{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1377.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1377.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1377.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1377.html"}],"law_id":69787,"edition_id":1,"section_id":69787,"structure_id":15794,"section_number":"6.2-1377","catch_line":"Maintenance of regular reserves; special reserves","history":"Code 1950, \u00a7 6-227; 1964, c. 75; 1966, c. 584, \u00a7 6.1-218; 1968, c. 560; 1984, c. 410; 1986, c. 146; 1990, c. 373, \u00a7 6.1-225.58; 2002, c. 261; 2010, c. 794.","full_text":"A\n\nA credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403.B\n\nThe Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease is necessary or desirable.C\n\nIn addition to such regular reserve, special reserves shall be established when found by the board of directors of the credit union or by the Commission to be necessary to protect the interest of members.D\n\nUnless otherwise prohibited by the Commission, the board of directors of a credit union may establish the regular reserve in an amount in excess of that required by this section when in its opinion the increased amount is necessary or desirable.","order_by":null,"text":{"0":{"id":252201,"text":"A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":252202,"text":"The Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease is necessary or desirable.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":252203,"text":"In addition to such regular reserve, special reserves shall be established when found by the board of directors of the credit union or by the Commission to be necessary to protect the interest of members.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":252204,"text":"Unless otherwise prohibited by the Commission, the board of directors of a credit union may establish the regular reserve in an amount in excess of that required by this section when in its opinion the increased amount is necessary or desirable.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15794,"edition_id":1,"name":"Reserves","identifier":"10","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:59:39","date_modified":"2026-06-26 03:59:39","permalink":{"id":264585,"object_type":"structure","relational_id":15794,"identifier":"10","token":"6.2\/II\/13\/10","url":"\/6.2\/II\/13\/10\/","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":69787,"structure_id":15794,"section_number":"6.2-1377","catch_line":"Maintenance of regular reserves; special reserves","url":"\/6.2-1377\/","token":"6.2\/II\/13\/10\/6.2-1377","metadata":false},{"id":60863,"structure_id":15794,"section_number":"6.2-1378","catch_line":"Use of reserves","url":"\/6.2-1378\/","token":"6.2\/II\/13\/10\/6.2-1378","metadata":false}],"next_section":{"id":60863,"structure_id":15794,"section_number":"6.2-1378","catch_line":"Use of reserves","url":"\/6.2-1378\/","token":"6.2\/II\/13\/10\/6.2-1378","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1377\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 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 1984, chapter 410; in 1986, chapter 146; in 1990, chapter 373; in 2002, chapter 261<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"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\/"}],"refers_to":false,"permalink":{"id":264587,"object_type":"law","relational_id":69787,"identifier":"6.2-1377","token":"6.2\/II\/13\/10\/6.2-1377","url":"\/6.2-1377\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1377\/","token":"6.2\/II\/13\/10\/6.2-1377","dublin_core":{"Title":"Maintenance of regular reserves; special reserves","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1377","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A credit union<\/span> shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union<\/span> Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may increase or decrease the reserve requirement when in its opinion<\/span> such an increase or decrease is necessary or desirable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In addition to such regular reserve, special reserves<\/span> shall be established when found by the board of directors of the credit union<\/span> or by the Commission<\/span> to be necessary to protect the interest of members<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Unless otherwise prohibited by the Commission<\/span>, the board of directors of a credit union<\/span> may establish the regular reserve in an amount in excess of that required by this section when in its opinion<\/span> the increased amount is necessary or desirable. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMAINTENANCE OF REGULAR RESERVES; SPECIAL RESERVES (\u00a7 6.2-1377)\n\nA. A credit union shall establish and maintain a regular reserve account in\naccordance with the applicable provisions of Part 702 of the National Credit\nUnion Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through\n702.403.\n\nB. The Commission may increase or decrease the reserve requirement when in its\nopinion such an increase or decrease is necessary or desirable.\n\nC. In addition to such regular reserve, special reserves shall be established\nwhen found by the board of directors of the credit union or by the Commission to\nbe necessary to protect the interest of members.\n\nD. Unless otherwise prohibited by the Commission, the board of directors of a\ncredit union may establish the regular reserve in an amount in excess of that\nrequired by this section when in its opinion the increased amount is necessary\nor desirable.\n\nHISTORY: Code 1950, \u00a7 6-227; 1964, c. 75; 1966, c. 584, \u00a7 6.1-218; 1968, c.\n560; 1984, c. 410; 1986, c. 146; 1990, c. 373, \u00a7 6.1-225.58; 2002, c. 261;\n2010, 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}}