§ 6.1-226.5. Application for membership; share insurance required
(1) Every credit union organized prior to January 1, 1975, whose shares are not insured by the National Credit Union Share Insurance Fund on such date shall apply for membership in the corporation before January 1, 1976; and every credit union organized on or after January 1, 1975, shall apply for membership in the corporation within thirty days after its organization or by January 1, 1976, whichever is later. Failure to so apply shall constitute grounds for the revocation by the Commission of the credit union's certificate of authority to do business.
(2) Every credit union required by subsection (1) of this section to apply for membership in the corporation whose shares are not insured by the corporation at least in the amount of $20,000 for each member, by July 1, 1976, shall not thereafter receive the savings of its members or issue thereto any other debt obligation until its shares are so insured; provided, if the Commission determines that share insurance issued by the corporation is not available to a credit union and that its shares are insured by the National Credit Union Share Insurance Fund or under a plan of share insurance which has been approved by the Commission, the credit union shall be permitted to continue its normal operations.
(1974, c. 587.)
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