# Va. Code Ann. § 6.2-1147: Acquisition of control of state stock institution requires Commission approval

> Virginia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_T6.2_SII_C11_A4_S6.2-1147

## Section

- **Citation:** Va. Code Ann. § 6.2-1147
- **Heading:** Acquisition of control of state stock institution requires Commission approval
- **Jurisdiction:** Virginia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Code / Title 6.2 / Subtitle II / Chapter 11 / Article 4 / Section 6.2-1147

## Text

No person, whether acting alone or in concert with others, shall acquire ownership or control of 25 percent or more of the voting shares of a state stock savings institution, or otherwise control the election of a majority of the directors of such institution, without the approval of the Commission. The Commission shall not approve the proposed acquisition unless the Commission determines that the proposed acquisition is in the public interest.

1985, c. 425, § 6.1-194.87; 1990, c. 3; 1991, c. 230, § 6.1-194.152; 1996, c. 16 ; 2010, c. 794 .

## Nearby sections

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- [Va. Code Ann. § 6.2-1146 State association or association holding company acquiring bank; association acquired by bank or bank holding company; merger or consolidation of association and bank](https://www.frixlaw.com/law-library/statutes/STATE_VA_T6.2_SII_C11_A4_S6.2-1146.md)
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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_T6.2_SII_C11_A4_S6.2-1147. Check the current official text before relying on it. Not legal advice.