Virginia Code 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.
Terms Used In Virginia Code 6.2-1337
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a corporation organized in accordance with this article. See Virginia Code 6.2-1331
- Credit union: means a cooperative, nonprofit corporation organized under the laws of the Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members, consistent with the provisions of this chapter and any regulations adopted by the Commission under this chapter. See Virginia Code 6.2-1300
- Member credit union: means a credit union which is a member of the corporation. See Virginia Code 6.2-1331
- Shares: means the interest of a member having a savings account in a member credit union. See Virginia Code 6.2-1331
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.