Va. Code § 6.2-1341

Current with changes from the 2024 legislative session through ch. 845
Section 6.2-1341 - Audit by corporation and corrective measures; appeal
A. A corporation may require independent audits and investigations of any member credit union to ascertain its financial condition as it relates to share insurance.
B. If the directors of a corporation ascertain evidence of carelessness, unsound practices, or mismanagement of any member credit union that appears to adversely affect the solvency or liquidity of the credit union or threaten loss to the corporation, the directors shall notify the Commission and may order that corrective action be taken or, after due notice and hearing, as provided in the bylaws, revoke the credit union's membership in the corporation.
C. If a member credit union is aggrieved by any decision, action, or order of the corporation, it may appeal the decision, action, or order to the Commission. The Commission may modify, reverse, or affirm such decision, action, or order.

Va. Code § 6.2-1341

1974, c. 587, § 6.1-226.11; 2010, c. 794.
Amended by Acts 2010, § c. 794.
Amended by Acts 1974, § c. 587, § 6.1-226.11.