Code of Virginia § 6.2-1341. Audit by corporation and corrective measures; appeal.
146 words·~1 min read·
/va/title-6-2/chapter-13/6-2-1341A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .