                                 CODE OF VIRGINIA

VOLUNTARY DISSOLUTION (§ 6.2-1345)

A. A credit union may dissolve in accordance with the provisions of Article 13
(&#xA7; 13.1-902 et seq.) of Chapter 10 of Title 13.1. Within 10 days after the
board of directors votes to recommend dissolution to the members, the board
shall notify the Commissioner and the insuring organization of that fact in
writing, setting forth the reasons for the proposed dissolution.

B. The dissolving credit union shall also (i) notify the Commissioner of the
result when the members have voted on the proposal to dissolve and (ii) file
with the Commissioner a copy of the certificate of dissolution and the
certificate of termination of corporate existence of the credit union within 10
days of the issuance of each.

HISTORY: 1990, c. 373, § 6.1-225.28; 2010, c. 794.