Bill Text: VA SB326 | 2022 | Regular Session | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Credit unions; priority of shares.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0676) [SB326 Detail]
Download: Virginia-2022-SB326-Enrolled.html
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend and reenact §6.2-1301 of the Code of
Virginia, relating to credit unions; priority of shares.
[S 326]
Approved
Bill Title: Credit unions; priority of shares.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0676) [SB326 Detail]
Download: Virginia-2022-SB326-Enrolled.html
Be it enacted by the General Assembly of Virginia:
1. That §6.2-1301 of the Code of Virginia is amended and reenacted as follows:
§6.2-1301. Effect of ownership of a share account.
A. Ownership of a share account confers membership and
voting rights as set forth in the credit union bylaws and represents an
interest in the capital of the credit union upon dissolution or conversion to
another type of institution.
B. Shares shall be subordinate to all other obligations of
the credit union.
