Sale of certificates of investment by certain associations prohibited

Va. Code Ann. § 6.2-1406
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
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 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/6.2-1406/Fetched: 10/17/2026

Starting a business in Virginia? Virginia LLC guide: costs and requirements