6.2-1319 - (Effective October 1, 2010) Involuntary dissolution. - Virginia Statutes

§ 6.2-1319. (Effective October 1, 2010) Involuntary dissolution.

If the Commission determines that a credit union is violating any provisionsof this chapter, it may, after a hearing or an opportunity for a hearing hasbeen given to the credit union, direct that it discontinue the illegalmethods or practices described in the order. If any credit union isinsolvent, or has failed or refused to comply with the provisions of thischapter, the Commission may take possession of the business and property ofthe credit union and retain such possession until such time as it may permitsuch credit union to resume business, or until its affairs are finallyliquidated under order of the Commission. Alternatively, the Commission mayapply to any court in the Commonwealth having jurisdiction to appointreceivers for the appointment of a receiver to take charge of the businessand assets and to wind up the affairs and business of any such credit union.The receiver when appointed shall become and be assignee of the assets ofsuch credit union.

(Code 1950, § 6-232; 1950, c. 93; 1966, c. 584, § 6.1-223; 1990, c. 373, §6.1-225.12; 2010, c. 794.)