                                 CODE OF VIRGINIA

DUTIES AND ADDITIONAL POWERS OF CORPORATION (§ 6.2-1338)

A corporation shall have the following powers in addition to those otherwise
provided:

1. To advance funds to aid member credit unions to operate and meet liquidity
requirements;

2. To assist in the merger, consolidation, and liquidation of credit unions;

3. To receive by assignment or purchase from member credit unions property of
any nature owned by them;

4. Upon written direction of the Commission, to assume control of the property
and business of any member credit union and to operate the credit union in
accordance with the directions of the Commission; and

5. To invest its funds in (i) bonds, notes, or securities of the Commonwealth
and of the federal government, and their agencies; (ii) deposits in banks doing
business in the Commonwealth; (iii) deposits in any savings institution doing
business in the Commonwealth the accounts of which are insured by the Federal
Deposit Insurance Corporation or other federal insurance agency; and (iv) such
other investments as are deemed prudent by the directors and are approved by the
Commission.

HISTORY: 1974, c. 587, § 6.1-226.8; 1990, c. 3; 2010, c. 794.