6.2-1332 - (Effective October 1, 2010) Insurance of shares. - Virginia Statutes

§ 6.2-1332. (Effective October 1, 2010) Insurance of shares.

Every credit union authorized to do business in the Commonwealth shall insureits members' shares with an approved insuring organization. A credit unionthat has been denied a commitment for insurance or fails to maintaininsurance upon its shares shall either dissolve or merge with another creditunion that is insured by such an insuring organization.

(1974, c. 116, § 6.1-200.1; 1990, c. 373, § 6.1-225.26; 2010, c. 794.)