6.2-1339 - (Effective October 1, 2010) Duties and powers of Commission; judicial review.
§ 6.2-1339. (Effective October 1, 2010) Duties and powers of Commission;judicial review.
A. The Commission shall promptly forward to the corporation copies of allexamination reports of member credit unions. The cost of furnishing thecopies shall be paid by the corporation.
B. If the Commission determines, pursuant to the provisions of § 6.2-1311 or6.2-1313, that it should take possession of the business and property of amember credit union, the Commission may direct the corporation to assumecontrol of such business and property and, subject to the Commission's ordersoperate the credit union until such time as the Commission permits the creditunion to resume business or until its assets are finally liquidated. If theCommission orders the liquidation of an insolvent member credit union then inthe control of the corporation through the purchase of the assets and theassumption of the liabilities of such credit union by another insured creditunion, the corporation shall be empowered to convey all right, title, andinterest in all or part of the assets and liabilities of the insolvent creditunion to the other insured credit union. Upon such transfer, good title tothe assets and liabilities conveyed shall vest in the other insured creditunion. Any cost or expense incurred by the corporation in such operation ofthe credit union may be reimbursed from the assets of the credit union by anorder of the Commission.
C. The Commission may suspend or revoke, after notice of hearing, thecertificate of authority to do business of any member credit union that failsto pay, when due, any assessment made by the corporation pursuant to thisarticle.
D. Any final action or order of the Commission under this article shall besubject to judicial review in accordance with the provisions of § 12.1-39.
(1974, c. 587, § 6.1-226.9; 1985, c. 366; 2010, c. 794.)