CODE OF VIRGINIA

INSURANCE OF SHARES (§ 6.2-1332)

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

HISTORY: 1974, c. 116, § 6.1-200.1; 1990, c. 373, § 6.1-225.26; 2010, c. 794.