Code of Virginia § 6.2-1338. Duties and additional powers of corporation.

182 words·~1 min read·/va/title-6-2/chapter-13/6-2-1338

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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; 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 .