6.2-1333 - (Effective October 1, 2010) Establishment of corporation; purposes.
§ 6.2-1333. (Effective October 1, 2010) Establishment of corporation;purposes.
A. Nine or more individuals, all of whom are duly authorized representatives,respectively, of nine or more credit unions may, pursuant to the provisionsof the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.), establish acorporation for the purpose of:
1. Aiding and assisting any member credit union that is in liquidation or isexperiencing financial difficulties, such as insolvency or nonliquidity, inorder that the shares of a member of a member credit union shall be protected;
2. Providing insurance for the shares of members of a member credit union inamounts, not less than $20,000, that shall be established from time to timeby the corporation with the approval of the Commission; and
3. Cooperating with the Commission and member credit unions in maintainingand advancing the financial integrity of member credit unions.
B. Except as otherwise herein provided, a corporation organized in accordancewith this article shall (i) have the powers contained in the VirginiaNonstock Corporation Act (§ 13.1-801 et seq.); (ii) be subject to theprovisions thereof; and (iii) include in its corporate name the words"Credit Union Share Insurance."
(1974, c. 587, § 6.1-226.3; 2010, c. 794.)