6.1-225.53 - (Repealed effective October 1, 2010) Loan limit. - Virginia Statutes

§ 6.1-225.53. (Repealed effective October 1, 2010) Loan limit.

No loan may be made to a member if, upon making the loan, the member would beindebted to the credit union on loans to such member in an aggregate amountwhich would exceed ten percent of its share accounts and reserve fund, or themaximum amount as authorized by its bylaws, whichever is less. The aggregateamount of a credit union's "member business loans," as defined in 12 C.F.R.§ 701.21 (h), shall not exceed the limit prescribed for insured credit unionsby subsection (a) of § 107A of the Federal Credit Union Act (12 U.S.C. § 1757a), taking into account also the provisions of subsections (b) through (d) ofthat section.

(Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560;1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373; 1999,c. 63.)