§ 6.1-225.21. (Repealed effective October 1, 2010) General powers.
In addition to the powers specified or implied elsewhere in this chapter orin the laws of this Commonwealth, a credit union may:
1. Enter into contracts.
2. Sue and be sued.
3. Adopt, use, and display a corporate seal.
4. Receive savings from and make loans and extend lines of credit to itsmembers.
5. Individually or jointly with other credit unions acquire, lease as lessoror lessee, hold, assign, pledge, exchange, repair, mortgage, hypothecate,sell, discount, or otherwise dispose of property or assets, either in wholeor in part, as necessary or incidental to its operations including suchproperty or assets obtained as a result of defaults under obligations owingto it.
6. Borrow from any source provided that a credit union shall notify andobtain prior approval of the Commissioner if the total borrowings will exceedfifty percent of the credit union's outstanding shares. In no event shallthe borrowings exceed ninety percent of the credit union's outstanding shares.
7. Sell all or substantially all of its assets or purchase all orsubstantially all of the assets of another credit union subject to theapproval of the Commission.
8. Offer related financial services, including, but not limited to,electronic fund transfers, share draft accounts, safe deposit boxes, leasingof tangible personal property to its members, and correspondent arrangementswith other financial institutions.
9. Hold membership in other credit unions organized under this or other acts,and in associations and organizations controlled by or fostering the interestof credit unions, including a central liquidity facility organized understate or federal law.
10. Contract with any licensed insurance company or society to insure thelives of its members to the extent of their loans and share accounts, inwhole or in part, and to pay all or a portion of the premium therefor.
11. Engage in activities or programs as requested by any governmentalauthority, subject to the approval of the Commissioner.
12. Invest its funds, operate a business, manage or deal in property whensuch actions are reasonably necessary to avoid loss on a loan or investmentpreviously made or an obligation previously created in good faith. Suchproperty or business is not to be held or operated by the credit union for aperiod longer than reasonably required to protect the interest of the creditunion unless specifically authorized by the Commissioner.
13. Make contributions to any nonprofit civic, charitable or serviceorganizations.
14. Undertake such other activities relating to the purposes of the creditunion as its charter or bylaws may authorize, provided such activities arenot inconsistent with this chapter.
(Code 1950, § 6-209; 1966, c. 584, § 6.1-200; 1968, c. 560; 1990, c. 373.)
§ 6.1-225.21. (Repealed effective October 1, 2010) General powers.
In addition to the powers specified or implied elsewhere in this chapter orin the laws of this Commonwealth, a credit union may:
1. Enter into contracts.
2. Sue and be sued.
3. Adopt, use, and display a corporate seal.
4. Receive savings from and make loans and extend lines of credit to itsmembers.
5. Individually or jointly with other credit unions acquire, lease as lessoror lessee, hold, assign, pledge, exchange, repair, mortgage, hypothecate,sell, discount, or otherwise dispose of property or assets, either in wholeor in part, as necessary or incidental to its operations including suchproperty or assets obtained as a result of defaults under obligations owingto it.
6. Borrow from any source provided that a credit union shall notify andobtain prior approval of the Commissioner if the total borrowings will exceedfifty percent of the credit union's outstanding shares. In no event shallthe borrowings exceed ninety percent of the credit union's outstanding shares.
7. Sell all or substantially all of its assets or purchase all orsubstantially all of the assets of another credit union subject to theapproval of the Commission.
8. Offer related financial services, including, but not limited to,electronic fund transfers, share draft accounts, safe deposit boxes, leasingof tangible personal property to its members, and correspondent arrangementswith other financial institutions.
9. Hold membership in other credit unions organized under this or other acts,and in associations and organizations controlled by or fostering the interestof credit unions, including a central liquidity facility organized understate or federal law.
10. Contract with any licensed insurance company or society to insure thelives of its members to the extent of their loans and share accounts, inwhole or in part, and to pay all or a portion of the premium therefor.
11. Engage in activities or programs as requested by any governmentalauthority, subject to the approval of the Commissioner.
12. Invest its funds, operate a business, manage or deal in property whensuch actions are reasonably necessary to avoid loss on a loan or investmentpreviously made or an obligation previously created in good faith. Suchproperty or business is not to be held or operated by the credit union for aperiod longer than reasonably required to protect the interest of the creditunion unless specifically authorized by the Commissioner.
13. Make contributions to any nonprofit civic, charitable or serviceorganizations.
14. Undertake such other activities relating to the purposes of the creditunion as its charter or bylaws may authorize, provided such activities arenot inconsistent with this chapter.
(Code 1950, § 6-209; 1966, c. 584, § 6.1-200; 1968, c. 560; 1990, c. 373.)
§ 6.1-225.21. (Repealed effective October 1, 2010) General powers.
In addition to the powers specified or implied elsewhere in this chapter orin the laws of this Commonwealth, a credit union may:
1. Enter into contracts.
2. Sue and be sued.
3. Adopt, use, and display a corporate seal.
4. Receive savings from and make loans and extend lines of credit to itsmembers.
5. Individually or jointly with other credit unions acquire, lease as lessoror lessee, hold, assign, pledge, exchange, repair, mortgage, hypothecate,sell, discount, or otherwise dispose of property or assets, either in wholeor in part, as necessary or incidental to its operations including suchproperty or assets obtained as a result of defaults under obligations owingto it.
6. Borrow from any source provided that a credit union shall notify andobtain prior approval of the Commissioner if the total borrowings will exceedfifty percent of the credit union's outstanding shares. In no event shallthe borrowings exceed ninety percent of the credit union's outstanding shares.
7. Sell all or substantially all of its assets or purchase all orsubstantially all of the assets of another credit union subject to theapproval of the Commission.
8. Offer related financial services, including, but not limited to,electronic fund transfers, share draft accounts, safe deposit boxes, leasingof tangible personal property to its members, and correspondent arrangementswith other financial institutions.
9. Hold membership in other credit unions organized under this or other acts,and in associations and organizations controlled by or fostering the interestof credit unions, including a central liquidity facility organized understate or federal law.
10. Contract with any licensed insurance company or society to insure thelives of its members to the extent of their loans and share accounts, inwhole or in part, and to pay all or a portion of the premium therefor.
11. Engage in activities or programs as requested by any governmentalauthority, subject to the approval of the Commissioner.
12. Invest its funds, operate a business, manage or deal in property whensuch actions are reasonably necessary to avoid loss on a loan or investmentpreviously made or an obligation previously created in good faith. Suchproperty or business is not to be held or operated by the credit union for aperiod longer than reasonably required to protect the interest of the creditunion unless specifically authorized by the Commissioner.
13. Make contributions to any nonprofit civic, charitable or serviceorganizations.
14. Undertake such other activities relating to the purposes of the creditunion as its charter or bylaws may authorize, provided such activities arenot inconsistent with this chapter.
(Code 1950, § 6-209; 1966, c. 584, § 6.1-200; 1968, c. 560; 1990, c. 373.)
