§ 6.2-1362. 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 purchase of such shares by and for such owner, pay withdrawals from such share accounts, and act in any other manner with respect to such share accounts on the order […]
§ 6.2-1363. Individual retirement accounts and retirement or pension plans
A. 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 under the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829) (ERISA), as amended from time to time; (ii) pension funds of self-employed individuals or […]
§ 6.2-1354. 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 the committee is replaced by a loan officer as provided in subdivision E 2 of § 6.2-1348. B. If the credit committee has not been replaced by action of the board of directors, […]
§ 6.2-1355. 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 audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union; 2. Shall make or cause to […]
§ 6.2-1356. 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 accountant or other qualified person or firm approved by the Commissioner, whenever it appears to the Commissioner that (i) the system of internal controls pertaining to the credit union is […]
§ 6.2-1357. Qualifications of officials
Every officer, director, and committee member shall be a member of the credit union. Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560; 1990, c. 373, § 6.1-225.40; 2010, c. 794.
§ 6.2-1358. 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 B. Shares and share accounts may be withdrawn for payment to the account holder or to third parties in such manner and in accordance with such procedures as may be established by the […]
§ 6.2-1351. 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. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.34; 2010, c. 794.
§ 6.2-1352. Compensation of officials
A. Compensation of members of the board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000. B. Health, accident, and term life insurance protection for a director or committee […]
§ 6.2-1353. 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 upon applications for membership and upon the expulsion of a member. The board of directors may appoint one or more membership officers to act upon applications for membership. A record […]