{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1335.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1335.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1335.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1335.html"}],"law_id":74436,"edition_id":1,"section_id":74436,"structure_id":15615,"section_number":"6.2-1335","catch_line":"Application for membership; share insurance required","history":"1974, c. 587, \u00a7 6.1-226.5; 2010, c. 794.","full_text":"A\n\nEvery credit union organized:1\n\nPrior to January 1, 1975, the shares of which are not insured by the National Credit Union Share Insurance Fund on that date, shall apply for membership in a corporation before January 1, 1976; and2\n\nOn or after January 1, 1975, shall apply for membership in a corporation within 30 days after its organization or by January 1, 1976, whichever is later.B\n\nFailure to apply for membership in a corporation as required by subsection A shall constitute grounds for the revocation by the Commission of the credit union’s certificate of authority to do business.C\n\nEvery credit union (i) that is required by subsection A to apply for membership in a corporation and (ii) whose shares are not insured by a corporation at least in the amount of $20,000 for each member, by July 1, 1976, shall not thereafter receive the savings of its members or issue thereto any other debt obligation until its shares are so insured. If the Commission determines that share insurance issued by a corporation is not available to a credit union and that its shares are insured by the National Credit Union Share Insurance Fund or under a plan of share insurance that has been approved by the Commission, the credit union shall be permitted to continue its normal operations.","order_by":null,"text":{"0":{"id":267505,"text":"Every credit union organized:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":267506,"text":"Prior to January 1, 1975, the shares of which are not insured by the National Credit Union Share Insurance Fund on that date, shall apply for membership in a corporation before January 1, 1976; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":267507,"text":"On or after January 1, 1975, shall apply for membership in a corporation within 30 days after its organization or by January 1, 1976, whichever is later.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":267508,"text":"Failure to apply for membership in a corporation as required by subsection A shall constitute grounds for the revocation by the Commission of the credit union’s certificate of authority to do business.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":267509,"text":"Every credit union (i) that is required by subsection A to apply for membership in a corporation and (ii) whose shares are not insured by a corporation at least in the amount of $20,000 for each member, by July 1, 1976, shall not thereafter receive the savings of its members or issue thereto any other debt obligation until its shares are so insured. If the Commission determines that share insurance issued by a corporation is not available to a credit union and that its shares are insured by the National Credit Union Share Insurance Fund or under a plan of share insurance that has been approved by the Commission, the credit union shall be permitted to continue its normal operations.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1335\/","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":false,"permalink":{"id":264721,"object_type":"law","relational_id":74436,"identifier":"6.2-1335","token":"6.2\/II\/13\/5\/6.2-1335","url":"\/6.2-1335\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1335\/","token":"6.2\/II\/13\/5\/6.2-1335","dublin_core":{"Title":"Application for membership; share insurance required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1335","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every credit union<\/span> organized: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Prior to January 1, 1975, the shares<\/span> of which are not insured by the National Credit Union<\/span> Share Insurance Fund on that date, shall apply for membership in a corporation<\/span> before January 1, 1976; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> On or after January 1, 1975, shall apply for membership in a corporation<\/span> within 30 days after its organization or by January 1, 1976, whichever is later. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Failure to apply for membership in a corporation<\/span> as required by subsection A shall constitute grounds for the revocation<\/span> by the Commission<\/span> of the credit union<\/span>’s certificate of authority to do business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Every credit union<\/span> (i) that is required by subsection A to apply for membership in a corporation<\/span> and (ii) whose shares<\/span> are not insured by a corporation<\/span> at least in the amount of $20,000 for each member<\/span>, by July 1, 1976, shall not thereafter receive the savings of its members<\/span> or issue<\/span> thereto any other debt obligation until its shares<\/span> are so insured. If the Commission<\/span> determines that share insurance issued by a corporation<\/span> is not available to a credit union<\/span> and that its shares<\/span> are insured by the National Credit Union<\/span> Share Insurance Fund or under a plan of share insurance that has been approved by the Commission<\/span>, the credit union<\/span> shall be permitted to continue its normal operations. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICATION FOR MEMBERSHIP; SHARE INSURANCE REQUIRED (\u00a7 6.2-1335)\n\nA. Every credit union organized:\n\n 1. Prior to January 1, 1975, the shares of which are not insured by the\n National Credit Union Share Insurance Fund on that date, shall apply for\n membership in a corporation before January 1, 1976; and\n\n 2. On or after January 1, 1975, shall apply for membership in a corporation\n within 30 days after its organization or by January 1, 1976, whichever is\n later.\n\nB. Failure to apply for membership in a corporation as required by subsection A\nshall constitute grounds for the revocation by the Commission of the credit\nunion’s certificate of authority to do business.\n\nC. Every credit union (i) that is required by subsection A to apply for\nmembership in a corporation and (ii) whose shares are not insured by a\ncorporation at least in the amount of $20,000 for each member, by July 1, 1976,\nshall not thereafter receive the savings of its members or issue thereto any\nother debt obligation until its shares are so insured. If the Commission\ndetermines that share insurance issued by a corporation is not available to a\ncredit union and that its shares are insured by the National Credit Union Share\nInsurance Fund or under a plan of share insurance that has been approved by the\nCommission, the credit union shall be permitted to continue its normal\noperations.\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.5; 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}}