6.2-1320 - (Effective October 1, 2010) Incorporation. - Virginia Statutes

§ 6.2-1320. (Effective October 1, 2010) Incorporation.

A. Five or more residents of the Commonwealth who are of legal age and sharea common bond referred to in subsection B of § 6.2-1327 may establish,pursuant to the provisions of the Virginia Nonstock Corporation Act (§13.1-801 et seq.), a corporation for the purpose of conducting business as acredit union as provided in this chapter. Every corporation organized underthis chapter shall include in the corporate name the words "credit union"as well as some other distinguishing word or words.

B. Credit unions incorporated pursuant to this chapter shall be subject tothe provisions of the Virginia Nonstock Corporation Act (§ 13.1-801 et seq.),except as may otherwise be provided in this chapter.

(Code 1950, § 6-204; 1956, c. 433; 1958, c. 139; 1966, c. 584, § 6.1-196;1968, c. 560; 1990, c. 373, § 6.1-225.13; 2010, c. 794.)