                                 CODE OF VIRGINIA

INVOLUNTARY DISSOLUTION (§ 6.2-1319)

If the Commission determines that a credit union is violating any provisions of
this chapter, it may, after a hearing or an opportunity for a hearing has been
given to the credit union, direct that it discontinue the illegal methods or
practices described in the order. If any credit union is insolvent, or has
failed or refused to comply with the provisions of this chapter, the Commission
may take possession of the business and property of the credit union and retain
such possession until such time as it may permit such credit union to resume
business, or until its affairs are finally liquidated under order of the
Commission. Alternatively, the Commission may apply to any court in the
Commonwealth having jurisdiction to appoint receivers for the appointment of a
receiver to take charge of the business and assets and to wind up the affairs
and business of any such credit union. The receiver when appointed shall become
and be assignee of the assets of such credit union.

HISTORY: Code 1950, § 6-232; 1950, c. 93; 1966, c. 584, § 6.1-223; 1990, c.
373, § 6.1-225.12; 2010, c. 794.