                                 CODE OF VIRGINIA

ESTABLISHMENT OF CORPORATION; PURPOSES (§ 6.2-1333)

A. Nine or more individuals, all of whom are duly authorized representatives,
respectively, of nine or more credit unions may, pursuant to the provisions of
the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.), establish a
corporation for the purpose of:

   1. Aiding and assisting any member credit union that is in liquidation or is
   experiencing financial difficulties, such as insolvency or nonliquidity, in
   order that the shares of a member of a member credit union shall be protected;

   2. Providing insurance for the shares of members of a member credit union in
   amounts, not less than $20,000, that shall be established from time to time by
   the corporation with the approval of the Commission; and

   3. Cooperating with the Commission and member credit unions in maintaining and
   advancing the financial integrity of member credit unions.

B. Except as otherwise herein provided, a corporation organized in accordance
with this article shall (i) have the powers contained in the Virginia Nonstock
Corporation Act (&#xA7; 13.1-801 et seq.); (ii) be subject to the provisions
thereof; and (iii) include in its corporate name the words &#8220;Credit Union
Share Insurance.&#8221;

HISTORY: 1974, c. 587, § 6.1-226.3; 2010, c. 794.