6.2-1326 - (Effective October 1, 2010) Establishing, moving, and closing offices.
§ 6.2-1326. (Effective October 1, 2010) Establishing, moving, and closingoffices.
A. As used in this section, "service facility" means a physical facility ata location other than its main office that is wholly owned by the creditunion establishing it.
B. A credit union may maintain service facilities at locations other than itsmain office if the maintenance of such offices is reasonably necessary toserve its members, subject to the approval of the Commission. An applicationto establish such a service facility, accompanied by a fee of $200, shall bemade on a form prescribed by the Commission. The Commission shall approve theestablishment of the proposed service facility if it appears that theinterest of the members of the applicant will be served thereby and that suchestablishment will not impair the financial condition of the applicant or anyother credit union.
C. A credit union may (i) contract with one or more other credit unionssubject to this chapter or organized under the laws of the United States orany other state to provide for the operation of one or more shared servicefacilities or (ii) provide for its members to have the use of one or moreshared service facilities by contracting with a credit union serviceorganization approved by the Commissioner for such purpose. A participatingcredit union may also invest in the credit union service organization. Acredit union shall give prior written notice to the Commissioner of itsparticipation in each shared service facility or credit union serviceorganization. Notice to the Commissioner of a credit union's participation ina credit union service organization shall satisfy the requirement ofsubsection E that the Commissioner be notified of the establishment of anoffice, if the credit union service organization has notified theCommissioner of the establishment of the shared service facility.
D. The authority of the Commission and the Commissioner to supervise andregulate credit unions, as set forth in Article 2 (§ 6.2-1308 et seq.) ofthis chapter, shall extend to any shared service facility and any creditunion service organization that is involved in the operation of a sharedservice facility that provides service to credit unions organized under thischapter, except that such authority shall not extend to the assets, records,books, and accounts of any federal credit union or credit union organizedunder the laws of another state.
E. A credit union may change the location of its main office, a servicefacility, or office, and may close any such office, provided it gives atleast 30 days' prior written notice thereof to the Commissioner in such formas he may prescribe. A credit union shall notify the Commissioner in writingwithin 10 days after it establishes, relocates, or closes any office. Acredit union shall notify the Commissioner of its withdrawal fromparticipation in any shared service facility within 10 days of suchwithdrawal.
(Code 1950, § 6-212; 1966, c. 584, § 6.1-203; 1990, c. 373, § 6.1-225.20;1995, c. 326; 2006, c. 754; 2010, c. 794.)