{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1347.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1347.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1347.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1347.html"}],"law_id":60854,"edition_id":1,"section_id":60854,"structure_id":15790,"section_number":"6.2-1347","catch_line":"Conversion of state credit union to federal credit union","history":"1984, c. 352, \u00a7 6.1-200.7; 1990, c. 373, \u00a7 6.1-225.30; 2010, c. 794.","full_text":"A state credit union may convert to a federal credit union by the following procedure:\n\n1\n\nAt any meeting of the members called and held in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the credit union into a federal credit union;2\n\nA copy of the minutes of the meeting duly certified by the authorized officer of the credit union shall be transmitted to the Commission;3\n\nThe state credit union shall take such action as is necessary under § 125 (b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, to make it a federal credit union;4\n\nIt shall file with the Commission a certified copy of the organization certificate approved by the National Credit Union Administration Board; and5\n\nUpon receipt of the organization certificate the state credit union shall become a federal credit union which shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.","order_by":null,"text":{"0":{"id":222473,"text":"A state credit union may convert to a federal credit union by the following procedure:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":222474,"text":"At any meeting of the members called and held in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the members, by an affirmative vote of those holding and voting two-thirds of the votes present in person or by proxy, may resolve to convert the credit union into a federal credit union;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":222475,"text":"A copy of the minutes of the meeting duly certified by the authorized officer of the credit union shall be transmitted to the Commission;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":222476,"text":"The state credit union shall take such action as is necessary under § 125 (b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, to make it a federal credit union;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":222477,"text":"It shall file with the Commission a certified copy of the organization certificate approved by the National Credit Union Administration Board; and","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":222478,"text":"Upon receipt of the organization certificate the state credit union shall become a federal credit union which shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the state 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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1347\/","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\/"}],"permalink":{"id":264771,"object_type":"law","relational_id":60854,"identifier":"6.2-1347","token":"6.2\/II\/13\/6\/6.2-1347","url":"\/6.2-1347\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1347\/","token":"6.2\/II\/13\/6\/6.2-1347","dublin_core":{"Title":"Conversion of state credit union to federal credit union","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1347","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A state credit union<\/span> may convert to a federal credit union<\/span> by the following procedure:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> At any meeting of the members<\/span> called and held in accordance with the Virginia Nonstock Corporation Act (§ 13.1-801<\/a> et seq.) to consider such action, the members<\/span>, by an affirmative vote of those holding and voting two-thirds of the votes present in person<\/span> or by proxy, may resolve to convert the credit union<\/span> into a federal credit union<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A copy of the minutes of the meeting duly certified by the authorized officer of the credit union<\/span> shall be transmitted to the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The state credit union<\/span> shall take such action as is necessary under § 125 (b) of the Federal Credit Union<\/span> Act (12 U.S.C. § 1771), as it now exists or may hereafter be amended, to make it a federal credit union<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> It shall file with the Commission<\/span> a certified copy of the organization certificate approved by the National Credit Union<\/span> Administration Board; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Upon receipt of the organization certificate the state credit union<\/span> shall become a federal credit union<\/span> which shall be vested with all of the assets<\/span> and shall continue to be responsible for all of the obligations of the state 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 STATE CREDIT UNION TO FEDERAL CREDIT UNION (\u00a7 6.2-1347)\n\nA state credit union may convert to a federal credit union by the following\nprocedure:\n\n1. At any meeting of the members called and held in accordance with the Virginia\nNonstock Corporation Act (§ 13.1-801 et seq.) to consider such action, the\nmembers, by an affirmative vote of those holding and voting two-thirds of the\nvotes present in person or by proxy, may resolve to convert the credit union\ninto a federal credit union;\n\n2. A copy of the minutes of the meeting duly certified by the authorized officer\nof the credit union shall be transmitted to the Commission;\n\n3. The state credit union shall take such action as is necessary under §\n125 (b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now\nexists or may hereafter be amended, to make it a federal credit union;\n\n4. It shall file with the Commission a certified copy of the organization\ncertificate approved by the National Credit Union Administration Board; and\n\n5. Upon receipt of the organization certificate the state credit union shall\nbecome a federal credit union which shall be vested with all of the assets and\nshall continue to be responsible for all of the obligations of the state credit\nunion to the same extent as though the conversion had not taken place.\n\nHISTORY: 1984, c. 352, \u00a7 6.1-200.7; 1990, c. 373, \u00a7 6.1-225.30; 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}}