6.1-226.9 - (Repealed effective October 1, 2010) Duties and powers of State Corporation Commission; judicial review. - Virginia Statutes

§ 6.1-226.9. (Repealed effective October 1, 2010) Duties and powers of StateCorporation Commission; judicial review.

(1) The Commission shall promptly forward to the corporation copies of allexamination reports of member credit unions; the cost of furnishing suchcopies shall be paid by the corporation.

(2) If the Commission determines, pursuant to the provisions of § 6.1-225.6or § 6.1-225.8, that it should take possession of the business and propertyof a member credit union, the Commission may direct the corporation to assumecontrol of such business and property and, subject to the Commission's ordersoperate the credit union until such time as the Commission may see fit topermit the credit union to resume business or until its assets are finallyliquidated. If the Commission orders the liquidation of an insolvent membercredit union then in the control of the corporation through the purchase ofthe assets and the assumption of the liabilities of such credit union byanother insured credit union, the corporation shall be empowered to conveyall right, title, and interest in all or part of the assets and liabilitiesof the insolvent credit union to the other insured credit union, and uponsuch transfer, good title to the assets and liabilities conveyed shall vestin the other credit union. Any cost or expense incurred by the corporationin such operation of the credit union may be reimbursed from the assets ofthe credit union by an order of the Commission.

(3) The Commission may suspend or revoke, after notice of hearing, thecertificate of authority to do business of any member credit union whichfails to pay, when due, any assessment made by the corporation pursuant tothis chapter.

(4) Any final action or order of the Commission under this chapter shall besubject to judicial review in accordance with the provisions of § 12.1-39.

(1974, c. 587; 1985, c. 366.)