6.1-226.7 - (Repealed effective October 1, 2010) Annual and special assessments. - Virginia Statutes

§ 6.1-226.7. (Repealed effective October 1, 2010) Annual and specialassessments.

(1) A regular annual assessment, not to exceed one-twelfth of one percent ofthe member credit union's outstanding shares shall be levied by thedirectors. The directors may raise, lower or waive such assessment for anyyear, when they and the Commission agree that the net worth of thecorporation justifies or requires such change. The member credit union'soutstanding shares as of December 31, shall be the basis for calculating theassessment due in the ensuing year, and the directors shall determine thedate the annual assessment is due and payable.

(2) In the event of potential impairment of the corporation's funds, specialassessments may be levied by the directors with the approval of theCommission.

(3) [Repealed.]

(4) Upon a finding by the State Corporation Commission that it is necessaryin order to maintain the financial soundness of the insurance fund, it maydirect that the corporation make special assessments of its members.

(1974, c. 587; 1976, c. 658; 1985, c. 365.)