{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1338.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1338.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1338.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1338.html"}],"law_id":74967,"edition_id":1,"section_id":74967,"structure_id":15615,"section_number":"6.2-1338","catch_line":"Duties and additional powers of corporation","history":"1974, c. 587, \u00a7 6.1-226.8; 1990, c. 3; 2010, c. 794.","full_text":"A corporation shall have the following powers in addition to those otherwise provided:\n\n1\n\nTo advance funds to aid member credit unions to operate and meet liquidity requirements;2\n\nTo assist in the merger, consolidation, and liquidation of credit unions;3\n\nTo receive by assignment or purchase from member credit unions property of any nature owned by them;4\n\nUpon written direction of the Commission, to assume control of the property and business of any member credit union and to operate the credit union in accordance with the directions of the Commission; and5\n\nTo invest its funds in (i) bonds, notes, or securities of the Commonwealth and of the federal government, and their agencies; (ii) deposits in banks doing business in the Commonwealth; (iii) deposits in any savings institution doing business in the Commonwealth the accounts of which are insured by the Federal Deposit Insurance Corporation or other federal insurance agency; and (iv) such other investments as are deemed prudent by the directors and are approved by the Commission.","order_by":null,"text":{"0":{"id":269324,"text":"A corporation shall have the following powers in addition to those otherwise provided:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":269325,"text":"To advance funds to aid member credit unions to operate and meet liquidity requirements;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":269326,"text":"To assist in the merger, consolidation, and liquidation of credit unions;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":269327,"text":"To receive by assignment or purchase from member credit unions property of any nature owned by them;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":269328,"text":"Upon written direction of the Commission, to assume control of the property and business of any member credit union and to operate the credit union in accordance with the directions of the Commission; and","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":269329,"text":"To invest its funds in (i) bonds, notes, or securities of the Commonwealth and of the federal government, and their agencies; (ii) deposits in banks doing business in the Commonwealth; (iii) deposits in any savings institution doing business in the Commonwealth the accounts of which are insured by the Federal Deposit Insurance Corporation or other federal insurance agency; and (iv) such other investments as are deemed prudent by the directors and are approved by the Commission.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1338\/","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 1990, chapter 3; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264733,"object_type":"law","relational_id":74967,"identifier":"6.2-1338","token":"6.2\/II\/13\/5\/6.2-1338","url":"\/6.2-1338\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1338\/","token":"6.2\/II\/13\/5\/6.2-1338","dublin_core":{"Title":"Duties and additional powers of corporation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1338","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A corporation<\/span> shall have the following powers in addition to those otherwise provided:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To advance funds to aid member credit unions<\/span> to operate and meet liquidity requirements; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To assist in the merger, consolidation<\/span>, and liquidation<\/span> of credit unions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To receive by assignment or purchase from member credit unions<\/span> property of any nature owned by them; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Upon written direction of the Commission<\/span>, to assume control of the property and business of any member credit union<\/span> and to operate the credit union in accordance with the directions of the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To invest its funds in (i) bonds<\/span>, notes, or securities of the Commonwealth and of the federal government, and their agencies; (ii) deposits in banks doing business in the Commonwealth; (iii) deposits in any savings institution doing business in the Commonwealth the accounts of which are insured by the Federal Deposit Insurance Corporation<\/span> or other federal insurance agency; and (iv) such other investments as are deemed prudent by the directors and are approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTIES AND ADDITIONAL POWERS OF CORPORATION (\u00a7 6.2-1338)\n\nA corporation shall have the following powers in addition to those otherwise\nprovided:\n\n1. To advance funds to aid member credit unions to operate and meet liquidity\nrequirements;\n\n2. To assist in the merger, consolidation, and liquidation of credit unions;\n\n3. To receive by assignment or purchase from member credit unions property of\nany nature owned by them;\n\n4. Upon written direction of the Commission, to assume control of the property\nand business of any member credit union and to operate the credit union in\naccordance with the directions of the Commission; and\n\n5. To invest its funds in (i) bonds, notes, or securities of the Commonwealth\nand of the federal government, and their agencies; (ii) deposits in banks doing\nbusiness in the Commonwealth; (iii) deposits in any savings institution doing\nbusiness in the Commonwealth the accounts of which are insured by the Federal\nDeposit Insurance Corporation or other federal insurance agency; and (iv) such\nother investments as are deemed prudent by the directors and are approved by the\nCommission.\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.8; 1990, c. 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}}