§ 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; 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.
History
This law was first created in 1974. The record of its establishment is cataloged in chapter 587 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1990, chapter 3; in 2010, chapter 794.
1974, c. 587, § 6.1-226.8; 1990, c. 3; 2010, c. 794.