{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1319.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1319.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1319.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1319.html"}],"law_id":82764,"edition_id":1,"section_id":82764,"structure_id":15645,"section_number":"6.2-1319","catch_line":"Involuntary dissolution","history":"Code 1950, \u00a7 6-232; 1950, c. 93; 1966, c. 584, \u00a7 6.1-223; 1990, c. 373, \u00a7 6.1-225.12; 2010, c. 794.","full_text":"If the Commission determines that a credit union is violating any provisions of this chapter, it may, after a hearing or an opportunity for a hearing has been given to the credit union, direct that it discontinue the illegal methods or practices described in the order. If any credit union is insolvent, or has failed or refused to comply with the provisions of this chapter, the Commission may take possession of the business and property of the credit union and retain such possession until such time as it may permit such credit union to resume business, or until its affairs are finally liquidated under order of the Commission. Alternatively, the Commission may apply to any court in the Commonwealth having jurisdiction to appoint receivers for the appointment of a receiver to take charge of the business and assets and to wind up the affairs and business of any such credit union. The receiver when appointed shall become and be assignee of the assets of such credit union.","order_by":null,"text":{"0":{"id":296700,"text":"If the Commission determines that a credit union is violating any provisions of this chapter, it may, after a hearing or an opportunity for a hearing has been given to the credit union, direct that it discontinue the illegal methods or practices described in the order. If any credit union is insolvent, or has failed or refused to comply with the provisions of this chapter, the Commission may take possession of the business and property of the credit union and retain such possession until such time as it may permit such credit union to resume business, or until its affairs are finally liquidated under order of the Commission. Alternatively, the Commission may apply to any court in the Commonwealth having jurisdiction to appoint receivers for the appointment of a receiver to take charge of the business and assets and to wind up the affairs and business of any such credit union. The receiver when appointed shall become and be assignee of the assets of such credit union.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15645,"edition_id":1,"name":"Supervision and Regulation","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:20","date_modified":"2026-06-26 03:57:20","permalink":{"id":264605,"object_type":"structure","relational_id":15645,"identifier":"2","token":"6.2\/II\/13\/2","url":"\/6.2\/II\/13\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69039,"structure_id":15645,"section_number":"6.2-1308","catch_line":"Supervision and regulation by Commission","url":"\/6.2-1308\/","token":"6.2\/II\/13\/2\/6.2-1308","metadata":false},{"id":84662,"structure_id":15645,"section_number":"6.2-1309","catch_line":"Examinations","url":"\/6.2-1309\/","token":"6.2\/II\/13\/2\/6.2-1309","metadata":false},{"id":79662,"structure_id":15645,"section_number":"6.2-1310","catch_line":"Fees for examination, supervision, and regulation","url":"\/6.2-1310\/","token":"6.2\/II\/13\/2\/6.2-1310","metadata":false},{"id":75135,"structure_id":15645,"section_number":"6.2-1311","catch_line":"Reports to Commission; penalty for failure to make reports","url":"\/6.2-1311\/","token":"6.2\/II\/13\/2\/6.2-1311","metadata":false},{"id":66020,"structure_id":15645,"section_number":"6.2-1312","catch_line":"Cease and desist orders; right to hearing","url":"\/6.2-1312\/","token":"6.2\/II\/13\/2\/6.2-1312","metadata":false},{"id":84113,"structure_id":15645,"section_number":"6.2-1313","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver","url":"\/6.2-1313\/","token":"6.2\/II\/13\/2\/6.2-1313","metadata":false},{"id":65334,"structure_id":15645,"section_number":"6.2-1314","catch_line":"Penalties for violation of orders of Commission","url":"\/6.2-1314\/","token":"6.2\/II\/13\/2\/6.2-1314","metadata":false},{"id":81331,"structure_id":15645,"section_number":"6.2-1315","catch_line":"Removal of director or officer; penalty for acting after removal","url":"\/6.2-1315\/","token":"6.2\/II\/13\/2\/6.2-1315","metadata":false},{"id":79105,"structure_id":15645,"section_number":"6.2-1316","catch_line":"Offenses; penalty","url":"\/6.2-1316\/","token":"6.2\/II\/13\/2\/6.2-1316","metadata":false},{"id":60747,"structure_id":15645,"section_number":"6.2-1317","catch_line":"Supervisory merger or transfer of assets of insolvent or financially unstable credit union","url":"\/6.2-1317\/","token":"6.2\/II\/13\/2\/6.2-1317","metadata":false},{"id":59800,"structure_id":15645,"section_number":"6.2-1318","catch_line":"Repealed","url":"\/6.2-1318\/","token":"6.2\/II\/13\/2\/6.2-1318","metadata":false},{"id":82764,"structure_id":15645,"section_number":"6.2-1319","catch_line":"Involuntary dissolution","url":"\/6.2-1319\/","token":"6.2\/II\/13\/2\/6.2-1319","metadata":false}],"previous_section":{"id":59800,"structure_id":15645,"section_number":"6.2-1318","catch_line":"Repealed","url":"\/6.2-1318\/","token":"6.2\/II\/13\/2\/6.2-1318","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1319\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1950, chapter 93; in 1966, chapter 584; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264651,"object_type":"law","relational_id":82764,"identifier":"6.2-1319","token":"6.2\/II\/13\/2\/6.2-1319","url":"\/6.2-1319\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1319\/","token":"6.2\/II\/13\/2\/6.2-1319","dublin_core":{"Title":"Involuntary dissolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1319","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If the Commission<\/span> determines that a credit union<\/span> is violating any provisions of this chapter, it may, after a hearing<\/span> or an opportunity for a hearing<\/span> has been given to the credit union<\/span>, direct that it discontinue the illegal methods or practices described in the order<\/span>. If any credit union<\/span> is insolvent, or has failed or refused to comply with the provisions of this chapter, the Commission<\/span> may take possession<\/span> of the business and property of the credit union<\/span> and retain such possession<\/span> until such time as it may permit such credit union<\/span> to resume business, or until its affairs are finally liquidated under order<\/span> of the Commission<\/span>. Alternatively, the Commission<\/span> may apply to any court<\/span> in the Commonwealth having jurisdiction<\/span> to appoint receivers for the appointment of a receiver to take charge of the business and assets<\/span> and to wind up the affairs and business of any such credit union<\/span>. The receiver when appointed shall become and be assignee of the assets<\/span> of such credit union<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVOLUNTARY DISSOLUTION (\u00a7 6.2-1319)\n\nIf the Commission determines that a credit union is violating any provisions of\nthis chapter, it may, after a hearing or an opportunity for a hearing has been\ngiven to the credit union, direct that it discontinue the illegal methods or\npractices described in the order. If any credit union is insolvent, or has\nfailed or refused to comply with the provisions of this chapter, the Commission\nmay take possession of the business and property of the credit union and retain\nsuch possession until such time as it may permit such credit union to resume\nbusiness, or until its affairs are finally liquidated under order of the\nCommission. Alternatively, the Commission may apply to any court in the\nCommonwealth having jurisdiction to appoint receivers for the appointment of a\nreceiver to take charge of the business and assets and to wind up the affairs\nand business of any such credit union. The receiver when appointed shall become\nand be assignee of the assets of such credit union.\n\nHISTORY: Code 1950, \u00a7 6-232; 1950, c. 93; 1966, c. 584, \u00a7 6.1-223; 1990, c.\n373, \u00a7 6.1-225.12; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}