A. An association that had no certificates of investment issued and outstanding on January 1, 1959, may not sell certificates of investment.
B. An association that had certificates of investment issued and outstanding on January 1, 1959, may sell certificates of investment upon either the fully paid or partial payment system. Any such association that did not obtain insurance of its liability for such certificates, through either a state or federal agency, up to the limits of insurance provided thereby prior to July 1, 1975, shall not sell such certificates after such date.
Code 1950, § 6-255; 1960, c. 63; 1966, c. 584, §§ 6.1-229, 6.1-231; 1974, c. 176; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 14 - Industrial Loan Associations
§ 6.2-1401. Powers of associations
§ 6.2-1402. Use of certain words in name prohibited
§ 6.2-1404. Commission may regulate issuance of evidences of debt
§ 6.2-1406. Sale of certificates of investment by certain associations prohibited
§ 6.2-1407. Prohibitions on associations with certificates issued and outstanding; advertisements
§ 6.2-1408. Associations to have one office; how office moved
§ 6.2-1411. Retention of books, accounts, and records
§ 6.2-1413. Investigations; examinations
§ 6.2-1416. Prohibited practices
§ 6.2-1418. Suspension or revocation of authority
§ 6.2-1419. Cease and desist orders