§ 6.2-1131 Liability of members of mutual savings institutions
A. No member of a mutual savings institution shall be responsible for any losses that the savings account deposits shall not be sufficient to satisfy.
B. No savings account shall be subject to assessment for any unpaid installments on his account.
C. The holder of a savings account shall not be liable for any unpaid installments on his account.
D. No preference between savings account members of a mutual savings institution shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of such institution.
History
This law was first created in 1985. The record of its establishment is cataloged in chapter 425 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 1985 “Acts” aren’t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794.
1985, c. 425, § 6.1-194.24; 2010, c. 794.