Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 40. Credit Unions

10VAC5-40-40. Serving underserved areas.

Any multiple-group state credit union shall have the power to amend its articles of incorporation or bylaws, pursuant to § 6.2-1323 of the Code of Virginia, to expand its field of membership to include individuals and organizations in one or more underserved areas to the same extent, and subject to the same conditions, as is authorized for federal credit unions under 12 USC § 1759. The numerical limitations contained in § 6.2-1327 B 2 and the provisions of § 6.2-1328 of the Code of Virginia shall not apply to the exercise of this power.

Statutory Authority

§§ 6.2-1303 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 20, Issue 14, eff. March 1, 2004; amended, Virginia Register Volume 28, Issue 1, eff. September 1, 2011.

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