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Can you summarize 6.2 VACV Chapter 13?
Credit Unions
Short Summary
The provided legal document content covers various aspects related to credit unions organized under the laws of the Commonwealth of Virginia. It includes provisions for exemptions from franchise tax, unauthorized use of credit union’s name, ownership of share accounts, powers granted to credit unions, provision of virtual currency custody services, conduct of credit unions organized and doing business in another state, examinations of out-of-state credit unions, assessment of supervisory and examination fees, establishment and maintenance of reserve funds, membership requirements and conditions, expansion of the field of membership, corporations and credit unions, conversion, merger, and dissolution of credit unions, composition of board of directors, purchase of shares by fiduciaries or agents, payment of share balances to deceased or incapacitated persons, issuance and management of shares in the name of a minor, valuation of delinquent loans, and authorized investments for credit unions. These documents apply to credit unions organized under the laws of the Commonwealth of Virginia, their members, directors, officers, employees, financial institutions insured by a federal agency, fiduciaries, personal representatives, guardians, conservators, curators, committees, and minors involved in transactions with credit unions. Violation of certain provisions is subject to misdemeanor penalties, and specific penalties may apply for certain actions by credit union officers, directors, employees, receivers, or agents. Civil penalties may be imposed for violating lawful orders of the Commission or failing to make reports or pay required charges. No specific exemptions are mentioned in these documents.
Whom does it apply to?
Credit unions organized under the laws of the Commonwealth of Virginia, members of credit unions, directors, officers, employees, financial institutions insured by a federal agency, fiduciaries, personal representatives, guardians, conservators, curators, committees, and minors involved in transactions with credit unions.
What does it govern?
Various aspects related to credit unions, including exemptions from franchise tax, unauthorized use of credit union's name, ownership of share accounts, powers granted to credit unions, provision of virtual currency custody services, conduct of credit unions organized and doing business in another state, examinations of out-of-state credit unions, assessment of supervisory and examination fees, establishment and maintenance of reserve funds, membership requirements and conditions, expansion of the field of membership, corporations and credit unions, conversion, merger, and dissolution of credit unions, composition of board of directors, purchase of shares by fiduciaries or agents, payment of share balances to deceased or incapacitated persons, issuance and management of shares in the name of a minor, valuation of delinquent loans, and authorized investments for credit unions.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Violation of certain provisions is subject to misdemeanor penalties. Class 6 felony charges may apply for certain actions by credit union officers, directors, employees, receivers, or agents. Civil penalties may be imposed for violating lawful orders of the Commission or failing to make reports or pay required charges.
Jurisdiction
Virginia