Code of Virginia
Chapter 13 - Credit Unions
§ 6.2-1315. Removal of director or officer; penalty for acting after removal

A. Whenever any director or officer of a credit union doing business in the Commonwealth violates any lawful order of the Commission or knowingly continues to violate any law relating to credit unions or knowingly continues an unsafe or unsound practice in conducting the business of a credit union, after the director or officer, and the board of directors of the institution of which he is a director or officer, have been warned in writing by the Commissioner to discontinue such violation of law or such unsafe or unsound practice, the Commissioner shall certify the facts to the Commission. The Commission shall thereupon enter an order requiring such director or officer to appear before the Commission, within not less than 10 days, to show cause why he should not be removed from office and thereafter restrained from participating in any manner in the management of the credit union. The order shall contain a brief statement of the facts certified to the Commission by the Commissioner. A copy of the order shall be served upon the director or officer, and a copy thereof shall be sent by certified or registered mail to each director of the credit union affected.
B. If, after granting the accused director or officer a reasonable opportunity to be heard, the Commission finds that he has knowingly continued to violate any law relating to the credit union, or has knowingly continued any unsafe or unsound practice in conducting the business of the credit union, after he and the board of directors of the credit union of which he is a director or officer have been warned in writing by the Commissioner to discontinue such violation of law or unsafe or unsound practice, the Commission shall enter an order removing the director or officer from office and restraining the director or officer from thereafter participating in any manner in the management of the credit union. A copy of such order shall be served upon the director or officer and upon the credit union of which he is a director or officer, whereupon the director or officer shall cease to be a director or officer of the credit union and shall thereafter cease to participate in any manner in the management of the credit union.
C. Any director or officer removed and restrained under the provisions of this section who thereafter participates in any manner in the management of the credit union, except as a member thereof, is guilty of a Class 6 felony.
1976, c. 658, § 6.1-223.1; 1990, c. 373, § 6.1-225.9; 2010, c. 794.

Structure Code of Virginia

Code of Virginia

Title 6.2 - Financial Institutions and Services

Chapter 13 - Credit Unions

§ 6.2-1300. Definitions

§ 6.2-1301. Effect of ownership of a share account

§ 6.2-1302. Powers

§ 6.2-1303. Regulations

§ 6.2-1304. Franchise tax exemption

§ 6.2-1305. Making or circulating derogatory statements affecting credit unions; penalty

§ 6.2-1306. Unlawful use of words "credit union."

§ 6.2-1307. Use of credit union name, logo, or symbol for marketing purposes; penalty

§ 6.2-1308. Supervision and regulation by Commission

§ 6.2-1309. Examinations

§ 6.2-1310. Fees for examination, supervision, and regulation

§ 6.2-1311. Reports to Commission; penalty for failure to make reports

§ 6.2-1312. Cease and desist orders; right to hearing

§ 6.2-1313. Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver

§ 6.2-1314. Penalties for violation of orders of Commission

§ 6.2-1315. Removal of director or officer; penalty for acting after removal

§ 6.2-1316. Offenses; penalty

§ 6.2-1317. Supervisory merger or transfer of assets of insolvent or financially unstable credit union

§ 6.2-1318. Repealed

§ 6.2-1319. Involuntary dissolution

§ 6.2-1320. Incorporation

§ 6.2-1321. Certificate of authority

§ 6.2-1322. Contents of bylaws; amendments to bylaws generally

§ 6.2-1323. Amendments to articles of incorporation and bylaws

§ 6.2-1324. Bylaws amended by Commission

§ 6.2-1325. Fiscal year

§ 6.2-1326. Establishing, moving, and closing offices

§ 6.2-1327. Membership defined; field of membership

§ 6.2-1328. Expansion of field of membership

§ 6.2-1329. Membership meetings; voting

§ 6.2-1330. Special meetings

§ 6.2-1331. Definitions

§ 6.2-1332. Insurance of shares

§ 6.2-1333. Establishment of corporation; purposes

§ 6.2-1334. Contents of corporation bylaws; amendments thereto

§ 6.2-1335. Application for membership; share insurance required

§ 6.2-1336. Loss reserve contributions

§ 6.2-1337. Annual and special assessments

§ 6.2-1338. Duties and additional powers of corporation

§ 6.2-1339. Duties and powers of Commission; judicial review

§ 6.2-1340. Supervision, reports and examinations by Commission

§ 6.2-1341. Audit by corporation and corrective measures; appeal

§ 6.2-1342. Tax exemptions

§ 6.2-1343. Inconsistent laws inapplicable

§ 6.2-1344. Voluntary merger

§ 6.2-1345. Voluntary dissolution

§ 6.2-1346. Conversion of federal credit union to state credit union

§ 6.2-1347. Conversion of state credit union to federal credit union

§ 6.2-1347.1. Conversion to a state mutual savings institution

§ 6.2-1348. Board of directors; number; election; term; appointment of supervisory and credit committees

§ 6.2-1349. Board of directors; election of officers

§ 6.2-1350. Executive committee

§ 6.2-1351. Meetings of directors

§ 6.2-1352. Compensation of officials

§ 6.2-1353. Powers and duties of directors

§ 6.2-1354. Credit committee or loan officers; appeal

§ 6.2-1355. Supervisory committee; suspension and removal of officials

§ 6.2-1356. Special audit

§ 6.2-1357. Qualifications of officials

§ 6.2-1358. Share accounts

§ 6.2-1359. Payment for shares; transfers; lien on shares

§ 6.2-1360. Dividends

§ 6.2-1361. Ascertaining value of assets

§ 6.2-1362. Minors' accounts

§ 6.2-1363. Individual retirement accounts and retirement or pension plans

§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act

§ 6.2-1365. Accounts of deceased or incapacitated person

§ 6.2-1366. Repealed

§ 6.2-1367. Application of provisions to federal credit unions

§ 6.2-1368. Accounts of fiduciaries

§ 6.2-1369. Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account

§ 6.2-1370. Purpose and condition of loans

§ 6.2-1371. Other charges

§ 6.2-1372. Loan limits

§ 6.2-1373. Loans to members of credit committee; nonmember loans

§ 6.2-1374. Lines of credit

§ 6.2-1375. Cooperative loans

§ 6.2-1376. Authorized investments

§ 6.2-1377. Maintenance of regular reserves; special reserves

§ 6.2-1378. Use of reserves

§ 6.2-1379. Out-of-state credit unions

§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees