§ 6.1-226.11. Audit by corporation and corrective measures; appeal
(1) The corporation may require independent audits and investigations of any member credit union to ascertain its financial condition as it relates to share insurance.
(2) If the directors of the corporation ascertain evidence of carelessness, unsound practices or mismanagement of any member credit union which appears to adversely affect the solvency or liquidity of the credit union or threaten loss to the corporation, the directors shall notify the Commission and may order that corrective action be taken or, after due notice and hearing, as provided in the bylaws, revoke the credit union's membership in the corporation.
(3) If a member credit union is aggrieved by any decision, action or order of the corporation it may appeal the same to the Commission which may modify, reverse or affirm such decision, action or order.
(1974, c. 587.)
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