6.2-1301 - (Effective October 1, 2010) Effect of ownership of a share account; priority of shares.
§ 6.2-1301. (Effective October 1, 2010) Effect of ownership of a shareaccount; priority of shares.
A. Ownership of a share account confers membership and voting rights as setforth in the credit union bylaws and represents an interest in the capital ofthe credit union upon dissolution or conversion to another type ofinstitution.
B. Shares shall be subordinate to all other obligations of the credit union.
(1990, c. 373, § 6.1-225.2; 1999, c. 63; 2010, c. 794.)