6.2-1131 - (Effective October 1, 2010) Liability of members of mutual savings institutions. - Virginia Statutes

§ 6.2-1131. (Effective October 1, 2010) Liability of members of mutualsavings institutions.

A. No member of a mutual savings institution shall be responsible for anylosses that the savings account deposits shall not be sufficient to satisfy.

B. No savings account shall be subject to assessment for any unpaidinstallments on his account.

C. The holder of a savings account shall not be liable for any unpaidinstallments on his account.

D. No preference between savings account members of a mutual savingsinstitution shall be created with respect to the distribution of assets uponvoluntary or involuntary liquidation, dissolution, or winding up of suchinstitution.

(1985, c. 425, § 6.1-194.24; 2010, c. 794.)