{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1339.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1339.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1339.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1339.html"}],"law_id":73060,"edition_id":1,"section_id":73060,"structure_id":15615,"section_number":"6.2-1339","catch_line":"Duties and powers of Commission; judicial review","history":"1974, c. 587, \u00a7 6.1-226.9; 1985, c. 366; 2010, c. 794.","full_text":"A\n\nThe Commission shall promptly forward to the corporation copies of all examination reports of member credit unions. The cost of furnishing the copies shall be paid by the corporation.B\n\nIf the Commission determines, pursuant to the provisions of § 6.2-1311 or 6.2-1313, that it should take possession of the business and property of a member credit union, the Commission may direct the corporation to assume control of such business and property and, subject to the Commission’s orders operate the credit union until such time as the Commission permits the credit union to resume business or until its assets are finally liquidated. If the Commission orders the liquidation of an insolvent member credit union then in the control of the corporation through the purchase of the assets and the assumption of the liabilities of such credit union by another insured credit union, the corporation shall be empowered to convey all right, title, and interest in all or part of the assets and liabilities of the insolvent credit union to the other insured credit union. Upon such transfer, good title to the assets and liabilities conveyed shall vest in the other insured credit union. Any cost or expense incurred by the corporation in such operation of the credit union may be reimbursed from the assets of the credit union by an order of the Commission.C\n\nThe Commission may suspend or revoke, after notice of hearing, the certificate of authority to do business of any member credit union that fails to pay, when due, any assessment made by the corporation pursuant to this article.D\n\nAny final action or order of the Commission under this article shall be subject to judicial review in accordance with the provisions of § 12.1-39.","order_by":null,"text":{"0":{"id":263074,"text":"The Commission shall promptly forward to the corporation copies of all examination reports of member credit unions. The cost of furnishing the copies shall be paid by the corporation.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":263075,"text":"If the Commission determines, pursuant to the provisions of § 6.2-1311 or 6.2-1313, that it should take possession of the business and property of a member credit union, the Commission may direct the corporation to assume control of such business and property and, subject to the Commission’s orders operate the credit union until such time as the Commission permits the credit union to resume business or until its assets are finally liquidated. If the Commission orders the liquidation of an insolvent member credit union then in the control of the corporation through the purchase of the assets and the assumption of the liabilities of such credit union by another insured credit union, the corporation shall be empowered to convey all right, title, and interest in all or part of the assets and liabilities of the insolvent credit union to the other insured credit union. Upon such transfer, good title to the assets and liabilities conveyed shall vest in the other insured credit union. Any cost or expense incurred by the corporation in such operation of the credit union may be reimbursed from the assets of the credit union by an order 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":263076,"text":"The Commission may suspend or revoke, after notice of hearing, the certificate of authority to do business of any member credit union that fails to pay, when due, any assessment made by the corporation pursuant to this article.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":263077,"text":"Any final action or order of the Commission under this article shall be subject to judicial review in accordance with the provisions of § 12.1-39.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1339\/","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 366; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":67515,"section_number":"12.1-39","catch_line":"Appeals generally","order_by":null,"url":"\/12.1-39\/"},{"id":75135,"section_number":"6.2-1311","catch_line":"Reports to Commission; penalty for failure to make reports","order_by":null,"url":"\/6.2-1311\/"},{"id":84113,"section_number":"6.2-1313","catch_line":"Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver","order_by":null,"url":"\/6.2-1313\/"}],"permalink":{"id":264737,"object_type":"law","relational_id":73060,"identifier":"6.2-1339","token":"6.2\/II\/13\/5\/6.2-1339","url":"\/6.2-1339\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1339\/","token":"6.2\/II\/13\/5\/6.2-1339","dublin_core":{"Title":"Duties and powers of Commission; judicial review","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1339","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> shall promptly forward to the corporation<\/span> copies of all examination reports of member credit unions<\/span>. The cost of furnishing the copies shall be paid by the corporation<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the Commission<\/span> determines, pursuant to the provisions of § 6.2-1311<\/a> or 6.2-1313<\/a>, that it should take possession<\/span> of the business and property of a member credit union<\/span>, the Commission<\/span> may direct the corporation<\/span> to assume control of such business and property and, subject to the Commission<\/span>’s orders<\/span> operate the credit union until such time as the Commission<\/span> permits the credit union to resume business or until its assets<\/span> are finally liquidated. If the Commission<\/span> orders<\/span> the liquidation<\/span> of an insolvent member credit union<\/span> then in the control of the corporation<\/span> through the purchase of the assets<\/span> and the assumption of the liabilities of such credit union by another insured credit union, the corporation<\/span> shall be empowered to convey all right, title, and interest in all or part of the assets<\/span> and liabilities of the insolvent credit union to the other insured credit union. Upon such transfer, good title to the assets<\/span> and liabilities conveyed shall vest in the other insured credit union. Any cost or expense incurred by the corporation<\/span> in such operation of the credit union may be reimbursed from the assets<\/span> of the credit union by an order<\/span> of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> may suspend or revoke, after notice of hearing<\/span>, the certificate of authority to do business of any member credit union<\/span> that fails to pay, when due, any assessment made by the corporation<\/span> pursuant to this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any final action or order<\/span> of the Commission<\/span> under this article shall be subject to judicial review in accordance with the provisions of § 12.1-39<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTIES AND POWERS OF COMMISSION; JUDICIAL REVIEW (\u00a7 6.2-1339)\n\nA. The Commission shall promptly forward to the corporation copies of all\nexamination reports of member credit unions. The cost of furnishing the copies\nshall be paid by the corporation.\n\nB. If the Commission determines, pursuant to the provisions of § 6.2-1311\nor 6.2-1313, that it should take possession of the business and property of a\nmember credit union, the Commission may direct the corporation to assume control\nof such business and property and, subject to the Commission’s orders\noperate the credit union until such time as the Commission permits the credit\nunion to resume business or until its assets are finally liquidated. If the\nCommission orders the liquidation of an insolvent member credit union then in\nthe control of the corporation through the purchase of the assets and the\nassumption of the liabilities of such credit union by another insured credit\nunion, the corporation shall be empowered to convey all right, title, and\ninterest in all or part of the assets and liabilities of the insolvent credit\nunion to the other insured credit union. Upon such transfer, good title to the\nassets and liabilities conveyed shall vest in the other insured credit union.\nAny cost or expense incurred by the corporation in such operation of the credit\nunion may be reimbursed from the assets of the credit union by an order of the\nCommission.\n\nC. The Commission may suspend or revoke, after notice of hearing, the\ncertificate of authority to do business of any member credit union that fails to\npay, when due, any assessment made by the corporation pursuant to this article.\n\nD. Any final action or order of the Commission under this article shall be\nsubject to judicial review in accordance with the provisions of § 12.1-39.\n\nHISTORY: 1974, c. 587, \u00a7 6.1-226.9; 1985, c. 366; 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}}