6.2-1345 - (Effective October 1, 2010) Voluntary dissolution. - Virginia Statutes

§ 6.2-1345. (Effective October 1, 2010) Voluntary dissolution.

A. A credit union may dissolve in accordance with the provisions of Article13 (§ 13.1-902 et seq.) of Chapter 10 of Title 13.1. Within 10 days after theboard of directors votes to recommend dissolution to the members, the boardshall notify the Commissioner and the insuring organization of that fact inwriting, setting forth the reasons for the proposed dissolution.

B. The dissolving credit union shall also (i) notify the Commissioner of theresult when the members have voted on the proposal to dissolve and (ii) filewith the Commissioner a copy of the certificate of dissolution and thecertificate of termination of corporate existence of the credit union within10 days of the issuance of each.

(1990, c. 373, § 6.1-225.28; 2010, c. 794.)