6.2-1311 - (Effective October 1, 2010) Reports to Commission; penalty for failure to make reports.
§ 6.2-1311. (Effective October 1, 2010) Reports to Commission; penalty forfailure to make reports.
A. No later than March 31 of each year, each credit union shall report to theCommission regarding its condition as of the close of business on thepreceding December 31. These reports shall be signed by the president or thechairman and the treasurer or secretary, or by the majority of the members ofthe supervisory committee. A credit union shall make such other reports asthe Commissioner shall at any time demand.
B. The Commission may allow a credit union to make the reports required bythis section electronically, in accordance with procedures established by theCommission. A credit union that submits a report electronically shallmaintain a copy of the report with the required certified signatures affixed.
C. If any credit union (i) neglects or refuses to make its reports asprovided in this chapter for more than 15 days or (ii) fails to pay suchcharges as are required under this chapter, including any charges for delayin filing reports, the Commission may impose a civil penalty not exceeding$100 per day upon the credit union, to a maximum of $5,000, or the Commissionmay give notice to such credit union of its intention to revoke thecertificate of authority of the credit union for such neglect or failure. Ifsuch neglect or failure continues for 15 days after such notice, then theCommission may revoke or suspend the certificate of authority of the creditunion. In such event, the Commission may, in its discretion, (a) close suchcredit union and take possession of its property and business until such timeas it may see fit to allow the credit union to resume business or (b) proceedto finally liquidate such business.
(Code 1950, §§ 6-229, 6-231; 1956, c. 90; 1964, c. 75; 1966, c. 584, §§6.1-220, 6.1-222; 1976, c. 658; 1990, c. 373, § 6.1-225.6; 1998, c. 34; 2010,c. 794.)