Code of Virginia - Title 6.1 Banking And Finance - Chapter 4.01 Virginia Credit Union Act

6.1-225.1 Short title
This chapter shall be known and may be cited as the "Virginia Credit Union Act." (1990, c. 373.) ...
6.1-225.2 Definitions
When used in this chapter, unless the context requires a different meaning, the following terms shall have the following meanings: "Capital" means the sum of ...
6.1-225.3 Supervision and regulation by Commission
Credit unions organized under the provisions of this chapter shall be subject to the supervision and regulation of the Commission. The Commission may adopt regulations ...
6.1-225.3:1 Regulations to permit state chartered credit unions to have powers comparable to federal credit uni...
The Commission is authorized to adopt such regulations as may be necessary to permit state chartered credit unions to have powers comparable with those of ...
6.1-225.4 Examinations
Each credit union shall be examined as often as the Commission deems such an examination to be in the interest of its members. An examination ...
6.1-225.5 Fees for examination, supervision, and regulation
In order to defray the costs of the examination described in § 6.1-225.4 and of supervision and regulation by the Commission, every credit union shall ...
6.1-225.6 Reports to Commission
A. No later than March 31 of each year, every credit union shall report to the Commission regarding its condition as of the close of ...
6.1-225.7 Cease and desist order; right to hearing
A. The Commissioner may issue and serve upon a credit union an order to cease and desist from one or more unsafe or unsound practices ...
6.1-225.8 Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reser...
If the Commission finds that (i) a credit union is in violation of some law or regulation applicable to it, (ii) a credit union is ...
6.1-225.9 Penalties for violation of orders of Commission; removal of official
The Commission may impose, enter judgment for, and enforce by its process, a fine of not more than $10,000 against any credit union or against ...
6.1-225.10 Supervisory merger or transfer of assets
A. If the Commission finds that a credit union incorporated pursuant to this chapter is insolvent, that an emergency exists, and that its merger into ...
6.1-225.11 Consolidation or merger
Notwithstanding the provisions of subsection B of § 6.1-225.23, two credit unions may consolidate or merge, subject to the approval of the Commission, when the ...
6.1-225.12 Involuntary dissolution
In the event the Commission determines that a credit union is violating any provisions of this chapter, it may, after a hearing or an opportunity ...
6.1-225.13 Incorporation
A. Five or more residents of the Commonwealth who are of legal age and share a common bond referred to in subsection B of § ...
6.1-225.14 Certificate of authority
Before it begins to do any business, an organizing credit union shall apply for and obtain from the Commission a certificate of authority. An application, ...
6.1-225.15 Contents of bylaws; amendments to bylaws generally
The bylaws of a credit union shall specify: 1. The name of the credit union; 2. The purpose for which it was formed; 3. The ...
6.1-225.16 Amendments to articles of incorporation and bylaws
The articles of incorporation or the bylaws may be amended as provided in the articles and bylaws, as the case may be, subject to §§ ...
6.1-225.17 Bylaws amended by Commission
Any bylaw may be amended by the Commission by order entered on its order book and certified to the credit union. Before entering any such ...
6.1-225.18 Fiscal year
The fiscal year of every credit union shall end at the close of business on December 31. (Code 1950, § 6-218; 1956, c. 90; 1966, ...
6.1-225.19 Unlawful use of words "credit union"
It shall be unlawful for any person, partnership, association, corporation or organization, other than a credit union organized under the provisions of this chapter or ...
6.1-225.20 Establishing, moving, closing offices
A. A credit union may maintain service facilities at locations other than its main office if the maintenance of such offices is reasonably necessary to ...
6.1-225.21 General powers
In addition to the powers specified or implied elsewhere in this chapter or in the laws of this Commonwealth, a credit union may: 1. Enter ...
6.1-225.22 Amendment of powers by Commission
In addition to the powers specifically granted to credit unions by the provisions of this chapter, the Commission may by appropriate regulation amend the powers ...
6.1-225.23 Membership defined; field of membership
A. The membership of a credit union shall consist of the incorporators, employees of such credit union, and other persons within the field of membership ...
6.1-225.23:1 Expansion of field of membership
When practicable and consistent with reasonable safety-and-soundness standards, the Commission shall encourage the formation of a separately chartered credit union instead of adding a new ...
6.1-225.24 Membership meetings; voting
A. The annual meeting and any special meeting of the credit union shall be held in accordance with the bylaws. B. At all meetings a ...
6.1-225.25 Special meetings
A. The supervisory committee by a majority vote may call a meeting of the members to consider any violation of this chapter, the credit union's ...
6.1-225.26 Insurance of shares
Every credit union authorized to do business in this Commonwealth shall insure its members' shares with an approved insuring organization. A credit union which has ...
6.1-225.27 Voluntary merger
A. A credit union organized under this chapter may merge, with the approval of the Commission, with one or more other credit unions, state or ...
6.1-225.28 Voluntary dissolution
A. A credit union may dissolve in accordance with the provisions of Article 13 (§ 13.1-902 et seq.) of Chapter 10 of Title 13.1. Within ...
6.1-225.29 Conversion of federal credit union to state credit union
A credit union, organized under the laws of the United States and authorized to do business in this Commonwealth, may convert to a credit union ...
6.1-225.30 Conversion of state credit union to federal credit union
A state credit union may convert to a federal credit union by the following procedure: 1. At any meeting of the members called and held ...
6.1-225.31 Board of directors; number; election; term; appointment of supervisory and credit committe...
A. The board of directors shall have the authority and responsibility for directing the business affairs, funds, and records of the credit union. B. The ...
6.1-225.32 Board of directors; election of officers
A. At its first meeting after the annual election, the board of directors shall elect from its own number an executive officer, who may be ...
6.1-225.33 Executive committee
The board of directors may appoint from its own number an executive committee, consisting of not less than three directors, which may be authorized to ...
6.1-225.34 Meetings of directors
The board of directors and the executive committee shall meet as often as the bylaws prescribe. (Code 1950, § 6-220; 1964, c. 75; 1966, c. ...
6.1-225.35 Compensation of officials
No member of the board of directors shall receive any compensation for his services as a member of such board. The members of the credit ...
6.1-225.36 Powers and duties of directors
In addition to any other duties set forth in this chapter, the board of directors shall have the following powers and duties: 1. To act ...
6.1-225.37 Credit committee or loan officers; appeal
A. The credit committee of a credit union shall approve every loan or advance made by the credit union to members, unless it is replaced ...
6.1-225.38 Supervisory committee; suspension and removal of officials
The supervisory committee: 1. Shall make or cause to be made an annual audit of the credit union and shall submit a report of that ...
6.1-225.39 Special audit
The Commissioner may require a credit union to have an independent audit made of its books, records, and methods of operation by a certified public ...
6.1-225.40 Qualifications of officers, etc
Every officer, director and committee member shall be a member of the credit union. (Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § ...
6.1-225.41 Share accounts
A. Every credit union may issue shares to and maintain share accounts for any member qualified pursuant to the credit union's bylaws. B. Shares and ...
6.1-225.42 Payment for shares; transfers; lien on shares
Shares shall be paid for in money. Shares may be subscribed to, paid for, and transferred in such manner as the bylaws prescribe. The credit ...
6.1-225.43 Dividends
A. At such intervals and for such periods as the bylaws provide and after provision for the required reserves, the board of directors may declare ...
6.1-225.44 Ascertaining value of assets
In ascertaining the value of the assets of a credit union, a loan delinquent for more than two but less than six months shall be ...
6.1-225.45 Minors' accounts
A credit union may issue shares in the name of a minor as the sole and absolute owner of such shares and may accept the ...
6.1-225.46 Individual retirement accounts, etc
A credit union may act as trustee or custodian of (i) individual retirement accounts established with the credit union for the benefit of its members ...
6.1-225.47 Acceptance of money under Virginia Uniform Transfers to Minors Act
If the custodian or the minor is a member of the credit union, the credit union may accept money paid to it pursuant to the ...
6.1-225.48 Accounts of deceased or incapacitated person
A credit union may pay any share balance due a deceased person or any person under a disability to the personal representative, guardian, conservator, curator, ...
6.1-225.49 Payment of small balances to distributees or other persons
When the share balance of a deceased person upon whose estate there has been no qualification does not exceed $15,000, it shall be lawful for ...
6.1-225.50 Application of {{ 6.1-225.48 and 6.1-225.49 to federal credit unions
The provisions of §§ 6.1-225.48 and 6.1-225.49 shall apply to federal credit unions operating in this Commonwealth to the extent that the same are not ...
6.1-225.50:1 Accounts of fiduciaries
A credit union may issue shares and maintain share accounts in the name of any person or entity eligible for membership in such credit union ...
6.1-225.50:2 Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's persona...
If any fiduciary or agent purchases shares in a credit union in his own name (i) with share drafts or other instruments drawn by him ...
6.1-225.51 Purpose and condition of loans
A credit union may lend to its members for such purposes and upon such conditions as the bylaws may prescribe. The board of directors shall ...
6.1-225.52 Other charges
A. In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with making, closing, disbursing, extending, collecting, ...
6.1-225.53 Loan limit
No loan may be made to a member if, upon making the loan, the member would be indebted to the credit union on loans to ...
6.1-225.54 Loans to members of credit committee; nonmember loans
A. If the borrower or endorser is a member of the credit committee, or a member of the board of directors if the board is ...
6.1-225.55 Lines of credit
Notwithstanding the requirements of § 6.1-225.37, the credit committee or a loan officer may approve an application for a line of credit. When a line ...
6.1-225.56 Cooperative loans
A credit union may originate loans to credit union members jointly with other credit unions, credit union organizations, or other financial institutions pursuant to written ...
6.1-225.57 Authorized investments
The funds of a credit union, not used in loans to members, may be invested in the following ways only: 1. Loans to other insured ...
6.1-225.58 Maintenance of regular reserves; special reserves
A. A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit ...
6.1-225.59 Use of reserves
Losses may be charged to the reserve fund. Any sums recovered on items previously charged to it shall be credited to the reserve fund. No ...
6.1-225.60 Description unavailable
Repealed by Acts 2002, c. 261. ...
6.1-225.61 Out-of-state credit unions
A. A credit union organized and doing business in another state may conduct business as a credit union in Virginia with the approval of the ...
6.1-225.61:1 Examinations; periodic reports; cooperative agreements; assessment of fees
A. The Commission may make such examinations of an out-of-state credit union conducting business in Virginia pursuant to § 6.1-225.61 as the Commission may deem ...
6.1-225.62 Offenses
Any officer, director, employee, receiver, or agent of a credit union who willfully does any of the following shall be guilty of a Class 6 ...
6.1-225.63 Taxation
All credit unions organized under the laws of this Commonwealth and doing business purely as credit unions shall be exempt from the payment of any ...
6.1-225.64 Making or circulating derogatory statements affecting credit unions
Any person who willfully and maliciously makes, circulates, or transmits to another or others any statement or rumor, written, printed or by word of mouth, ...
6.1-225.65 Use of credit union name, logo, or symbol for marketing purposes; penalty
A. Except as provided in subsection B, no person shall use the name, logo, or symbol, or any combination thereof, of a credit union, or ...
6.1-226 Description unavailable
Repealed by Acts 1982, c. 633. ...

Last modified: April 2, 2009