{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1346.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1346.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1346.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1346.html"}],"law_id":77822,"edition_id":1,"section_id":77822,"structure_id":15790,"section_number":"6.2-1346","catch_line":"Conversion of federal credit union to state credit union","history":"1984, c. 352, \u00a7 6.1-200.6; 1990, c. 373, \u00a7 6.1-225.29; 2010, c. 794.","full_text":"A credit union organized under the laws of the United States and authorized to do business in the Commonwealth may convert to a credit union organized under the laws of the Commonwealth by the following procedure:\n\n1\n\nThe directors of the federal credit union shall organize a corporation under this chapter and the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) for the purpose set forth in § 6.2-1320;2\n\nThe new corporation shall apply for a certificate of authority to do business as a credit union as provided in § 6.2-1321;3\n\nThe federal credit union shall follow the procedures set forth in § 125 (a), of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, for conversion;4\n\nUpon completion of the requirements of the Federal Credit Union Act, the authorized officers of the federal credit union shall execute a certificate setting forth the procedures followed, the number of members eligible to vote and the number voting in favor of the plan of conversion and file said certificate with the Commission; and5\n\nWhen the Commission has determined that all of the requirements of this section have been complied with, and that the criteria of § 6.2-1321 have been met, the Commission shall authorize the state-chartered credit union to commence business as of the date it ceases to be a federal credit union. The successor state-chartered credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.","order_by":null,"text":{"0":{"id":279113,"text":"A credit union organized under the laws of the United States and authorized to do business in the Commonwealth may convert to a credit union organized under the laws of the Commonwealth by the following procedure:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":279114,"text":"The directors of the federal credit union shall organize a corporation under this chapter and the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) for the purpose set forth in § 6.2-1320;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":279115,"text":"The new corporation shall apply for a certificate of authority to do business as a credit union as provided in § 6.2-1321;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":279116,"text":"The federal credit union shall follow the procedures set forth in § 125 (a), of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, for conversion;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":279117,"text":"Upon completion of the requirements of the Federal Credit Union Act, the authorized officers of the federal credit union shall execute a certificate setting forth the procedures followed, the number of members eligible to vote and the number voting in favor of the plan of conversion and file said certificate with 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":279118,"text":"When the Commission has determined that all of the requirements of this section have been complied with, and that the criteria of § 6.2-1321 have been met, the Commission shall authorize the state-chartered credit union to commence business as of the date it ceases to be a federal credit union. The successor state-chartered credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"ancestry":[{"id":15790,"edition_id":1,"name":"Change in Corporate Status","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:59:37","date_modified":"2026-06-26 03:59:37","permalink":{"id":264757,"object_type":"structure","relational_id":15790,"identifier":"6","token":"6.2\/II\/13\/6","url":"\/6.2\/II\/13\/6\/","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":68280,"structure_id":15790,"section_number":"6.2-1344","catch_line":"Voluntary merger","url":"\/6.2-1344\/","token":"6.2\/II\/13\/6\/6.2-1344","metadata":false},{"id":70909,"structure_id":15790,"section_number":"6.2-1345","catch_line":"Voluntary dissolution","url":"\/6.2-1345\/","token":"6.2\/II\/13\/6\/6.2-1345","metadata":false},{"id":77822,"structure_id":15790,"section_number":"6.2-1346","catch_line":"Conversion of federal credit union to state credit union","url":"\/6.2-1346\/","token":"6.2\/II\/13\/6\/6.2-1346","metadata":false},{"id":60854,"structure_id":15790,"section_number":"6.2-1347","catch_line":"Conversion of state credit union to federal credit union","url":"\/6.2-1347\/","token":"6.2\/II\/13\/6\/6.2-1347","metadata":false},{"id":79438,"structure_id":15790,"section_number":"6.2-1347.1","catch_line":"Conversion to a state mutual savings institution","url":"\/6.2-1347.1\/","token":"6.2\/II\/13\/6\/6.2-1347.1","metadata":false}],"previous_section":{"id":70909,"structure_id":15790,"section_number":"6.2-1345","catch_line":"Voluntary dissolution","url":"\/6.2-1345\/","token":"6.2\/II\/13\/6\/6.2-1345","metadata":false},"next_section":{"id":60854,"structure_id":15790,"section_number":"6.2-1347","catch_line":"Conversion of state credit union to federal credit union","url":"\/6.2-1347\/","token":"6.2\/II\/13\/6\/6.2-1347","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1346\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 352 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 1984 \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 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":76305,"section_number":"13.1-801","catch_line":"Short title","order_by":null,"url":"\/13.1-801\/"},{"id":56398,"section_number":"6.2-1320","catch_line":"Incorporation","order_by":null,"url":"\/6.2-1320\/"},{"id":72073,"section_number":"6.2-1321","catch_line":"Certificate of authority","order_by":null,"url":"\/6.2-1321\/"}],"permalink":{"id":264767,"object_type":"law","relational_id":77822,"identifier":"6.2-1346","token":"6.2\/II\/13\/6\/6.2-1346","url":"\/6.2-1346\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1346\/","token":"6.2\/II\/13\/6\/6.2-1346","dublin_core":{"Title":"Conversion of federal credit union to state credit union","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1346","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A credit union<\/span> organized under the laws<\/span> of the United States and authorized to do business in the Commonwealth may convert to a credit union<\/span> organized under the laws<\/span> of the Commonwealth by the following procedure:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The directors of the federal credit union<\/span> shall organize a corporation under this chapter and the Virginia Nonstock Corporation Act (§ 13.1-801<\/a> et seq.) for the purpose set forth in § 6.2-1320<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The new corporation shall apply for a certificate of authority to do business as a credit union<\/span> as provided in § 6.2-1321<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The federal credit union<\/span> shall follow the procedures set forth in § 125 (a), of the Federal Credit Union<\/span> Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, for conversion; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Upon completion of the requirements of the Federal Credit Union<\/span> Act, the authorized officers of the federal credit union<\/span> shall execute a certificate setting forth the procedures followed, the number of members<\/span> eligible to vote and the number voting in favor of the plan of conversion and file said certificate with the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> When the Commission<\/span> has determined that all of the requirements of this section have been complied with, and that the criteria of § 6.2-1321<\/a> have been met, the Commission<\/span> shall authorize the state-chartered credit union<\/span> to commence business as of the date it ceases to be a federal credit union<\/span>. The successor state-chartered credit union<\/span> shall be vested with all of the assets<\/span> and shall continue to be responsible for all of the obligations of the federal credit union<\/span> to the same extent as though the conversion had not taken place. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF FEDERAL CREDIT UNION TO STATE CREDIT UNION (\u00a7 6.2-1346)\n\nA credit union organized under the laws of the United States and authorized to\ndo business in the Commonwealth may convert to a credit union organized under\nthe laws of the Commonwealth by the following procedure:\n\n1. The directors of the federal credit union shall organize a corporation under\nthis chapter and the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.)\nfor the purpose set forth in § 6.2-1320;\n\n2. The new corporation shall apply for a certificate of authority to do business\nas a credit union as provided in § 6.2-1321;\n\n3. The federal credit union shall follow the procedures set forth in § 125\n(a), of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists\nor may hereafter be amended, for conversion;\n\n4. Upon completion of the requirements of the Federal Credit Union Act, the\nauthorized officers of the federal credit union shall execute a certificate\nsetting forth the procedures followed, the number of members eligible to vote\nand the number voting in favor of the plan of conversion and file said\ncertificate with the Commission; and\n\n5. When the Commission has determined that all of the requirements of this\nsection have been complied with, and that the criteria of § 6.2-1321 have\nbeen met, the Commission shall authorize the state-chartered credit union to\ncommence business as of the date it ceases to be a federal credit union. The\nsuccessor state-chartered credit union shall be vested with all of the assets\nand shall continue to be responsible for all of the obligations of the federal\ncredit union to the same extent as though the conversion had not taken place.\n\nHISTORY: 1984, c. 352, \u00a7 6.1-200.6; 1990, c. 373, \u00a7 6.1-225.29; 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}}