§ 6.1-225.8. (Repealed effective October 1, 2010) Powers of Commission incase of nonobservance of law, noncompliance with orders, insufficientreserves or insolvency, etc.
If the Commission finds that (i) a credit union is in violation of some lawor regulation applicable to it, (ii) a credit union is being operated in anunsafe or unsound manner, (iii) a credit union has failed to comply with alawful order of the Commissioner, (iv) the reserve of the credit union failsto meet the requirements set forth in § 6.1-225.58, or (v) a credit union is,or is about to become, insolvent, it shall give immediate notice of itsfinding to the officers and directors of the credit union. If necessary toconserve the assets of the credit union or protect the interests of themembers of the credit union, the Commission may, after reasonable notice tothe credit union and an opportunity for it to be heard:
1. Close the credit union for a period not exceeding sixty days, which periodmay be extended for additional like periods as the Commission may deemnecessary;
2. Require the officers and directors of the credit union to liquidateoutstanding loans;
3. Require that all lawful orders of the Commission be complied with;
4. Require the credit union to make reports daily or otherwise as to theresults achieved in carrying out its orders;
5. Temporarily suspend the right of such credit union to receive any furtherinvestment in its share accounts;
6. Grant the right to suspend or limit withdrawals against share accounts forsuch period as the Commission may deem necessary;
7. Appoint a conservator to take charge of the credit union and operate itpending further action by the Commission.
If the Commission determines that a credit union is insolvent and that areceiver should be appointed, the Commission may close the doors of thecredit union, take charge of the books, assets and affairs of the creditunion, and apply to any court in the Commonwealth having jurisdiction toappoint receivers for the appointment of a receiver to take charge of thecredit union's business and assets. A credit union shall be deemed insolventwhen the current value of its assets is less than the current value of thesum of its share accounts and liabilities.
(1975, c. 34, § 6.1-200.2; 1988, c. 309; 1990, c. 373.)
§ 6.1-225.8. (Repealed effective October 1, 2010) Powers of Commission incase of nonobservance of law, noncompliance with orders, insufficientreserves or insolvency, etc.
If the Commission finds that (i) a credit union is in violation of some lawor regulation applicable to it, (ii) a credit union is being operated in anunsafe or unsound manner, (iii) a credit union has failed to comply with alawful order of the Commissioner, (iv) the reserve of the credit union failsto meet the requirements set forth in § 6.1-225.58, or (v) a credit union is,or is about to become, insolvent, it shall give immediate notice of itsfinding to the officers and directors of the credit union. If necessary toconserve the assets of the credit union or protect the interests of themembers of the credit union, the Commission may, after reasonable notice tothe credit union and an opportunity for it to be heard:
1. Close the credit union for a period not exceeding sixty days, which periodmay be extended for additional like periods as the Commission may deemnecessary;
2. Require the officers and directors of the credit union to liquidateoutstanding loans;
3. Require that all lawful orders of the Commission be complied with;
4. Require the credit union to make reports daily or otherwise as to theresults achieved in carrying out its orders;
5. Temporarily suspend the right of such credit union to receive any furtherinvestment in its share accounts;
6. Grant the right to suspend or limit withdrawals against share accounts forsuch period as the Commission may deem necessary;
7. Appoint a conservator to take charge of the credit union and operate itpending further action by the Commission.
If the Commission determines that a credit union is insolvent and that areceiver should be appointed, the Commission may close the doors of thecredit union, take charge of the books, assets and affairs of the creditunion, and apply to any court in the Commonwealth having jurisdiction toappoint receivers for the appointment of a receiver to take charge of thecredit union's business and assets. A credit union shall be deemed insolventwhen the current value of its assets is less than the current value of thesum of its share accounts and liabilities.
(1975, c. 34, § 6.1-200.2; 1988, c. 309; 1990, c. 373.)
§ 6.1-225.8. (Repealed effective October 1, 2010) Powers of Commission incase of nonobservance of law, noncompliance with orders, insufficientreserves or insolvency, etc.
If the Commission finds that (i) a credit union is in violation of some lawor regulation applicable to it, (ii) a credit union is being operated in anunsafe or unsound manner, (iii) a credit union has failed to comply with alawful order of the Commissioner, (iv) the reserve of the credit union failsto meet the requirements set forth in § 6.1-225.58, or (v) a credit union is,or is about to become, insolvent, it shall give immediate notice of itsfinding to the officers and directors of the credit union. If necessary toconserve the assets of the credit union or protect the interests of themembers of the credit union, the Commission may, after reasonable notice tothe credit union and an opportunity for it to be heard:
1. Close the credit union for a period not exceeding sixty days, which periodmay be extended for additional like periods as the Commission may deemnecessary;
2. Require the officers and directors of the credit union to liquidateoutstanding loans;
3. Require that all lawful orders of the Commission be complied with;
4. Require the credit union to make reports daily or otherwise as to theresults achieved in carrying out its orders;
5. Temporarily suspend the right of such credit union to receive any furtherinvestment in its share accounts;
6. Grant the right to suspend or limit withdrawals against share accounts forsuch period as the Commission may deem necessary;
7. Appoint a conservator to take charge of the credit union and operate itpending further action by the Commission.
If the Commission determines that a credit union is insolvent and that areceiver should be appointed, the Commission may close the doors of thecredit union, take charge of the books, assets and affairs of the creditunion, and apply to any court in the Commonwealth having jurisdiction toappoint receivers for the appointment of a receiver to take charge of thecredit union's business and assets. A credit union shall be deemed insolventwhen the current value of its assets is less than the current value of thesum of its share accounts and liabilities.
(1975, c. 34, § 6.1-200.2; 1988, c. 309; 1990, c. 373.)
