§ 6.1-225.14. (Repealed effective October 1, 2010) Certificate of authority.
Before it begins to do any business, an organizing credit union shall applyfor and obtain from the Commission a certificate of authority. Anapplication, accompanied by a fee of $300, shall be made on a form prescribedby the Commission. The Commission shall issue such a certificate if it findsthat:
1. The credit union has been formed for no purpose other than the conduct ofa legitimate credit union business;
2. The moral fitness, financial responsibility, and other qualifications ofthe proposed officers and directors are such as to command the confidence ofthe members;
3. The field of membership of the proposed credit union complies with §6.1-225.23, and all other applicable provisions of law have been compliedwith;
4. Share accounts in the credit union will be insured by an approved insuringorganization; and
5. Establishment of the proposed credit union is economically advisable. Inreaching a decision on whether the establishment of a credit union iseconomically advisable, the Commission shall give consideration to 12 C.F.R.§ 701.1, which incorporates the National Credit Union Administration'sInterpretive Ruling and Policy Statement 99-1 as it pertains to economicadvisability.
The Commission may issue a certificate on condition that the credit unionshall not begin to do business until it is actually issued insurance ofaccounts by such an insuring organization.
A credit union that is not so insured shall not receive funds or sell anyshares.
(Code 1950, § 6-205; 1952, c. 22; 1966, c. 584, § 6.1-197; 1968, c. 560;1974, c. 115; 1978, c. 683; 1990, c. 373; 1999, c. 63.)
§ 6.1-225.14. (Repealed effective October 1, 2010) Certificate of authority.
Before it begins to do any business, an organizing credit union shall applyfor and obtain from the Commission a certificate of authority. Anapplication, accompanied by a fee of $300, shall be made on a form prescribedby the Commission. The Commission shall issue such a certificate if it findsthat:
1. The credit union has been formed for no purpose other than the conduct ofa legitimate credit union business;
2. The moral fitness, financial responsibility, and other qualifications ofthe proposed officers and directors are such as to command the confidence ofthe members;
3. The field of membership of the proposed credit union complies with §6.1-225.23, and all other applicable provisions of law have been compliedwith;
4. Share accounts in the credit union will be insured by an approved insuringorganization; and
5. Establishment of the proposed credit union is economically advisable. Inreaching a decision on whether the establishment of a credit union iseconomically advisable, the Commission shall give consideration to 12 C.F.R.§ 701.1, which incorporates the National Credit Union Administration'sInterpretive Ruling and Policy Statement 99-1 as it pertains to economicadvisability.
The Commission may issue a certificate on condition that the credit unionshall not begin to do business until it is actually issued insurance ofaccounts by such an insuring organization.
A credit union that is not so insured shall not receive funds or sell anyshares.
(Code 1950, § 6-205; 1952, c. 22; 1966, c. 584, § 6.1-197; 1968, c. 560;1974, c. 115; 1978, c. 683; 1990, c. 373; 1999, c. 63.)
§ 6.1-225.14. (Repealed effective October 1, 2010) Certificate of authority.
Before it begins to do any business, an organizing credit union shall applyfor and obtain from the Commission a certificate of authority. Anapplication, accompanied by a fee of $300, shall be made on a form prescribedby the Commission. The Commission shall issue such a certificate if it findsthat:
1. The credit union has been formed for no purpose other than the conduct ofa legitimate credit union business;
2. The moral fitness, financial responsibility, and other qualifications ofthe proposed officers and directors are such as to command the confidence ofthe members;
3. The field of membership of the proposed credit union complies with §6.1-225.23, and all other applicable provisions of law have been compliedwith;
4. Share accounts in the credit union will be insured by an approved insuringorganization; and
5. Establishment of the proposed credit union is economically advisable. Inreaching a decision on whether the establishment of a credit union iseconomically advisable, the Commission shall give consideration to 12 C.F.R.§ 701.1, which incorporates the National Credit Union Administration'sInterpretive Ruling and Policy Statement 99-1 as it pertains to economicadvisability.
The Commission may issue a certificate on condition that the credit unionshall not begin to do business until it is actually issued insurance ofaccounts by such an insuring organization.
A credit union that is not so insured shall not receive funds or sell anyshares.
(Code 1950, § 6-205; 1952, c. 22; 1966, c. 584, § 6.1-197; 1968, c. 560;1974, c. 115; 1978, c. 683; 1990, c. 373; 1999, c. 63.)
