                                 CODE OF VIRGINIA

ANNUAL AND SPECIAL ASSESSMENTS (§ 6.2-1337)

A. A regular annual assessment, not to exceed one-twelfth of one percent of the
member credit union&#8217;s outstanding shares, shall be levied by the
directors. The directors may raise, lower or waive such assessment for any year
when the directors and the Commission agree that the net worth of the
corporation justifies or requires such change. The member credit union&#8217;s
outstanding shares as of December 31 shall be the basis for calculating the
assessment due in the ensuing year, and the directors shall determine the date
the annual assessment is due and payable.

B. In the event of potential impairment of the corporation&#8217;s funds,
special assessments may be levied by the directors with the approval of the
Commission.

C. Upon a finding by the Commission that it is necessary in order to maintain
the financial soundness of the insurance fund, it may direct that the
corporation make special assessments of its members.

HISTORY: 1974, c. 587, § 6.1-226.7; 1976, c. 658; 1985, c. 365; 2010, c. 794.