6.1-225.6 - (Repealed effective October 1, 2010) Reports to Commission. - Virginia Statutes

§ 6.1-225.6. (Repealed effective October 1, 2010) Reports to Commission.

A. No later than March 31 of each year, every credit union shall report tothe Commission regarding its condition as of the close of business on thepreceding December 31. These reports shall be signed by the president or thechairman and the treasurer or secretary, or by the majority of the members ofthe supervisory committee, and every credit union shall make such otherreports as the Commissioner shall at any time demand.

B. The Commission may allow a credit union or credit unions to make thereports required by this section electronically, in accordance withprocedures established by the Commission. A credit union that submits areport electronically shall maintain a copy of the report with the requiredcertified signatures affixed.

C. If any credit union neglects or refuses to make its reports as provided inthis chapter for more than fifteen days, or if any credit union fails to paysuch charges as are required under this chapter, including any charges fordelay in filing reports, it shall be subject to a fine of up to $100 per day,to a maximum of $5,000, or the Commission may give notice to such creditunion of its intention to revoke the certificate of authority of such creditunion for such neglect or failure. If such neglect or failure continues forfifteen days after such notice, then the Commission may revoke or suspend thecertificate of authority of the credit union. In such event, the Commissionmay, in its discretion, (i) close such credit union and take possession ofits property and business until such time as it may see fit to allow thecredit union to resume business or (ii) proceed to finally liquidate suchbusiness.

(Code 1950, §§ 6-229, 6-231; 1956, c. 90; 1964, c. 75; 1966, c. 584, §§6.1-220, 6.1-222; 1976, c. 658; 1990, c. 373; 1998, c. 34.)