HB 491 Banking and finance; savings institutions.
Gladys B. Keating | all patrons    ...    notes
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Summary:
Banking and finance; corporations; savings institutions. Amends provisions in the Virginia Stock Corporation Act which prohibit public service companies and depository institutions from participating in business ventures organized in forms exposing such institutions to unlimited liability. This bill adds "savings institutions" to the list of institutions prohibited from participating in such ventures. Substituted for "savings and loan associations" in current law, the new reference will, according to the State Corporation Commission (SCC), bring both state savings banks as well as savings and loans within the prohibition. Industrial loan associations are deleted from the statute's prohibition because, the SCC reports, these associations are no longer depository institutions. The bill also replaces several other references to "savings and loan associations" with "savings institutions" to clarify that savings banks are included within such references.

Full text:
01/18/96  House: Presented & ordered printed 960630845  pdf
02/19/96  House: Bill text as passed House and Senate (HB491ER)  pdf
02/29/96  Governor: Acts of Assembly Chapter text (CHAP0016)  pdf

Status:
01/18/96  House: Presented & ordered printed 960630845
01/18/96  House: Referred to Committee on Corporations, Insurance and Banking
01/23/96  House: Reported from Corp., Ins. & Banking (22-Y 0-N)
01/24/96  House: Read first time
01/25/96  House: Read second time and engrossed
01/26/96  House: Read third time and passed House (Block Vote) (98-Y 0-N)
01/26/96  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
01/26/96  House: Communicated to Senate
01/29/96  Senate: Read first time
01/29/96  Senate: Referred to Committee on Commerce and Labor
02/12/96  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/13/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/13/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/14/96  Senate: Read third time
02/14/96  Senate: Passed Senate (40-Y 0-N)
02/14/96  Senate: VOTE: PASSAGE (40-Y 0-N)
02/19/96  House: Bill text as passed House and Senate (HB491ER)
02/21/96  House: Enrolled
02/21/96  House: Signed by Speaker
02/22/96  Senate: Signed by President
02/28/96  Governor: Approved by Governor-Chapter 16 (effective 7/1/96)
02/29/96  Governor: Acts of Assembly Chapter text (CHAP0016)