A. A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403.
B. The Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease is necessary or desirable.
C. In addition to such regular reserve, special reserves shall be established when found by the board of directors of the credit union or by the Commission to be necessary to protect the interest of members.
D. Unless otherwise prohibited by the Commission, the board of directors of a credit union may establish the regular reserve in an amount in excess of that required by this section when in its opinion the increased amount is necessary or desirable.
Code 1950, § 6-227; 1964, c. 75; 1966, c. 584, § 6.1-218; 1968, c. 560; 1984, c. 410; 1986, c. 146; 1990, c. 373, § 6.1-225.58; 2002, c. 261; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
§ 6.2-1301. Effect of ownership of a share account
§ 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
§ 6.2-1310. 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
§ 6.2-1314. Penalties for violation of orders of Commission
§ 6.2-1315. Removal of director or officer; penalty for acting after removal
§ 6.2-1319. Involuntary dissolution
§ 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
§ 6.2-1326. 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
§ 6.2-1332. 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
§ 6.2-1343. Inconsistent laws inapplicable
§ 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
§ 6.2-1349. 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
§ 6.2-1357. Qualifications of officials
§ 6.2-1359. Payment for shares; transfers; lien on shares
§ 6.2-1361. Ascertaining value of assets
§ 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
§ 6.2-1367. Application of provisions to federal credit unions
§ 6.2-1368. Accounts of fiduciaries
§ 6.2-1370. Purpose and condition of loans
§ 6.2-1373. Loans to members of credit committee; nonmember loans
§ 6.2-1376. Authorized investments
§ 6.2-1377. Maintenance of regular reserves; special reserves
§ 6.2-1379. Out-of-state credit unions
§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees