6.2-1341 - (Effective October 1, 2010) Audit by corporation and corrective measures; appeal.
§ 6.2-1341. (Effective October 1, 2010) Audit by corporation and correctivemeasures; appeal.
A. A corporation may require independent audits and investigations of anymember credit union to ascertain its financial condition as it relates toshare insurance.
B. If the directors of a corporation ascertain evidence of carelessness,unsound practices, or mismanagement of any member credit union that appearsto adversely affect the solvency or liquidity of the credit union or threatenloss to the corporation, the directors shall notify the Commission and mayorder that corrective action be taken or, after due notice and hearing, asprovided in the bylaws, revoke the credit union's membership in thecorporation.
C. If a member credit union is aggrieved by any decision, action, or order ofthe corporation, it may appeal the decision, action, or order to theCommission. The Commission may modify, reverse, or affirm such decision,action, or order.
(1974, c. 587, § 6.1-226.11; 2010, c. 794.)