6.1-226.11 - (Repealed effective October 1, 2010) Audit by corporation and corrective measures; appeal. - Virginia Statutes

§ 6.1-226.11. (Repealed effective October 1, 2010) Audit by corporation andcorrective measures; appeal.

(1) The corporation may require independent audits and investigations of anymember credit union to ascertain its financial condition as it relates toshare insurance.

(2) If the directors of the corporation ascertain evidence of carelessness,unsound practices or mismanagement of any member credit union which appearsto adversely affect the solvency or liquidity of the credit union or threatenloss to the corporation, the directors shall notify the Commission and mayorder that corrective action be taken or, after due notice and hearing, asprovided in the bylaws, revoke the credit union's membership in thecorporation.

(3) If a member credit union is aggrieved by any decision, action or order ofthe corporation it may appeal the same to the Commission which may modify,reverse or affirm such decision, action or order.

(1974, c. 587.)