§ 6.1-226.9. Duties and powers of State Corporation Commission; judicial review
(1) The Commission shall promptly forward to the corporation copies of all examination reports of member credit unions; the cost of furnishing such copies shall be paid by the corporation.
(2) If the Commission determines, pursuant to the provisions of § 6.1-225.6 or § 6.1-225.8, that it should take possession of the business and property of a member credit union, the Commission may direct the corporation to assume control of such business and property and, subject to the Commission's orders operate the credit union until such time as the Commission may see fit to permit the credit union to resume business or until its assets are finally liquidated. If the Commission orders the liquidation of an insolvent member credit union then in the control of the corporation through the purchase of the assets and the assumption of the liabilities of such credit union by another insured credit union, the corporation shall be empowered to convey all right, title, and interest in all or part of the assets and liabilities of the insolvent credit union to the other insured credit union, and upon such transfer, good title to the assets and liabilities conveyed shall vest in the other credit union. Any cost or expense incurred by the corporation in such operation of the credit union may be reimbursed from the assets of the credit union by an order of the Commission.
(3) The Commission may suspend or revoke, after notice of hearing, the certificate of authority to do business of any member credit union which fails to pay, when due, any assessment made by the corporation pursuant to this chapter.
(4) Any final action or order of the Commission under this chapter shall be subject to judicial review in accordance with the provisions of § 12.1-39.
(1974, c. 587; 1985, c. 366.)
Sections: Previous 6.1-226.1 6.1-226.2 6.1-226.3 6.1-226.4 6.1-226.5 6.1-226.6 6.1-226.7 6.1-226.8 6.1-226.9 6.1-226.10 6.1-226.11 6.1-226.12 6.1-226.13 6.1-226.14 NextLast modified: April 16, 2009