6.2-1338 - (Effective October 1, 2010) Duties and additional powers of corporation. - Virginia Statutes

§ 6.2-1338. (Effective October 1, 2010) Duties and additional powers ofcorporation.

A corporation shall have the following powers in addition to those otherwiseprovided:

1. To advance funds to aid member credit unions to operate and meet liquidityrequirements;

2. To assist in the merger, consolidation, and liquidation of credit unions;

3. To receive by assignment or purchase from member credit unions property ofany nature owned by them;

4. Upon written direction of the Commission, to assume control of theproperty and business of any member credit union and to operate the creditunion in accordance with the directions of the Commission; and

5. To invest its funds in (i) bonds, notes, or securities of the Commonwealthand of the federal government, and their agencies; (ii) deposits in banksdoing business in the Commonwealth; (iii) deposits in any savings institutiondoing business in the Commonwealth the accounts of which are insured by theFederal Deposit Insurance Corporation or other federal insurance agency; and(iv) such other investments as are deemed prudent by the directors and areapproved by the Commission.

(1974, c. 587, § 6.1-226.8; 1990, c. 3; 2010, c. 794.)