126. Audit of savings institution; report
§ 6.2-1127. Bonds of officers and employees
§ 6.2-1128. Loans to executive officers or directors
§ 6.2-1129. Overdrafts by savings institution officers, directors or employees
§ 6.2-1130. Reserves; surplus and undivided profits
§ 6.2-1131. Liability of members of mutual savings institutions
§ 6.2-1132. Mutual capital certificates
§ 6.2-1134. Facilities associated with branch office
§ 6.2-1135. Change of branch office location
§ 6.2-1136. Remote service units
§ 6.2-1137. Off premises financial services
§ 6.2-1138. Suspension of business during actual or threatened emergency
§ 6.2-1139. Conversion from mutual savings institution to stock institution
§ 6.2-1141. Conversion of state savings institution into federal financial institution
§ 6.2-1142. Conversion of federal financial institution into state savings institution or state bank
§ 6.2-1144. Conversion from stock savings institution to bank
§ 6.2-1145. Merger or consolidation of savings institutions
§ 6.2-1147. Acquisition of control of state stock institution requires Commission approval
§ 6.2-1149. Foreign savings institutions; certificate of authority
§ 6.2-1150. When operation of foreign savings institution in the Commonwealth is prohibited
§ 6.2-1151. Applicability of Virginia Stock and Nonstock Corporation Acts
§ 6.2-1152. Law applicable to contracts of foreign savings institutions
§ 6.2-1153. Examination and supervision of foreign savings institutions
§ 6.2-1154. Revocation of certificate of authority of foreign savings institution
§ 6.2-1155. Unapproved foreign savings institutions
§ 6.2-1156. Activities that are not considered "doing business."
§ 6.2-1157. Acquisitions by out-of-state savings institution holding company
§ 6.2-1158. Acquisitions by out-of-state savings institution
§ 6.2-1160. Notice of intent to acquire out-of-state savings institution
§ 6.2-1161. Applicable laws and regulations; enforcement by Commission
§ 6.2-1162. Periodic reports; interstate agreements
§ 6.2-1163. Application of article to bank or bank holding company
§ 6.2-1166. Accounts of state savings institutions
§ 6.2-1167. Rules governing withdrawal
§ 6.2-1169. Accounts of savings institutions as legal investments and as security
§ 6.2-1170. Deposits of federal taxes and U.S. Treasury tax and loan accounts
§ 6.2-1172. Accounts issued in name of minor
§ 6.2-1173. Powers of attorney on accounts
§ 6.2-1174. Accounts of deceased or incompetent persons
§ 6.2-1176. Accounts of fiduciaries
§ 6.2-1178. Accounts held by various trustees for same beneficiary
§ 6.2-1179. Real estate loans; required investment
§ 6.2-1180. Appraisals; loan-to-value ratios
§ 6.2-1181. Initial repayments on real estate loans
§ 6.2-1182. Adjustable real estate loans
§ 6.2-1183. Special provisions for home loans
§ 6.2-1184. Dealing with successors in interest
§ 6.2-1185. Trustees on loans secured by deed of trust
§ 6.2-1186. General investment authority of state savings institutions
§ 6.2-1187. Investment authority of state savings banks
§ 6.2-1188. Effect of repeal or amendment of statute or regulation on existing loan or investment
§ 6.2-1189. Limitation on liability of savings institutions making loans for certain purposes
§ 6.2-1190. Perfection of certain security interests
§ 6.2-1191. General supervisory powers of Commission
§ 6.2-1193. Statements to be furnished by Commission to directors of savings institutions
§ 6.2-1194. State savings institutions to furnish financial statements and reports
§ 6.2-1197. False statements; penalty
§ 6.2-1200. Removal of director or officer; appeal; penalty for acting after removal
§ 6.2-1201. Special examinations
§ 6.2-1202. Fees for supervision and regulation; investigations