{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1333.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1333.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1333.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1333.html"}],"law_id":59623,"edition_id":1,"section_id":59623,"structure_id":15615,"section_number":"6.2-1333","catch_line":"Establishment of corporation; purposes","history":"1974, c. 587, \u00a7 6.1-226.3; 2010, c. 794.","full_text":"A\n\nNine or more individuals, all of whom are duly authorized representatives, respectively, of nine or more credit unions may, pursuant to the provisions of the Virginia Nonstock Corporation Act (\u00a7 13.1-801 et seq.), establish a corporation for the purpose of:1\n\nAiding and assisting any member credit union that is in liquidation or is experiencing financial difficulties, such as insolvency or nonliquidity, in order that the shares of a member of a member credit union shall be protected;2\n\nProviding insurance for the shares of members of a member credit union in amounts, not less than $20,000, that shall be established from time to time by the corporation with the approval of the Commission; and3\n\nCooperating with the Commission and member credit unions in maintaining and advancing the financial integrity of member credit unions.B\n\nExcept as otherwise herein provided, a corporation organized in accordance with this article shall (i) have the powers contained in the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.); (ii) be subject to the provisions thereof; and (iii) include in its corporate name the words “Credit Union Share Insurance.”","order_by":null,"text":{"0":{"id":218373,"text":"Nine or more individuals, all of whom are duly authorized representatives, respectively, of nine or more credit unions may, pursuant to the provisions of the Virginia Nonstock Corporation Act (\u00a7 13.1-801 et seq.), establish a corporation for the purpose of:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":218374,"text":"Aiding and assisting any member credit union that is in liquidation or is experiencing financial difficulties, such as insolvency or nonliquidity, in order that the shares of a member of a member credit union shall be protected;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":218375,"text":"Providing insurance for the shares of members of a member credit union in amounts, not less than $20,000, that shall be established from time to time by the corporation with the approval of the Commission; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":218376,"text":"Cooperating with the Commission and member credit unions in maintaining and advancing the financial integrity of member credit unions.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":218377,"text":"Except as otherwise herein provided, a corporation organized in accordance with this article shall (i) have the powers contained in the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.); (ii) be subject to the provisions thereof; and (iii) include in its corporate name the words “Credit Union Share Insurance.”","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"ancestry":[{"id":15615,"edition_id":1,"name":"Share Insurance","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:56:56","date_modified":"2026-06-26 03:56:56","permalink":{"id":264703,"object_type":"structure","relational_id":15615,"identifier":"5","token":"6.2\/II\/13\/5","url":"\/6.2\/II\/13\/5\/","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":67088,"structure_id":15615,"section_number":"6.2-1331","catch_line":"Definitions","url":"\/6.2-1331\/","token":"6.2\/II\/13\/5\/6.2-1331","metadata":false},{"id":85703,"structure_id":15615,"section_number":"6.2-1332","catch_line":"Insurance of shares","url":"\/6.2-1332\/","token":"6.2\/II\/13\/5\/6.2-1332","metadata":false},{"id":59623,"structure_id":15615,"section_number":"6.2-1333","catch_line":"Establishment of corporation; purposes","url":"\/6.2-1333\/","token":"6.2\/II\/13\/5\/6.2-1333","metadata":false},{"id":68878,"structure_id":15615,"section_number":"6.2-1334","catch_line":"Contents of corporation bylaws; amendments thereto","url":"\/6.2-1334\/","token":"6.2\/II\/13\/5\/6.2-1334","metadata":false},{"id":74436,"structure_id":15615,"section_number":"6.2-1335","catch_line":"Application for membership; share insurance required","url":"\/6.2-1335\/","token":"6.2\/II\/13\/5\/6.2-1335","metadata":false},{"id":76486,"structure_id":15615,"section_number":"6.2-1336","catch_line":"Loss reserve contributions","url":"\/6.2-1336\/","token":"6.2\/II\/13\/5\/6.2-1336","metadata":false},{"id":85618,"structure_id":15615,"section_number":"6.2-1337","catch_line":"Annual and special assessments","url":"\/6.2-1337\/","token":"6.2\/II\/13\/5\/6.2-1337","metadata":false},{"id":74967,"structure_id":15615,"section_number":"6.2-1338","catch_line":"Duties and additional powers of corporation","url":"\/6.2-1338\/","token":"6.2\/II\/13\/5\/6.2-1338","metadata":false},{"id":73060,"structure_id":15615,"section_number":"6.2-1339","catch_line":"Duties and powers of Commission; judicial review","url":"\/6.2-1339\/","token":"6.2\/II\/13\/5\/6.2-1339","metadata":false},{"id":80717,"structure_id":15615,"section_number":"6.2-1340","catch_line":"Supervision, reports and examinations by Commission","url":"\/6.2-1340\/","token":"6.2\/II\/13\/5\/6.2-1340","metadata":false},{"id":69601,"structure_id":15615,"section_number":"6.2-1341","catch_line":"Audit by corporation and corrective measures; appeal","url":"\/6.2-1341\/","token":"6.2\/II\/13\/5\/6.2-1341","metadata":false},{"id":84058,"structure_id":15615,"section_number":"6.2-1342","catch_line":"Tax exemptions","url":"\/6.2-1342\/","token":"6.2\/II\/13\/5\/6.2-1342","metadata":false},{"id":70986,"structure_id":15615,"section_number":"6.2-1343","catch_line":"Inconsistent laws inapplicable","url":"\/6.2-1343\/","token":"6.2\/II\/13\/5\/6.2-1343","metadata":false}],"previous_section":{"id":85703,"structure_id":15615,"section_number":"6.2-1332","catch_line":"Insurance of shares","url":"\/6.2-1332\/","token":"6.2\/II\/13\/5\/6.2-1332","metadata":false},"next_section":{"id":68878,"structure_id":15615,"section_number":"6.2-1334","catch_line":"Contents of corporation bylaws; amendments thereto","url":"\/6.2-1334\/","token":"6.2\/II\/13\/5\/6.2-1334","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1333\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 587 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":76305,"section_number":"13.1-801","catch_line":"Short title","order_by":null,"url":"\/13.1-801\/"}],"permalink":{"id":264713,"object_type":"law","relational_id":59623,"identifier":"6.2-1333","token":"6.2\/II\/13\/5\/6.2-1333","url":"\/6.2-1333\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1333\/","token":"6.2\/II\/13\/5\/6.2-1333","dublin_core":{"Title":"Establishment of corporation; purposes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1333","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Nine or more individuals, all of whom are duly authorized representatives, respectively, of nine or more credit unions<\/span> may, pursuant to the provisions of the Virginia Nonstock Corporation<\/span> Act (\u00a7 13.1-801<\/a> et seq.), establish a corporation<\/span> for the purpose of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Aiding and assisting any member credit union<\/span> that is in liquidation<\/span> or is experiencing financial difficulties, such as insolvency or nonliquidity, in order<\/span> that the shares<\/span> of a member of a member credit union<\/span> shall be protected; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Providing insurance for the shares<\/span> of members<\/span> of a member credit union<\/span> in amounts, not less than $20,000, that shall be established from time to time by the corporation<\/span> with the approval of the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Cooperating with the Commission<\/span> and member credit unions<\/span> in maintaining and advancing the financial integrity of member credit unions<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as otherwise herein provided, a corporation<\/span> organized in accordance with this article shall (i) have the powers contained in the Virginia Nonstock Corporation<\/span> Act (§ 13.1-801<\/a> et seq.); (ii) be subject to the provisions thereof; and (iii) include in its corporate name the words “Credit Union Share Insurance.” <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESTABLISHMENT OF CORPORATION; PURPOSES (\u00a7 6.2-1333)\n\nA. Nine or more individuals, all of whom are duly authorized representatives,\nrespectively, of nine or more credit unions may, pursuant to the provisions of\nthe Virginia Nonstock Corporation Act (\u00a7 13.1-801 et seq.), establish a\ncorporation for the purpose of:\n\n 1. Aiding and assisting any member credit union that is in liquidation or is\n experiencing financial difficulties, such as insolvency or nonliquidity, in\n order that the shares of a member of a member credit union shall be protected;\n\n 2. Providing insurance for the shares of members of a member credit union in\n amounts, not less than $20,000, that shall be established from time to time by\n the corporation with the approval of the Commission; and\n\n 3. Cooperating with the Commission and member credit unions in maintaining and\n advancing the financial integrity of member credit unions.\n\nB. Except as otherwise herein provided, a corporation organized in accordance\nwith this article shall (i) have the powers contained in the Virginia Nonstock\nCorporation Act (§ 13.1-801 et seq.); (ii) be subject to the provisions\nthereof; and (iii) include in its corporate name the words “Credit Union\nShare Insurance.”\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.3; 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}}