6.1-225.28 - (Repealed effective October 1, 2010) Voluntary dissolution. - Virginia Statutes

§ 6.1-225.28. (Repealed effective October 1, 2010) Voluntary dissolution.

A. A credit union may dissolve in accordance with the provisions of Article13 (§ 13.1-902 et seq.) of Chapter 10 of Title 13.1. Within ten days afterthe board of directors votes to recommend dissolution to the members, theboard shall notify the Commissioner and the insuring organization of thatfact in writing, setting forth the reasons for the proposed dissolution.

B. The dissolving credit union shall also notify the Commissioner of theresult when the members have voted on the proposal to dissolve, and shallfile with the Commissioner a copy of the certificate of dissolution and thecertificate of termination of corporate existence of the credit union withinten days of the issuance of each.

(1990, c. 373.)