                                 CODE OF VIRGINIA

APPLICATION FOR MEMBERSHIP; SHARE INSURANCE REQUIRED (§ 6.2-1335)

A. Every credit union organized:

   1. Prior to January 1, 1975, the shares of which are not insured by the
   National Credit Union Share Insurance Fund on that date, shall apply for
   membership in a corporation before January 1, 1976; and

   2. On or after January 1, 1975, shall apply for membership in a corporation
   within 30 days after its organization or by January 1, 1976, whichever is
   later.

B. Failure to apply for membership in a corporation as required by subsection A
shall constitute grounds for the revocation by the Commission of the credit
union&#8217;s certificate of authority to do business.

C. Every credit union (i) that is required by subsection A to apply for
membership in a corporation and (ii) whose shares are not insured by a
corporation at least in the amount of $20,000 for each member, by July 1, 1976,
shall not thereafter receive the savings of its members or issue thereto any
other debt obligation until its shares are so insured. If the Commission
determines that share insurance issued by a corporation is not available to a
credit union and that its shares are insured by the National Credit Union Share
Insurance Fund or under a plan of share insurance that has been approved by the
Commission, the credit union shall be permitted to continue its normal
operations.

HISTORY: 1974, c. 587, § 6.1-226.5; 2010, c. 794.