{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1337.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1337.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1337.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1337.html"}],"law_id":85618,"edition_id":1,"section_id":85618,"structure_id":15615,"section_number":"6.2-1337","catch_line":"Annual and special assessments","history":"1974, c. 587, \u00a7 6.1-226.7; 1976, c. 658; 1985, c. 365; 2010, c. 794.","full_text":"A\n\nA regular annual assessment, not to exceed one-twelfth of one percent of the member credit union’s outstanding shares, shall be levied by the directors. The directors may raise, lower or waive such assessment for any year when the directors and the Commission agree that the net worth of the corporation justifies or requires such change. The member credit union’s outstanding shares as of December 31 shall be the basis for calculating the assessment due in the ensuing year, and the directors shall determine the date the annual assessment is due and payable.B\n\nIn the event of potential impairment of the corporation’s funds, special assessments may be levied by the directors with the approval of the Commission.C\n\nUpon a finding by the Commission that it is necessary in order to maintain the financial soundness of the insurance fund, it may direct that the corporation make special assessments of its members.","order_by":null,"text":{"0":{"id":306678,"text":"A regular annual assessment, not to exceed one-twelfth of one percent of the member credit union’s outstanding shares, shall be levied by the directors. The directors may raise, lower or waive such assessment for any year when the directors and the Commission agree that the net worth of the corporation justifies or requires such change. The member credit union’s outstanding shares as of December 31 shall be the basis for calculating the assessment due in the ensuing year, and the directors shall determine the date the annual assessment is due and payable.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":306679,"text":"In the event of potential impairment of the corporation’s funds, special assessments may be levied by the directors with the approval of the Commission.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":306680,"text":"Upon a finding by the Commission that it is necessary in order to maintain the financial soundness of the insurance fund, it may direct that the corporation make special assessments of its members.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1337\/","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 3 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 1976, chapter 658; in 1985, chapter 365; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264729,"object_type":"law","relational_id":85618,"identifier":"6.2-1337","token":"6.2\/II\/13\/5\/6.2-1337","url":"\/6.2-1337\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1337\/","token":"6.2\/II\/13\/5\/6.2-1337","dublin_core":{"Title":"Annual and special assessments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1337","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A regular annual assessment, not to exceed one-twelfth of one percent of the member credit union<\/span>’s outstanding shares<\/span>, shall be levied by the directors. The directors may raise, lower or waive<\/span> such assessment for any year when the directors and the Commission<\/span> agree that the net worth of the corporation<\/span> justifies or requires such change. The member credit union<\/span>’s outstanding shares<\/span> as of December 31 shall be the basis for calculating the assessment due in the ensuing year, and the directors shall determine the date the annual assessment is due and payable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In the event of potential impairment of the corporation<\/span>’s funds, special assessments may be levied by the directors with the approval of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon a finding<\/span> by the Commission<\/span> that it is necessary in order<\/span> to maintain the financial soundness of the insurance fund, it may direct that the corporation<\/span> make special assessments of its members<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nANNUAL AND SPECIAL ASSESSMENTS (\u00a7 6.2-1337)\n\nA. A regular annual assessment, not to exceed one-twelfth of one percent of the\nmember credit union’s outstanding shares, shall be levied by the\ndirectors. The directors may raise, lower or waive such assessment for any year\nwhen the directors and the Commission agree that the net worth of the\ncorporation justifies or requires such change. The member credit union’s\noutstanding shares as of December 31 shall be the basis for calculating the\nassessment due in the ensuing year, and the directors shall determine the date\nthe annual assessment is due and payable.\n\nB. In the event of potential impairment of the corporation’s funds,\nspecial assessments may be levied by the directors with the approval of the\nCommission.\n\nC. Upon a finding by the Commission that it is necessary in order to maintain\nthe financial soundness of the insurance fund, it may direct that the\ncorporation make special assessments of its members.\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.7; 1976, c. 658; 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}}