State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-4-1 > 6-1-226-5§ 6.1-226.5. (Repealed effective October 1, 2010) Application for membership;share insurance required.
(1) Every credit union organized prior to January 1, 1975, whose shares arenot insured by the National Credit Union Share Insurance Fund on such dateshall apply for membership in the corporation before January 1, 1976; andevery credit union organized on or after January 1, 1975, shall apply formembership in the corporation within thirty days after its organization or byJanuary 1, 1976, whichever is later. Failure to so apply shall constitutegrounds for the revocation by the Commission of the credit union'scertificate of authority to do business.
(2) Every credit union required by subsection (1) of this section to applyfor membership in the corporation whose shares are not insured by thecorporation at least in the amount of $20,000 for each member, by July 1,1976, shall not thereafter receive the savings of its members or issuethereto any other debt obligation until its shares are so insured; provided,if the Commission determines that share insurance issued by the corporationis not available to a credit union and that its shares are insured by theNational Credit Union Share Insurance Fund or under a plan of share insurancewhich has been approved by the Commission, the credit union shall bepermitted to continue its normal operations.
(1974, c. 587.)
