§ 6.2-1340. Supervision, reports and examinations by Commission
A. The corporation shall be subject to supervision and annual examination by the Commission. The cost of each examination shall be paid by the corporation. The corporation shall file annually by such time and in such form as the Commission prescribes a statement showing its financial condition on December 31 of the previous year. B. […]
§ 6.2-1341. Audit by corporation and corrective measures; appeal
A. A corporation may require independent audits and investigations of any member credit union to ascertain its financial condition as it relates to share insurance. B. If the directors of a corporation ascertain evidence of carelessness, unsound practices, or mismanagement of any member credit union that appears to adversely affect the solvency or liquidity of […]
§ 6.2-1342. Tax exemptions
Any corporation shall be exempt from all state and local taxes except real and personal property taxes. 1974, c. 587, § 6.1-226.12; 2010, c. 794.
§ 6.2-1343. Inconsistent laws inapplicable
All other general or special laws, or parts thereof, inconsistent with the provisions of this article shall be inapplicable to the provisions of this article. 1974, c. 587, § 6.1-226.13; 2010, c. 794.
§ 6.2-1335. Application for membership; share insurance required
A. Every credit union organized: 1. Prior to January 1, 1975, the shares of which are not insured by the National Credit Union Share Insurance Fund on that date, shall apply for membership in a corporation before January 1, 1976; and 2. On or after January 1, 1975, shall apply for membership in a corporation […]
§ 6.2-1336. Loss reserve contributions
A. A corporation shall collect from each credit union accepted for membership an initial contribution to loss reserve the greater of (i) $5 or (ii) an amount equal to the percentage fixed in the bylaws of the corporation, which percentage shall not exceed one percent, of the amount of its shares outstanding on the last […]
§ 6.2-1337. Annual and special assessments
A. 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. The directors may raise, lower or waive such assessment for any year when the directors and the Commission agree that the net worth of the corporation justifies or requires such […]
§ 6.2-1338. Duties and additional powers of corporation
A 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 […]
§ 6.2-1339. Duties and powers of Commission; judicial review
A. The Commission shall promptly forward to the corporation copies of all examination reports of member credit unions. The cost of furnishing the copies shall be paid by the corporation. B. If the Commission determines, pursuant to the provisions of § 6.2-1311 or 6.2-1313, that it should take possession of the business and property of […]
§ 6.2-1334. Contents of corporation bylaws; amendments thereto
A. The bylaws of a corporation shall specify: 1. The requirements for membership including contributions to loss reserve, and for the revocation of membership; 2. The date of the annual meeting; 3. The number of directors, which shall not be less than five; 4. The conditions upon which loans to member credit unions may be […]