6.2-1370 - (Effective October 1, 2010) Purpose and condition of loans.
§ 6.2-1370. (Effective October 1, 2010) Purpose and condition of loans.
A credit union may lend to its members for such purposes and upon suchconditions as the bylaws may prescribe. The board of directors shallestablish written policies with respect to granting loans and extending linesof credit, including the terms, conditions, and acceptable forms of security.
(Code 1950, § 6-207; 1956, c. 90; 1966, c. 584, § 6.1-198; 1968, c. 560;1980, c. 181; 1983, c. 300; 1990, c. 373, § 6.1-225.51; 2010, c. 794.)