reglab/housing_qa huggingface dataset:
VA Code § 6.2-1333 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1333. Establishment of corporation; purposes

A. Nine or more individuals, all of whom are duly authorized representatives, respectively, of nine or more credit unions may, pursuant to the provisions of the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.), establish a corporation for the purpose of:1. Aiding and assisting any member credit union that is in liquidation or is experiencing financial difficulties, such as insolvency or nonliquidity, in order that the shares of a member of a member credit union shall be protected;2. Providing insurance for the shares of members of a member credit union in amounts, not less than $20,000, that shall be established from time to time by the corporation with the approval of the Commission; and3. Cooperating with the Commission and member credit unions in maintaining and advancing the financial integrity of member credit unions.B. Except as otherwise herein provided, a corporation organized in accordance with this article shall (i) have the powers contained in the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.); (ii) be subject to the provisions thereof; and (iii) include in its corporate name the words "Credit Union Share Insurance."1974, c. 587, § 6.1-226.3; 2010, c. 794.
VA Code § 6.2-1334 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1334. Contents of corporation bylaws; amendments thereto

A. The bylaws of a corporation shall specify:1. The requirements for membership including contributions to loss reserve, and for the revocation of membership;2. The date of the annual meeting;3. The number of directors, which shall not be less than five;4. The conditions upon which loans to member credit unions may be made;5. The manner in which remaining assets are to be distributed in the event of dissolution after all distributions required by subdivisions A 1 through A 3 of § 13.1-907 of the Virginia Nonstock Corporation Act have been made;6. The manner and terms upon which reinsurance of shares may be obtained; and7. The conditions upon which contributions to loss reserve may be refunded when membership is terminated.B. Bylaws filed with and approved by the Commission shall be the bylaws of the corporation, and no amendments thereto by the corporation shall be operative unless they conform to the provisions of this article and are approved by the Commission.C. Bylaws may be amended by the Commission by an order entered on its order book and certified to the corporation. Before any such order is entered, the Commission shall notify the corporation of the proposed amendment and afford it an opportunity to be heard thereon.1974, c. 587, § 6.1-226.4; 1985, c. 365; 2010, c. 794.
VA Code § 6.2-1335 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1335. Application for membership; share insurance required

A. Every credit union organized:1. Prior to January 1, 1975, the shares of which are not insured by the National Credit Union Share Insurance Fund on that date, shall apply for membership in a corporation before January 1, 1976; and2. On or after January 1, 1975, shall apply for membership in a corporation within 30 days after its organization or by January 1, 1976, whichever is later.B. Failure to apply for membership in a corporation as required by subsection A shall constitute grounds for the revocation by the Commission of the credit union's certificate of authority to do business.C. Every credit union (i) that is required by subsection A to apply for membership in a corporation and (ii) whose shares are not insured by a corporation 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 issue thereto any other debt obligation until its shares are so insured. If the Commission determines that share insurance issued by a corporation is not available to a credit union and that its shares are insured by the National Credit Union Share Insurance Fund or under a plan of share insurance that has been approved by the Commission, the credit union shall be permitted to continue its normal operations.1974, c. 587, § 6.1-226.5; 2010, c. 794.
VA Code § 6.2-1336 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1336. Loss reserve contributions

A. A corporation shall collect from each credit union accepted for membership an initial contribution to loss reserve the greater of (i) $5 or (ii) an amount equal to the percentage fixed in the bylaws of the corporation, which percentage shall not exceed one percent, of the amount of its shares outstanding on the last day of the month preceding the month in which application is filed. Whenever the initial contribution to loss reserve and any additions thereto paid by a credit union amount to less than the prescribed percentage of its outstanding shares of December 31, of any year, the corporation shall collect the amount of the deficiency so that the total contributions to loss reserve paid by each credit union is never less than the prescribed percentage of the amount of its outstanding shares on December 31 of any year in which it is a member, except to the extent that refunds have been paid under subsection B. The amount of contribution by a credit union shall be carried on the books of each credit union as an investment.B. Subject to the approval of the Commission, contributions to loss reserve may be refunded to existing members whenever in the judgment of the directors the financial condition of the corporation warrants such action. Refunds so made shall be on the basis of a uniform percentage of the total contributions to loss reserve paid by each credit union and shall be credited to its reserve fund to the extent that such contribution was charged thereto.1974, c. 587, § 6.1-226.6; 1985, c. 365; 2010, c. 794.
VA Code § 6.2-1337 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1337. Annual and special assessments

A. A regular annual assessment, not to exceed one-twelfth of one percent of the member credit union's outstanding shares, shall be levied by the directors. The directors may raise, lower or waive such assessment for any year when the directors and the Commission agree that the net worth of the corporation justifies or requires such change. The member credit union's outstanding shares as of December 31 shall be the basis for calculating the assessment due in the ensuing year, and the directors shall determine the date the annual assessment is due and payable.B. In the event of potential impairment of the corporation's funds, special assessments may be levied by the directors with the approval of the Commission.C. Upon a finding by the Commission that it is necessary in order to maintain the financial soundness of the insurance fund, it may direct that the corporation make special assessments of its members.1974, c. 587, § 6.1-226.7; 1976, c. 658; 1985, c. 365; 2010, c. 794.
VA Code § 6.2-1338 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1338. Duties and additional powers of corporation

A corporation shall have the following powers in addition to those otherwise provided:1. To advance funds to aid member credit unions to operate and meet liquidity requirements;2. To assist in the merger, consolidation, and liquidation of credit unions;3. To receive by assignment or purchase from member credit unions property of any nature owned by them;4. Upon written direction of the Commission, to assume control of the property and business of any member credit union and to operate the credit union in accordance with the directions of the Commission; and5. To invest its funds in (i) bonds, notes, or securities of the Commonwealth and of the federal government, and their agencies; (ii) deposits in banks doing business in the Commonwealth; (iii) deposits in any savings institution doing business in the Commonwealth the accounts of which are insured by the Federal Deposit Insurance Corporation or other federal insurance agency; and (iv) such other investments as are deemed prudent by the directors and are approved by the Commission.1974, c. 587, § 6.1-226.8; 1990, c. 3; 2010, c. 794.
VA Code § 6.2-1339 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1339. Duties and powers of Commission; judicial review

A. The Commission shall promptly forward to the corporation copies of all examination reports of member credit unions. The cost of furnishing the copies shall be paid by the corporation.B. If the Commission determines, pursuant to the provisions of § 6.2-1311 or 6.2-1313, that it should take possession of the business and property of a member credit union, the Commission may direct the corporation to assume control of such business and property and, subject to the Commission's orders operate the credit union until such time as the Commission permits the credit union to resume business or until its assets are finally liquidated. If the Commission orders the liquidation of an insolvent member credit union then in the control of the corporation through the purchase of the assets and the assumption of the liabilities of such credit union by another insured credit union, the corporation shall be empowered to convey all right, title, and interest in all or part of the assets and liabilities of the insolvent credit union to the other insured credit union. Upon such transfer, good title to the assets and liabilities conveyed shall vest in the other insured credit union. Any cost or expense incurred by the corporation in such operation of the credit union may be reimbursed from the assets of the credit union by an order of the Commission.C. The Commission may suspend or revoke, after notice of hearing, the certificate of authority to do business of any member credit union that fails to pay, when due, any assessment made by the corporation pursuant to this article.D. Any final action or order of the Commission under this article shall be subject to judicial review in accordance with the provisions of § 12.1-39.1974, c. 587, § 6.1-226.9; 1985, c. 366; 2010, c. 794.
VA Code § 6.2-1340 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1340. Supervision, reports and examinations by Commission

A. The corporation shall be subject to supervision and annual examination by the Commission. The cost of each examination shall be paid by the corporation. The corporation shall file annually by such time and in such form as the Commission prescribes a statement showing its financial condition on December 31 of the previous year.B. In addition to the annual statement, the Commission from time to time may require the corporation to file such further reports, exhibits or statements as it deems necessary to furnish full information concerning the condition, solvency, transactions and affairs of the corporation. The Commission shall prescribe the time within which such additional reports, exhibits or statements shall be filed and may require verification by such officers of the corporation as it may designate.C. Whenever the Commission deems it expedient to do so, it may make or direct to be made additional examinations of the affairs of the corporation, the cost of which shall be paid by the corporation. Upon completion of an examination, a copy of the report thereof shall be furnished to the corporation.1974, c. 587, § 6.1-226.10; 2010, c. 794.
VA Code § 6.2-1341 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1341. Audit by corporation and corrective measures; appeal

A. A corporation may require independent audits and investigations of any member credit union to ascertain its financial condition as it relates to share insurance.B. If the directors of a corporation ascertain evidence of carelessness, unsound practices, or mismanagement of any member credit union that appears to adversely affect the solvency or liquidity of the credit union or threaten loss to the corporation, the directors shall notify the Commission and may order that corrective action be taken or, after due notice and hearing, as provided in the bylaws, revoke the credit union's membership in the corporation.C. If a member credit union is aggrieved by any decision, action, or order of the corporation, it may appeal the decision, action, or order to the Commission. The Commission may modify, reverse, or affirm such decision, action, or order.1974, c. 587, § 6.1-226.11; 2010, c. 794.
VA Code § 6.2-1342 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1342. Tax exemptions

Any corporation shall be exempt from all state and local taxes except real and personal property taxes.1974, c. 587, § 6.1-226.12; 2010, c. 794.
VA Code § 6.2-1343 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1343. Inconsistent laws inapplicable

All other general or special laws, or parts thereof, inconsistent with the provisions of this article shall be inapplicable to the provisions of this article.1974, c. 587, § 6.1-226.13; 2010, c. 794.
VA Code § 6.2-1345 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1345. Voluntary dissolution

A. A credit union may dissolve in accordance with the provisions of Article 13 (§ 13.1-902 et seq.) of Chapter 10 of Title 13.1. Within 10 days after the board of directors votes to recommend dissolution to the members, the board shall notify the Commissioner and the insuring organization of that fact in writing, setting forth the reasons for the proposed dissolution.B. The dissolving credit union shall also (i) notify the Commissioner of the result when the members have voted on the proposal to dissolve and (ii) file with the Commissioner a copy of the certificate of dissolution and the certificate of termination of corporate existence of the credit union within 10 days of the issuance of each.1990, c. 373, § 6.1-225.28; 2010, c. 794.
VA Code § 6.2-1346 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1346. Conversion of federal credit union to state credit union

A credit union organized under the laws of the United States and authorized to do business in the Commonwealth may convert to a credit union organized under the laws of the Commonwealth by the following procedure:1. The directors of the federal credit union shall organize a corporation under this chapter and the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) for the purpose set forth in § 6.2-1320;2. The new corporation shall apply for a certificate of authority to do business as a credit union as provided in § 6.2-1321;3. The federal credit union shall follow the procedures set forth in § 125 (a), of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, for conversion;4. Upon completion of the requirements of the Federal Credit Union Act, the authorized officers of the federal credit union shall execute a certificate setting forth the procedures followed, the number of members eligible to vote and the number voting in favor of the plan of conversion and file said certificate with the Commission; and5. When the Commission has determined that all of the requirements of this section have been complied with, and that the criteria of § 6.2-1321 have been met, the Commission shall authorize the state-chartered credit union to commence business as of the date it ceases to be a federal credit union. The successor state-chartered credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.1984, c. 352, § 6.1-200.6; 1990, c. 373, § 6.1-225.29; 2010, c. 794.
VA Code § 6.2-1347 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1347. Conversion of state credit union to federal credit union

A state credit union may convert to a federal credit union by the following procedure:1. At any meeting of the members called and held in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the credit union into a federal credit union;2. A copy of the minutes of the meeting duly certified by the authorized officer of the credit union shall be transmitted to the Commission;3. The state credit union shall take such action as is necessary under § 125 (b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, to make it a federal credit union;4. It shall file with the Commission a certified copy of the organization certificate approved by the National Credit Union Administration Board; and5. Upon receipt of the organization certificate the state credit union shall become a federal credit union which shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.1984, c. 352, § 6.1-200.7; 1990, c. 373, § 6.1-225.30; 2010, c. 794.
VA Code § 6.2-1348 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1348. Board of directors; number; election; term; appointment of supervisory and credit committees

A. The board of directors shall have the authority and responsibility for directing the business affairs, funds, and records of the credit union.B. The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. After the election of the initial board at the organizational meeting, the election of the board shall be held at the annual meeting or at such other time as the bylaws provide.C. A director shall be elected for a term of not less than one year nor more than four years, as provided in the bylaws. If the term is more than one year, the bylaws shall establish terms of office so that an approximately equal number of directors shall be elected each year. A director, unless removed from office, shall hold office until a successor is elected and qualified. Directors may serve more than one term. Any vacancy on the board of directors shall be filled until the next annual election by appointment by the remainder of the directors.D. The board of directors at its first meeting following the annual election shall appoint a supervisory committee from the membership. The supervisory committee shall consist of an odd number of members, not less than three. No member of the board of directors or the credit committee shall serve on the supervisory committee. The terms for the members of the supervisory committee shall be as provided in the bylaws.E. Unless the members have authorized and directed the board of directors to serve as the credit committee, the board of directors at its first meeting following the annual election shall either appoint:1. A credit committee, which shall be appointed from the membership. The credit committee shall consist of an odd number of members, not less than three. No member of the board of directors or the supervisory committee shall serve on the credit committee unless authorized by the provisions of this section. The terms for the members of the credit committee shall be as provided in the bylaws; or2. One or more loan officers to carry out the duties and responsibilities of the credit committee.Code 1950, § 6-219; 1966, c. 584, § 6.1-210; 1968, c. 560; 1982, c. 575; 1983, c. 301; 1990, c. 373, § 6.1-225.31; 2010, c. 794.
VA Code § 6.2-1349 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1349. Board of directors; election of officers

A. At its first meeting after the annual election, the board of directors shall elect from its own number (i) an executive officer, who may be designated as chairman of the board or president; (ii) a vice-chairman of the board or one or more vice-presidents; (iii) a secretary; and (iv) a treasurer. The same member may simultaneously hold more than one office in the credit union, if the bylaws so provide. The board of directors shall also elect any other officers that are specified in the bylaws.B. The board of directors shall appoint (i) a chief operating officer of the credit union to be in active charge of its operations and (ii) a financial officer. The chief operating officer may also serve as the financial officer.C. The terms of the officers shall be one year or until their successors are elected and qualified.D. The duties of the officers shall be as prescribed in the bylaws.E. A credit union may use any other title it chooses for officers, so long as such titles are not misleading.Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.32; 2010, c. 794.
VA Code § 6.2-1350 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1350. Executive committee

The board of directors may appoint from its own number an executive committee, consisting of not less than three directors. The executive committee may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board and subsection D of § 13.1-869.1990, c. 373, § 6.1-225.33; 2010, c. 794.
VA Code § 6.2-1351 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1351. Meetings of directors

The board of directors and the executive committee shall meet as often as the bylaws prescribe.Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.34; 2010, c. 794.
VA Code § 6.2-1352 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 13 - Credit Unions|§ 6.2-1352. Compensation of officials

A. Compensation of members of the board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000.B. Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.C. Directors and committee members, while on official business of the credit union, may be reimbursed for expenses consistent with Internal Revenue Service guidelines.Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, § 6.1-225.35; 1995, c. 325; 2010, c. 794; 2020, cc. 262, 547.