6.1-225.57 - (Repealed effective October 1, 2010) Authorized investments. - Virginia Statutes

§ 6.1-225.57. (Repealed effective October 1, 2010) Authorized investments.

The funds of a credit union, not used in loans to members, may be invested inthe following ways only:

1. Loans to other insured credit unions to the extent permitted in the bylaws;

2. In shares, share accounts, or deposits of other insured credit unions tothe extent authorized in its bylaws, but not to exceed twenty-five percent ofoutstanding shares and reserve fund, in shares of other insured credit unions;

3. Notwithstanding any other provision of this section, in shares or depositsof any corporate credit union provided such investments are specificallyauthorized by the board of directors making the investment;

4. In federally insured banks and savings institutions;

5. In the capital stock of the National Credit Union Central LiquidityFacility or any central liquidity facility established under the laws of theCommonwealth;

6. In obligations of the United States and securities fully guaranteed as toprincipal and interest thereby;

7. In obligations of the Commonwealth of Virginia and any politicalsubdivision thereof, including but not limited to, revenue bonds;

8. In such stock, securities, obligations, or other investments as may beapproved from time to time by the Commission;

9. In real estate, office buildings, equipment, and furnishings of the creditunion provided that the aggregate investment in all such fixed assets shallnot exceed five percent of the total of the members' share accounts withoutthe prior written authorization of the Commissioner;

10. In shares, stock, deposits in, loans, or other obligations of anyorganization, corporation, or association, if (i) the membership orownership, as the case may be, of such organization, corporation, orassociation is primarily confined or restricted to credit unions ororganizations of credit unions and (ii) the purpose for which suchorganization, corporation, or association is organized is to strengthen oradvance the development of credit unions or credit union organizations;provided such investment by any credit union shall not exceed five percent ofthe credit union's outstanding shares and reserves without the prior approvalof the Commissioner;

11. In deposits in, loans to, or shares of any Federal Reserve Bank; and

12. In cooperative loans with other credit unions or credit unionorganizations; provided such investment shall not exceed ten percent ofoutstanding shares and reserves of the investing credit union.

(Code 1950, § 6-225; 1956, c. 90; 1958, c. 21; 1966, c. 584, § 6.1-216; 1968,c. 560; 1972, c. 192; 1974, c. 117; 1975, c. 35; 1979, c. 190; 1980, cc. 207,210; 1983, c. 466; 1984, c. 351; 1990, c. 373; 1991, c. 367.)