Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-226.8 Duties and additional powers of corporation

§ 6.1-226.8. Duties and additional powers of corporation

The corporation shall have the following powers in addition to those otherwise provided:

(1) To advance funds to aid member credit unions to operate and meet liquidity requirements.

(2) To assist in the merger, consolidation and liquidation of credit unions.

(3) To receive by assignment or purchase from member credit unions property of any nature owned by them.

(4) Upon written direction of the Commission to assume control of the property and business of any member credit union and to operate such credit union in accordance with the directions of the Commission.

(5) To invest its funds in bonds, notes, or securities of this Commonwealth and of the federal government, and their agencies; in deposits in banks doing business in Virginia; in deposits in any savings institution doing business in this Commonwealth whose accounts are insured by the Federal Deposit Insurance Corporation or other federal insurance agency; and in such other investments as are deemed prudent by the directors and are approved by the Commission.

(1974, c. 587; 1990, c. 3.)

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Last modified: April 2, 2009