{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1321.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1321.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1321.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1321.html"}],"law_id":72073,"edition_id":1,"section_id":72073,"structure_id":14312,"section_number":"6.2-1321","catch_line":"Certificate of authority","history":"Code 1950, \u00a7 6-205; 1952, c. 22; 1966, c. 584, \u00a7 6.1-197; 1968, c. 560; 1974, c. 115; 1978, c. 683; 1990, c. 373, \u00a7 6.1-225.14; 1999, c. 63; 2010, c. 794.","full_text":"A\n\nBefore it begins to do any business, an organizing credit union shall apply for and obtain from the Commission a certificate of authority. An application, accompanied by a fee of $300, shall be made on a form prescribed by the Commission. The Commission shall issue such a certificate if it finds that:1\n\nThe credit union has been formed for no purpose other than the conduct of a legitimate credit union business;2\n\nThe moral fitness, financial responsibility, and other qualifications of the proposed officers and directors are such as to command the confidence of the members;3\n\nThe field of membership of the proposed credit union complies with § 6.2-1327, and all other applicable provisions of law have been complied with;4\n\nShare accounts in the credit union will be insured by an approved insuring organization; and5\n\nEstablishment of the proposed credit union is economically advisable. In reaching a decision on whether the establishment of a credit union is economically advisable, the Commission shall give consideration to 12 C.F.R. § 701.1, which incorporates the National Credit Union Administration’s Interpretive Ruling and Policy Statement 99-1 as it pertains to economic advisability.B\n\nThe Commission may issue a certificate on condition that the credit union shall not begin to do business until it is actually issued insurance of accounts by an approved insuring organization.C\n\nA credit union that is not actually issued insurance of accounts by an approved insuring organization shall not receive funds or sell any shares.","order_by":null,"text":{"0":{"id":259685,"text":"Before it begins to do any business, an organizing credit union shall apply for and obtain from the Commission a certificate of authority. An application, accompanied by a fee of $300, shall be made on a form prescribed by the Commission. The Commission shall issue such a certificate if it finds that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":259686,"text":"The credit union has been formed for no purpose other than the conduct of a legitimate credit union business;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":259687,"text":"The moral fitness, financial responsibility, and other qualifications of the proposed officers and directors are such as to command the confidence of the members;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":259688,"text":"The field of membership of the proposed credit union complies with § 6.2-1327, and all other applicable provisions of law have been complied with;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":259689,"text":"Share accounts in the credit union will be insured by an approved insuring organization; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":259690,"text":"Establishment of the proposed credit union is economically advisable. In reaching a decision on whether the establishment of a credit union is economically advisable, the Commission shall give consideration to 12 C.F.R. § 701.1, which incorporates the National Credit Union Administration’s Interpretive Ruling and Policy Statement 99-1 as it pertains to economic advisability.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":259691,"text":"The Commission may issue a certificate on condition that the credit union shall not begin to do business until it is actually issued insurance of accounts by an approved insuring organization.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"C"},"7":{"id":259692,"text":"A credit union that is not actually issued insurance of accounts by an approved insuring organization shall not receive funds or sell any shares.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14312,"edition_id":1,"name":"Formation of Credit Union","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:47:42","date_modified":"2026-06-26 03:47:42","permalink":{"id":264655,"object_type":"structure","relational_id":14312,"identifier":"3","token":"6.2\/II\/13\/3","url":"\/6.2\/II\/13\/3\/","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":56398,"structure_id":14312,"section_number":"6.2-1320","catch_line":"Incorporation","url":"\/6.2-1320\/","token":"6.2\/II\/13\/3\/6.2-1320","metadata":false},{"id":72073,"structure_id":14312,"section_number":"6.2-1321","catch_line":"Certificate of authority","url":"\/6.2-1321\/","token":"6.2\/II\/13\/3\/6.2-1321","metadata":false},{"id":59522,"structure_id":14312,"section_number":"6.2-1322","catch_line":"Contents of bylaws; amendments to bylaws generally","url":"\/6.2-1322\/","token":"6.2\/II\/13\/3\/6.2-1322","metadata":false},{"id":55599,"structure_id":14312,"section_number":"6.2-1323","catch_line":"Amendments to articles of incorporation and bylaws","url":"\/6.2-1323\/","token":"6.2\/II\/13\/3\/6.2-1323","metadata":false},{"id":85476,"structure_id":14312,"section_number":"6.2-1324","catch_line":"Bylaws amended by Commission","url":"\/6.2-1324\/","token":"6.2\/II\/13\/3\/6.2-1324","metadata":false},{"id":70683,"structure_id":14312,"section_number":"6.2-1325","catch_line":"Fiscal year","url":"\/6.2-1325\/","token":"6.2\/II\/13\/3\/6.2-1325","metadata":false},{"id":85105,"structure_id":14312,"section_number":"6.2-1326","catch_line":"Establishing, moving, and closing offices","url":"\/6.2-1326\/","token":"6.2\/II\/13\/3\/6.2-1326","metadata":false}],"previous_section":{"id":56398,"structure_id":14312,"section_number":"6.2-1320","catch_line":"Incorporation","url":"\/6.2-1320\/","token":"6.2\/II\/13\/3\/6.2-1320","metadata":false},"next_section":{"id":59522,"structure_id":14312,"section_number":"6.2-1322","catch_line":"Contents of bylaws; amendments to bylaws generally","url":"\/6.2-1322\/","token":"6.2\/II\/13\/3\/6.2-1322","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1321\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 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 1952, chapter 22; in 1966, chapter 584; in 1968, chapter 560; in 1974, chapter 115; in 1978, chapter 683; in 1990, chapter 373; in 1999, chapter 63<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":77822,"section_number":"6.2-1346","catch_line":"Conversion of federal credit union to state credit union","order_by":null,"url":"\/6.2-1346\/"}],"refers_to":[{"id":59413,"section_number":"6.2-1327","catch_line":"Membership defined; field of membership","order_by":null,"url":"\/6.2-1327\/"}],"permalink":{"id":264661,"object_type":"law","relational_id":72073,"identifier":"6.2-1321","token":"6.2\/II\/13\/3\/6.2-1321","url":"\/6.2-1321\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1321\/","token":"6.2\/II\/13\/3\/6.2-1321","dublin_core":{"Title":"Certificate of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1321","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Before it begins to do any business, an organizing credit union<\/span> shall apply for and obtain from the Commission<\/span> a certificate of authority. An application, accompanied by a fee of $300, shall be made on a form prescribed by the Commission<\/span>. The Commission<\/span> shall issue<\/span> such a certificate if it finds that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The credit union<\/span> has been formed for no purpose other than the conduct of a legitimate credit union<\/span> business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The moral fitness, financial responsibility, and other qualifications of the proposed officers and directors are such as to command the confidence of the members<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The field of membership of the proposed credit union<\/span> complies with § 6.2-1327<\/a>, and all other applicable provisions of law<\/span> have been complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Share accounts<\/span> in the credit union<\/span> will be insured by an approved insuring organization<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Establishment of the proposed credit union<\/span> is economically advisable. In reaching a decision on whether the establishment of a credit union<\/span> is economically advisable, the Commission<\/span> shall give consideration to 12 C.F.R. § 701.1, which incorporates the National Credit Union<\/span> Administration’s Interpretive Ruling and Policy Statement 99-1 as it pertains to economic advisability. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may issue<\/span> a certificate on condition that the credit union<\/span> shall not begin to do business until it is actually issued insurance of accounts by an approved insuring organization<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A credit union<\/span> that is not actually issued insurance of accounts by an approved insuring organization<\/span> shall not receive funds or sell any shares<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCERTIFICATE OF AUTHORITY (\u00a7 6.2-1321)\n\nA. Before it begins to do any business, an organizing credit union shall apply\nfor and obtain from the Commission a certificate of authority. An application,\naccompanied by a fee of $300, shall be made on a form prescribed by the\nCommission. The Commission shall issue such a certificate if it finds that:\n\n 1. The credit union has been formed for no purpose other than the conduct of a\n legitimate credit union business;\n\n 2. The moral fitness, financial responsibility, and other qualifications of\n the proposed officers and directors are such as to command the confidence of\n the members;\n\n 3. The field of membership of the proposed credit union complies with §\n 6.2-1327, and all other applicable provisions of law have been complied with;\n\n 4. Share accounts in the credit union will be insured by an approved insuring\n organization; and\n\n 5. Establishment of the proposed credit union is economically advisable. In\n reaching a decision on whether the establishment of a credit union is\n economically advisable, the Commission shall give consideration to 12 C.F.R.\n § 701.1, which incorporates the National Credit Union\n Administration’s Interpretive Ruling and Policy Statement 99-1 as it\n pertains to economic advisability.\n\nB. The Commission may issue a certificate on condition that the credit union\nshall not begin to do business until it is actually issued insurance of accounts\nby an approved insuring organization.\n\nC. A credit union that is not actually issued insurance of accounts by an\napproved insuring organization shall not receive funds or sell any shares.\n\nHISTORY: Code 1950, \u00a7 6-205; 1952, c. 22; 1966, c. 584, \u00a7 6.1-197; 1968, c.\n560; 1974, c. 115; 1978, c. 683; 1990, c. 373, \u00a7 6.1-225.14; 1999, c. 63; 2010,\nc. 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}}