Virginia Code 6.2-1338: Duties and additional powers of corporation.
A corporation shall have the following powers in addition to those otherwise provided:
Terms Used In Virginia Code 6.2-1338
- 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
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; and
5. 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.