3. The State Credit Union shall take such steps as may be required under Section 125(b) of the Federal Credit Union Act (12 U.S.C. § 1771), as it now exists or may be amended at a later date, to make it a federal credit union; (b) The participation of a district credit union in a government program that provides unemployment, social security, old-age pension or other benefits shall not be considered an exemption from the tax exemption granted under this section. Ownership of a share account confers membership and voting rights in accordance with the articles of the credit union and constitutes an interest in the capital of the credit union upon dissolution or conversion into another type of institution. One. A credit union may dissolve in accordance with the provisions of article 13 (§ 13.1-902 et seq.) of Title 13.1 chapter 10. Within 10 days after the board of directors votes in favour of the recommendation to dissolve the members, the board of directors shall notify the commissioner and the insurance body in writing, stating the reasons for the proposed dissolution. Departing from the requirements of § 6.2-1354, the credit committee or a credit officer may approve an application for a line of credit. If a line of credit has been approved, advances may be made on demand without further loan application or approval if the total balance of all advances does not exceed the specified limit. b) Payment may be made in whole or in part to one of the co-owners if, at the time of issue of the shares or thereafter, an agreement allowing payment has been signed and dated by all persons. Payment under this section releases the district credit union from all claims relating to amounts paid, whether or not the payment is consistent with the beneficial owner of the account. (d) The Commissioner may accept an audit of the credit union conducted by the NCU instead of an audit of a district credit union.
The costs of an audit under this subsection shall be borne by the district credit union; with the exception that the costs of a regular or special inspection are not fixed more than once a year. 3. The date of the annual meeting of the members of the credit union or a provision that the board of directors may determine the time of the meeting. This meeting shall be held during each calendar year. All meetings shall be convened in the manner prescribed in the rules of procedure, subject to compliance with § 13.1-842; As with banks, the process of making money in credit unions starts with attracting deposits. In this area, credit unions have two distinct advantages over banks, both of which result from their status as not-for-profit organizations: (f) If liquidation is approved, the board of directors appoints a liquidator or committee to hold and confiscate the assets, close the operations of the district credit union, and distribute the assets in accordance with this Act. (b) The functions listed in subparagraph (a) No. 1 of this section may not be delegated by the District Credit Union Council. The duties listed in subsection (a)(2) of this section may be delegated to a committee, officer or employee of the district credit union that reports appropriately to the board. (2) If a majority of the voting members approve the amalgamation plan, the district credit union shall provide the Commissioner with minutes of that fact, showing the vote by which the members approved the amalgamation plan, as well as copies of the communications made available to the members, including copies of the notice of the general meeting and the postal or electronic vote, if the vote is by mail or electronically. has been completed.
8. The Board shall authorize the conversion if all the conditions set out in this Division and in section 6.2-1118 are met, unless it determines that the conversion is not in the best interests of the credit union or its members because of concerns about the safety and soundness of the credit union. 2. The claim of an additional capital holder against a low-income credit union is subordinated to all other claims against the low-income credit union, including those of the shareholder`s creditors, NCUSIF and a licensed insurer. 13. Establish a policy for member loans that provides that the interest rates, terms and conditions of a loan or line of credit are directed to either (i) a public servant, (ii) a member of a public servant`s immediate family, or (iii) a person who has co-ownership, investment or other financial interest in a business with a public servant or an immediate family member of a public servant, either to a public servant or to an approved or guaranteed public servant, no more favourable than the interest rates, terms and conditions of loans or comparable lines of credit for other members of credit unions; One.