6.1-225.12 - (Repealed effective October 1, 2010) Involuntary dissolution. - Virginia Statutes

§ 6.1-225.12. (Repealed effective October 1, 2010) Involuntary dissolution.

In the event the Commission determines that a credit union is violating anyprovisions of this chapter, it may, after a hearing or an opportunity for ahearing has been given to such credit union, direct that it discontinue theillegal methods or practices described in the order. If any credit union isinsolvent, or has failed or refused to comply with the provisions of thischapter, the Commission may take possession of the business and property ofsuch credit union and retain such possession until such time as it may permitsuch credit union to resume business, or until its affairs are finallyliquidated under order of the Commission; or the Commission may apply to anycourt in this Commonwealth having jurisdiction to appoint receivers for theappointment of a receiver to take charge of the business and assets and towind up the affairs and business of any such credit union. Such receiverwhen appointed shall become and be assignee of the assets of such creditunion.

(Code 1950, § 6-232; 1950, c. 93; 1966, c. 584, § 6.1-223; 1990, c. 373.)