Code of Virginia - Title 6.1 Banking And Finance - Chapter 4.1 Virginia Credit Union Share Insurance Act

• 6.1-226.1 Title of chapter
  This chapter shall be known and may be cited as the "Virginia Credit Union Share Insurance Act." (1974, c. 587.) ...
• 6.1-226.2 Definitions
  As used in this chapter, unless a different meaning is required by the context: (1) "Commission" means the State Corporation Commission. (2) "Corporation" means a ...
• 6.1-226.3 Establishment of corporation; purposes
  Nine or more natural persons, all of whom are duly authorized representatives, respectively, of nine or more credit unions may, pursuant to the provisions of ...
• 6.1-226.4 Contents of corporation bylaws; amendments thereto
  The bylaws of the corporation shall specify: (1) The requirements for membership including contributions to loss reserve, and for the revocation of membership. (2) The ...
• 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 ...
• 6.1-226.6 Loss reserve contributions
  (1) The corporation shall collect from each credit union accepted for membership, an initial contribution to loss reserve of five dollars or an amount equal ...
• 6.1-226.7 Annual and special assessments
  (1) A regular annual assessment, not to exceed one-twelfth of one percent of the member credit union's outstanding shares shall be levied by the directors. ...
• 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 ...
• 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 ...
• 6.1-226.10 Supervision, reports and examinations by State Corporation Commission
  (1) The corporation shall be subject to supervision and annual examination by the Commission. The cost of each examination shall be paid by the corporation. ...
• 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. ...
• 6.1-226.12 Tax exemptions
  The corporation shall be exempt from all state and local taxes except real and personal property taxes. (1974, c. 587.) ...
• 6.1-226.13 Inconsistent laws inapplicable
  All other general or special laws, or parts thereof, inconsistent herewith are hereby declared to be inapplicable to the provisions of this chapter. (1974, c. ...
• 6.1-226.14 Description unavailable
  Not set out. (1974, c. 587.) ...

Last modified: April 2, 2009