6.1-226.8 - (Repealed effective October 1, 2010) Duties and additional powers of corporation. - Virginia Statutes

§ 6.1-226.8. (Repealed effective October 1, 2010) Duties and additionalpowers of corporation.

The corporation shall have the following powers in addition to thoseotherwise provided:

(1) To advance funds to aid member credit unions to operate and meetliquidity requirements.

(2) To assist in the merger, consolidation and liquidation of credit unions.

(3) To receive by assignment or purchase from member credit unions propertyof any nature owned by them.

(4) Upon written direction of the Commission to assume control of theproperty and business of any member credit union and to operate such creditunion in accordance with the directions of the Commission.

(5) To invest its funds in bonds, notes, or securities of this Commonwealthand of the federal government, and their agencies; in deposits in banks doingbusiness in Virginia; in deposits in any savings institution doing businessin this Commonwealth whose accounts are insured by the Federal DepositInsurance Corporation or other federal insurance agency; and in such otherinvestments as are deemed prudent by the directors and are approved by theCommission.

(1974, c. 587; 1990, c. 3.)