§ 6.1-225.20. (Repealed effective October 1, 2010) Establishing, moving,closing offices.
A. A credit union may maintain service facilities at locations other than itsmain office if the maintenance of such offices is reasonably necessary toserve its members, subject to the approval of the Commission. An applicationto establish such a service facility, accompanied by a fee of $200, shall bemade on a form prescribed by the Commission. The Commission shall approve theestablishment of the proposed service facility if it appears that theinterest of the members of the applicant will be served thereby and that suchestablishment will not impair the financial condition of the applicant or anyother credit union. For the purpose of this section, a service facility meansa physical facility that is wholly owned by the applicant.
B. A credit union may (i) contract with one or more other credit unionssubject to this chapter or organized under the laws of the United States orany other state to provide for the operation of one or more shared servicefacilities or (ii) provide for its members to have the use of one or moreshared service facilities by contracting with a credit union serviceorganization approved by the Commissioner for such purpose. A participatingcredit union may also invest in the credit union service organization. Forpurposes of this subsection, "credit union service organization" shall havethe meaning contained in subdivision 10 of § 6.1-225.57. A credit union shallgive prior written notice to the Commissioner of its participation in eachshared service facility or credit union service organization. Notice to theCommissioner of a credit union's participation in a credit union serviceorganization shall satisfy the requirement of subsection C that theCommissioner be notified of the establishment of an office, if the creditunion service organization has notified the Commissioner of the establishmentof the shared service facility.
The authority of the Commission and the Commissioner to supervise andregulate credit unions, as set forth in Article 2 (§§ 6.1-225.3 through6.1-225.12) of this chapter, shall extend to any shared service facility andany credit union service organization that is involved in the operation of ashared service facility which provides service to credit unions organizedunder this chapter, except that such authority shall not extend to theassets, records, books, and accounts of any federal credit union or creditunion organized under the laws of another state.
C. A credit union may change the location of its main office, a servicefacility, or office, and may close any such office, provided it gives atleast thirty days' prior written notice thereof to the Commissioner in suchform as he may prescribe. A credit union shall notify the Commissioner inwriting within ten days after it establishes, relocates, or closes anyoffice. A credit union shall notify the Commissioner of its withdrawal fromparticipation in any shared service facility within ten days of suchwithdrawal.
(Code 1950, § 6-212; 1966, c. 584, § 6.1-203; 1990, c. 373; 1995, c. 326;2006, c. 754.)
§ 6.1-225.20. (Repealed effective October 1, 2010) Establishing, moving,closing offices.
A. A credit union may maintain service facilities at locations other than itsmain office if the maintenance of such offices is reasonably necessary toserve its members, subject to the approval of the Commission. An applicationto establish such a service facility, accompanied by a fee of $200, shall bemade on a form prescribed by the Commission. The Commission shall approve theestablishment of the proposed service facility if it appears that theinterest of the members of the applicant will be served thereby and that suchestablishment will not impair the financial condition of the applicant or anyother credit union. For the purpose of this section, a service facility meansa physical facility that is wholly owned by the applicant.
B. A credit union may (i) contract with one or more other credit unionssubject to this chapter or organized under the laws of the United States orany other state to provide for the operation of one or more shared servicefacilities or (ii) provide for its members to have the use of one or moreshared service facilities by contracting with a credit union serviceorganization approved by the Commissioner for such purpose. A participatingcredit union may also invest in the credit union service organization. Forpurposes of this subsection, "credit union service organization" shall havethe meaning contained in subdivision 10 of § 6.1-225.57. A credit union shallgive prior written notice to the Commissioner of its participation in eachshared service facility or credit union service organization. Notice to theCommissioner of a credit union's participation in a credit union serviceorganization shall satisfy the requirement of subsection C that theCommissioner be notified of the establishment of an office, if the creditunion service organization has notified the Commissioner of the establishmentof the shared service facility.
The authority of the Commission and the Commissioner to supervise andregulate credit unions, as set forth in Article 2 (§§ 6.1-225.3 through6.1-225.12) of this chapter, shall extend to any shared service facility andany credit union service organization that is involved in the operation of ashared service facility which provides service to credit unions organizedunder this chapter, except that such authority shall not extend to theassets, records, books, and accounts of any federal credit union or creditunion organized under the laws of another state.
C. A credit union may change the location of its main office, a servicefacility, or office, and may close any such office, provided it gives atleast thirty days' prior written notice thereof to the Commissioner in suchform as he may prescribe. A credit union shall notify the Commissioner inwriting within ten days after it establishes, relocates, or closes anyoffice. A credit union shall notify the Commissioner of its withdrawal fromparticipation in any shared service facility within ten days of suchwithdrawal.
(Code 1950, § 6-212; 1966, c. 584, § 6.1-203; 1990, c. 373; 1995, c. 326;2006, c. 754.)
§ 6.1-225.20. (Repealed effective October 1, 2010) Establishing, moving,closing offices.
A. A credit union may maintain service facilities at locations other than itsmain office if the maintenance of such offices is reasonably necessary toserve its members, subject to the approval of the Commission. An applicationto establish such a service facility, accompanied by a fee of $200, shall bemade on a form prescribed by the Commission. The Commission shall approve theestablishment of the proposed service facility if it appears that theinterest of the members of the applicant will be served thereby and that suchestablishment will not impair the financial condition of the applicant or anyother credit union. For the purpose of this section, a service facility meansa physical facility that is wholly owned by the applicant.
B. A credit union may (i) contract with one or more other credit unionssubject to this chapter or organized under the laws of the United States orany other state to provide for the operation of one or more shared servicefacilities or (ii) provide for its members to have the use of one or moreshared service facilities by contracting with a credit union serviceorganization approved by the Commissioner for such purpose. A participatingcredit union may also invest in the credit union service organization. Forpurposes of this subsection, "credit union service organization" shall havethe meaning contained in subdivision 10 of § 6.1-225.57. A credit union shallgive prior written notice to the Commissioner of its participation in eachshared service facility or credit union service organization. Notice to theCommissioner of a credit union's participation in a credit union serviceorganization shall satisfy the requirement of subsection C that theCommissioner be notified of the establishment of an office, if the creditunion service organization has notified the Commissioner of the establishmentof the shared service facility.
The authority of the Commission and the Commissioner to supervise andregulate credit unions, as set forth in Article 2 (§§ 6.1-225.3 through6.1-225.12) of this chapter, shall extend to any shared service facility andany credit union service organization that is involved in the operation of ashared service facility which provides service to credit unions organizedunder this chapter, except that such authority shall not extend to theassets, records, books, and accounts of any federal credit union or creditunion organized under the laws of another state.
C. A credit union may change the location of its main office, a servicefacility, or office, and may close any such office, provided it gives atleast thirty days' prior written notice thereof to the Commissioner in suchform as he may prescribe. A credit union shall notify the Commissioner inwriting within ten days after it establishes, relocates, or closes anyoffice. A credit union shall notify the Commissioner of its withdrawal fromparticipation in any shared service facility within ten days of suchwithdrawal.
(Code 1950, § 6-212; 1966, c. 584, § 6.1-203; 1990, c. 373; 1995, c. 326;2006, c. 754.)
