§ 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 […]
§ 6.2-1345. 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 10 days after the board of directors votes to recommend dissolution to the members, the board shall notify the Commissioner and the insuring organization of that fact in writing, setting […]
§ 6.2-1346. 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 the Commonwealth may convert to a credit union organized under the laws of the Commonwealth by the following procedure: 1. The directors of the federal credit union shall organize a corporation under this chapter and the Virginia Nonstock […]
§ 6.2-1347. 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 in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members, by an affirmative vote of those holding and voting two-thirds of the […]
§ 6.2-1347.1. Conversion to a state mutual savings institution
A. A state credit union is authorized to convert to a mutual savings institution organized under Chapter 11 (§ 6.2-1100 et seq.) of this title. B. As a condition to converting to a mutual savings institution, a credit union shall comply with the following requirements: 1. At least 60 days prior to a final vote […]
§ 6.2-1348. Board of directors; number; election; term; appointment of supervisory and credit committees
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 board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. After the election of the initial board at […]
§ 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.