State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-4-1 > 6-1-226-3§ 6.1-226.3. (Repealed effective October 1, 2010) Establishment ofcorporation; purposes.
Nine or more natural persons, all of whom are duly authorizedrepresentatives, respectively, of nine or more credit unions may, pursuant tothe provisions of the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.),establish a corporation for the purpose of aiding and assisting any membercredit union which is in liquidation or is experiencing financialdifficulties such as insolvency or nonliquidity, in order that the shares ofa member of a member credit union shall be protected; to provide insurancefor the shares of members of a member credit union in amounts, not less than$20,000, which shall be established from time to time by the corporation withthe approval of the Commission; and for the further purpose of cooperatingwith the Commission and member credit unions in maintaining and advancing thefinancial integrity of member credit unions. Except as otherwise hereinprovided, a corporation organized in accordance with this chapter shall havethe powers contained in the Virginia Nonstock Corporation Act, and shall besubject to the provisions thereof; and shall include in its corporate namethe words "Credit Union Share Insurance."
(1974, c. 587.)
