{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1336.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1336.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1336.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1336.html"}],"law_id":76486,"edition_id":1,"section_id":76486,"structure_id":15615,"section_number":"6.2-1336","catch_line":"Loss reserve contributions","history":"1974, c. 587, \u00a7 6.1-226.6; 1985, c. 365; 2010, c. 794.","full_text":"A\n\nA corporation shall collect from each credit union accepted for membership an initial contribution to loss reserve the greater of (i) $5 or (ii) an amount equal to the percentage fixed in the bylaws of the corporation, which percentage shall not exceed one percent, of the amount of its shares outstanding on the last day of the month preceding the month in which application is filed. Whenever the initial contribution to loss reserve and any additions thereto paid by a credit union amount to less than the prescribed percentage of its outstanding shares of December 31, of any year, the corporation shall collect the amount of the deficiency so that the total contributions to loss reserve paid by each credit union is never less than the prescribed percentage of the amount of its outstanding shares on December 31 of any year in which it is a member, except to the extent that refunds have been paid under subsection B. The amount of contribution by a credit union shall be carried on the books of each credit union as an investment.B\n\nSubject to the approval of the Commission, contributions to loss reserve may be refunded to existing members whenever in the judgment of the directors the financial condition of the corporation warrants such action. Refunds so made shall be on the basis of a uniform percentage of the total contributions to loss reserve paid by each credit union and shall be credited to its reserve fund to the extent that such contribution was charged thereto.","order_by":null,"text":{"0":{"id":274547,"text":"A corporation shall collect from each credit union accepted for membership an initial contribution to loss reserve the greater of (i) $5 or (ii) an amount equal to the percentage fixed in the bylaws of the corporation, which percentage shall not exceed one percent, of the amount of its shares outstanding on the last day of the month preceding the month in which application is filed. Whenever the initial contribution to loss reserve and any additions thereto paid by a credit union amount to less than the prescribed percentage of its outstanding shares of December 31, of any year, the corporation shall collect the amount of the deficiency so that the total contributions to loss reserve paid by each credit union is never less than the prescribed percentage of the amount of its outstanding shares on December 31 of any year in which it is a member, except to the extent that refunds have been paid under subsection B. The amount of contribution by a credit union shall be carried on the books of each credit union as an investment.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":274548,"text":"Subject to the approval of the Commission, contributions to loss reserve may be refunded to existing members whenever in the judgment of the directors the financial condition of the corporation warrants such action. Refunds so made shall be on the basis of a uniform percentage of the total contributions to loss reserve paid by each credit union and shall be credited to its reserve fund to the extent that such contribution was charged thereto.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1336\/","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 2 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 1985, chapter 365; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264725,"object_type":"law","relational_id":76486,"identifier":"6.2-1336","token":"6.2\/II\/13\/5\/6.2-1336","url":"\/6.2-1336\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1336\/","token":"6.2\/II\/13\/5\/6.2-1336","dublin_core":{"Title":"Loss reserve contributions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1336","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A corporation<\/span> shall collect from each credit union<\/span> accepted for membership an initial contribution to loss reserve the greater of (i) $5 or (ii) an amount equal to the percentage fixed in the bylaws of the corporation<\/span>, which percentage shall not exceed one percent, of the amount of its shares<\/span> outstanding on the last day of the month preceding the month in which application is filed. Whenever the initial contribution to loss reserve and any additions thereto paid by a credit union<\/span> amount to less than the prescribed percentage of its outstanding shares<\/span> of December 31, of any year, the corporation<\/span> shall collect the amount of the deficiency so that the total contributions to loss reserve paid by each credit union<\/span> is never less than the prescribed percentage of the amount of its outstanding shares<\/span> on December 31 of any year in which it is a member<\/span>, except to the extent that refunds have been paid under subsection B. The amount of contribution by a credit union<\/span> shall be carried on the books of each credit union<\/span> as an investment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Subject to the approval of the Commission<\/span>, contributions to loss reserve may be refunded to existing members<\/span> whenever in the judgment<\/span> of the directors the financial condition of the corporation<\/span> warrants such action. Refunds so made shall be on the basis of a uniform percentage of the total contributions to loss reserve paid by each credit union<\/span> and shall be credited to its reserve fund to the extent that such contribution was charged thereto. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOSS RESERVE CONTRIBUTIONS (\u00a7 6.2-1336)\n\nA. A corporation shall collect from each credit union accepted for membership an\ninitial contribution to loss reserve the greater of (i) $5 or (ii) an amount\nequal to the percentage fixed in the bylaws of the corporation, which percentage\nshall not exceed one percent, of the amount of its shares outstanding on the\nlast day of the month preceding the month in which application is filed.\nWhenever the initial contribution to loss reserve and any additions thereto paid\nby a credit union amount to less than the prescribed percentage of its\noutstanding shares of December 31, of any year, the corporation shall collect\nthe amount of the deficiency so that the total contributions to loss reserve\npaid by each credit union is never less than the prescribed percentage of the\namount of its outstanding shares on December 31 of any year in which it is a\nmember, except to the extent that refunds have been paid under subsection B. The\namount of contribution by a credit union shall be carried on the books of each\ncredit union as an investment.\n\nB. Subject to the approval of the Commission, contributions to loss reserve may\nbe refunded to existing members whenever in the judgment of the directors the\nfinancial condition of the corporation warrants such action. Refunds so made\nshall be on the basis of a uniform percentage of the total contributions to loss\nreserve paid by each credit union and shall be credited to its reserve fund to\nthe extent that such contribution was charged thereto.\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.6; 1985, c. 365; 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}}