{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1353.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1353.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1353.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1353.html"}],"law_id":64794,"edition_id":1,"section_id":64794,"structure_id":15648,"section_number":"6.2-1353","catch_line":"Powers and duties of directors","history":"Code 1950, \u00a7 6-220; 1964, c. 75; 1966, c. 584, \u00a7 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, \u00a7 6.1-225.36; 2010, c. 794.","full_text":"In addition to any other duties set forth in this chapter, the board of directors shall have the following powers and duties:\n\n1\n\nTo act upon applications for membership and upon the expulsion of a member. The board of directors may appoint one or more membership officers to act upon applications for membership. A record of the membership officer’s approval or denial of membership shall be available to the board of directors for inspection. A person denied membership by a membership officer may appeal the denial to the board;2\n\nTo purchase and maintain fidelity bond coverage, in accordance with regulations of the Commission;3\n\nTo determine from time to time the rates of interest that shall be charged on loans and to prescribe the conditions under which interest refunds will be made;4\n\nTo fix the amount, if any, that may be charged for initial and annual membership fees;5\n\nTo determine the maximum amount of shares that may be held by, and the maximum amount which may be loaned to, any one member;6\n\nTo declare dividends on share accounts;7\n\nTo determine the manner in which dividends shall be paid on shares issued or withdrawn during a dividend period;8\n\nTo fill vacancies in the supervisory committee or in the credit committee until the election or appointment, as the case may be, and qualification of successors;9\n\nTo remove any member of the board of directors failing to attend regular meetings of the board without good cause shown for three consecutive months or otherwise failing to perform any of the duties devolving upon him as a director;10\n\nTo remove any member of the credit committee failing to attend three consecutive regular meetings of the credit committee without good cause shown or otherwise failing to perform any of the duties devolving upon him as a credit committee member;11\n\nTo suspend any member of the supervisory committee failing to attend regular meetings of the supervisory committee without cause or otherwise failing to perform any of the duties devolving upon him as a supervisory committee member, provided that the members shall decide at a meeting held not less than 10 nor more than 25 days after such suspension if such suspended committee member shall be removed from or restored to the supervisory committee;12\n\nTo have charge of the investment of the funds of the credit union, except that the board of directors may designate an investment committee or any qualified individual to have charge of making investments pursuant to written policies established by the board of directors;13\n\nTo establish policy on loans to members, which policy shall provide that the rates, terms, and conditions on any loan or line of credit either made to, or endorsed or guaranteed by (i) an official, (ii) an immediate family member of an official, or (iii) any individual having a common ownership, investment, or other pecuniary interest in a business enterprise with an official or with an immediate family member of an official shall not be more favorable than the rates, terms, and conditions for comparable loans or lines of credit to other credit union members;14\n\nTo designate a depository or depositories for the funds of the credit union;15\n\nTo authorize the acquisition or conveyance of real property;16\n\nTo authorize the employment and compensation of the president or person named by the board to manage the affairs of the credit union;17\n\nTo make adequate provisions for reserves; and18\n\nTo perform such other duties as the members may from time to time authorize.","order_by":null,"text":{"0":{"id":235760,"text":"In addition to any other duties set forth in this chapter, the board of directors shall have the following powers and duties:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":235761,"text":"To act upon applications for membership and upon the expulsion of a member. The board of directors may appoint one or more membership officers to act upon applications for membership. A record of the membership officer’s approval or denial of membership shall be available to the board of directors for inspection. A person denied membership by a membership officer may appeal the denial to the board;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":235762,"text":"To purchase and maintain fidelity bond coverage, in accordance with regulations of the Commission;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":235763,"text":"To determine from time to time the rates of interest that shall be charged on loans and to prescribe the conditions under which interest refunds will be made;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":235764,"text":"To fix the amount, if any, that may be charged for initial and annual membership fees;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":235765,"text":"To determine the maximum amount of shares that may be held by, and the maximum amount which may be loaned to, any one member;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":235766,"text":"To declare dividends on share accounts;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":235767,"text":"To determine the manner in which dividends shall be paid on shares issued or withdrawn during a dividend period;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":235768,"text":"To fill vacancies in the supervisory committee or in the credit committee until the election or appointment, as the case may be, and qualification of successors;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":235769,"text":"To remove any member of the board of directors failing to attend regular meetings of the board without good cause shown for three consecutive months or otherwise failing to perform any of the duties devolving upon him as a director;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":235770,"text":"To remove any member of the credit committee failing to attend three consecutive regular meetings of the credit committee without good cause shown or otherwise failing to perform any of the duties devolving upon him as a credit committee member;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":235771,"text":"To suspend any member of the supervisory committee failing to attend regular meetings of the supervisory committee without cause or otherwise failing to perform any of the duties devolving upon him as a supervisory committee member, provided that the members shall decide at a meeting held not less than 10 nor more than 25 days after such suspension if such suspended committee member shall be removed from or restored to the supervisory committee;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":235772,"text":"To have charge of the investment of the funds of the credit union, except that the board of directors may designate an investment committee or any qualified individual to have charge of making investments pursuant to written policies established by the board of directors;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":235773,"text":"To establish policy on loans to members, which policy shall provide that the rates, terms, and conditions on any loan or line of credit either made to, or endorsed or guaranteed by (i) an official, (ii) an immediate family member of an official, or (iii) any individual having a common ownership, investment, or other pecuniary interest in a business enterprise with an official or with an immediate family member of an official shall not be more favorable than the rates, terms, and conditions for comparable loans or lines of credit to other credit union members;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":235774,"text":"To designate a depository or depositories for the funds of the credit union;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":235775,"text":"To authorize the acquisition or conveyance of real property;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":235776,"text":"To authorize the employment and compensation of the president or person named by the board to manage the affairs of the credit union;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":235777,"text":"To make adequate provisions for reserves; and","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":235778,"text":"To perform such other duties as the members may from time to time authorize.","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17"}},"ancestry":[{"id":15648,"edition_id":1,"name":"Direction of Affairs","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:21","date_modified":"2026-06-26 03:57:21","permalink":{"id":264779,"object_type":"structure","relational_id":15648,"identifier":"7","token":"6.2\/II\/13\/7","url":"\/6.2\/II\/13\/7\/","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":60311,"structure_id":15648,"section_number":"6.2-1348","catch_line":"Board of directors; number; election; term; appointment of supervisory and credit committees","url":"\/6.2-1348\/","token":"6.2\/II\/13\/7\/6.2-1348","metadata":false},{"id":70635,"structure_id":15648,"section_number":"6.2-1349","catch_line":"Board of directors; election of officers","url":"\/6.2-1349\/","token":"6.2\/II\/13\/7\/6.2-1349","metadata":false},{"id":87127,"structure_id":15648,"section_number":"6.2-1350","catch_line":"Executive committee","url":"\/6.2-1350\/","token":"6.2\/II\/13\/7\/6.2-1350","metadata":false},{"id":59807,"structure_id":15648,"section_number":"6.2-1351","catch_line":"Meetings of directors","url":"\/6.2-1351\/","token":"6.2\/II\/13\/7\/6.2-1351","metadata":false},{"id":67236,"structure_id":15648,"section_number":"6.2-1352","catch_line":"Compensation of officials","url":"\/6.2-1352\/","token":"6.2\/II\/13\/7\/6.2-1352","metadata":false},{"id":64794,"structure_id":15648,"section_number":"6.2-1353","catch_line":"Powers and duties of directors","url":"\/6.2-1353\/","token":"6.2\/II\/13\/7\/6.2-1353","metadata":false},{"id":60059,"structure_id":15648,"section_number":"6.2-1354","catch_line":"Credit committee or loan officers; appeal","url":"\/6.2-1354\/","token":"6.2\/II\/13\/7\/6.2-1354","metadata":false},{"id":76057,"structure_id":15648,"section_number":"6.2-1355","catch_line":"Supervisory committee; suspension and removal of officials","url":"\/6.2-1355\/","token":"6.2\/II\/13\/7\/6.2-1355","metadata":false},{"id":82509,"structure_id":15648,"section_number":"6.2-1356","catch_line":"Special audit","url":"\/6.2-1356\/","token":"6.2\/II\/13\/7\/6.2-1356","metadata":false},{"id":75284,"structure_id":15648,"section_number":"6.2-1357","catch_line":"Qualifications of officials","url":"\/6.2-1357\/","token":"6.2\/II\/13\/7\/6.2-1357","metadata":false}],"previous_section":{"id":67236,"structure_id":15648,"section_number":"6.2-1352","catch_line":"Compensation of officials","url":"\/6.2-1352\/","token":"6.2\/II\/13\/7\/6.2-1352","metadata":false},"next_section":{"id":60059,"structure_id":15648,"section_number":"6.2-1354","catch_line":"Credit committee or loan officers; appeal","url":"\/6.2-1354\/","token":"6.2\/II\/13\/7\/6.2-1354","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1353\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 9 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 1964, chapter 75; in 1966, chapter 584; in 1968, chapter 560; in 1982, chapter 572; in 1983, chapter 158; in 1984, chapter 354; in 1988, chapter 275; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264801,"object_type":"law","relational_id":64794,"identifier":"6.2-1353","token":"6.2\/II\/13\/7\/6.2-1353","url":"\/6.2-1353\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1353\/","token":"6.2\/II\/13\/7\/6.2-1353","dublin_core":{"Title":"Powers and duties of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1353","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In addition to any other duties set forth in this chapter, the board of directors shall have the following powers and duties:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To act upon applications for membership and upon the expulsion of a member<\/span>. The board of directors may appoint one or more membership officers to act upon applications for membership. A record of the membership officer’s approval or denial of membership shall be available to the board of directors for inspection. A person<\/span> denied membership by a membership officer may appeal<\/span> the denial to the board; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To purchase and maintain fidelity bond<\/span> coverage, in accordance with regulations of the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To determine from time to time the rates of interest that shall be charged on loans and to prescribe the conditions under which interest refunds will be made; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To fix the amount, if any, that may be charged for initial and annual membership fees; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To determine the maximum amount of shares<\/span> that may be held by, and the maximum amount which may be loaned to, any one member<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To declare dividends on share accounts<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To determine the manner in which dividends shall be paid on shares<\/span> issued or withdrawn during a dividend period; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To fill vacancies in the supervisory committee or in the credit committee until the election or appointment, as the case may be, and qualification of successors; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To remove any member<\/span> of the board of directors failing to attend regular meetings of the board without good cause shown for three consecutive months or otherwise failing to perform any of the duties devolving upon him as a director; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To remove any member<\/span> of the credit committee failing to attend three consecutive regular meetings of the credit committee without good cause shown or otherwise failing to perform any of the duties devolving upon him as a credit committee member<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To suspend any member<\/span> of the supervisory committee failing to attend regular meetings of the supervisory committee without cause or otherwise failing to perform any of the duties devolving upon him as a supervisory committee member<\/span>, provided that the members<\/span> shall decide at a meeting held not less than 10 nor more than 25 days after such suspension if such suspended committee member<\/span> shall be removed from or restored to the supervisory committee; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> To have charge of the investment of the funds of the credit union<\/span>, except that the board of directors may designate an investment committee or any qualified individual to have charge of making investments pursuant to written policies established by the board of directors; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> To establish policy on loans to members<\/span>, which policy shall provide that the rates, terms, and conditions on any loan or line of credit either made to, or endorsed or guaranteed by (i) an official, (ii) an immediate family<\/span> member<\/span> of an official, or (iii) any individual having a common ownership, investment, or other pecuniary interest in a business enterprise with an official or with an immediate family<\/span> member<\/span> of an official shall not be more favorable than the rates, terms, and conditions for comparable loans or lines of credit to other credit union<\/span> members<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> To designate a depository or depositories for the funds of the credit union<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> To authorize the acquisition or conveyance of real property; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> To authorize the employment and compensation of the president or person<\/span> named by the board to manage the affairs of the credit union<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> To make adequate provisions for reserves<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> To perform such other duties as the members<\/span> may from time to time authorize. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF DIRECTORS (\u00a7 6.2-1353)\n\nIn addition to any other duties set forth in this chapter, the board of\ndirectors shall have the following powers and duties:\n\n1. To act upon applications for membership and upon the expulsion of a member.\nThe board of directors may appoint one or more membership officers to act upon\napplications for membership. A record of the membership officer’s approval\nor denial of membership shall be available to the board of directors for\ninspection. A person denied membership by a membership officer may appeal the\ndenial to the board;\n\n2. To purchase and maintain fidelity bond coverage, in accordance with\nregulations of the Commission;\n\n3. To determine from time to time the rates of interest that shall be charged on\nloans and to prescribe the conditions under which interest refunds will be made;\n\n4. To fix the amount, if any, that may be charged for initial and annual\nmembership fees;\n\n5. To determine the maximum amount of shares that may be held by, and the\nmaximum amount which may be loaned to, any one member;\n\n6. To declare dividends on share accounts;\n\n7. To determine the manner in which dividends shall be paid on shares issued or\nwithdrawn during a dividend period;\n\n8. To fill vacancies in the supervisory committee or in the credit committee\nuntil the election or appointment, as the case may be, and qualification of\nsuccessors;\n\n9. To remove any member of the board of directors failing to attend regular\nmeetings of the board without good cause shown for three consecutive months or\notherwise failing to perform any of the duties devolving upon him as a director;\n\n10. To remove any member of the credit committee failing to attend three\nconsecutive regular meetings of the credit committee without good cause shown or\notherwise failing to perform any of the duties devolving upon him as a credit\ncommittee member;\n\n11. To suspend any member of the supervisory committee failing to attend regular\nmeetings of the supervisory committee without cause or otherwise failing to\nperform any of the duties devolving upon him as a supervisory committee member,\nprovided that the members shall decide at a meeting held not less than 10 nor\nmore than 25 days after such suspension if such suspended committee member shall\nbe removed from or restored to the supervisory committee;\n\n12. To have charge of the investment of the funds of the credit union, except\nthat the board of directors may designate an investment committee or any\nqualified individual to have charge of making investments pursuant to written\npolicies established by the board of directors;\n\n13. To establish policy on loans to members, which policy shall provide that the\nrates, terms, and conditions on any loan or line of credit either made to, or\nendorsed or guaranteed by (i) an official, (ii) an immediate family member of an\nofficial, or (iii) any individual having a common ownership, investment, or\nother pecuniary interest in a business enterprise with an official or with an\nimmediate family member of an official shall not be more favorable than the\nrates, terms, and conditions for comparable loans or lines of credit to other\ncredit union members;\n\n14. To designate a depository or depositories for the funds of the credit union;\n\n15. To authorize the acquisition or conveyance of real property;\n\n16. To authorize the employment and compensation of the president or person\nnamed by the board to manage the affairs of the credit union;\n\n17. To make adequate provisions for reserves; and\n\n18. To perform such other duties as the members may from time to time authorize.\n\nHISTORY: Code 1950, \u00a7 6-220; 1964, c. 75; 1966, c. 584, \u00a7 6.1-211; 1968, c.\n560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, \u00a7\n6.1-225.36; 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}}