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

Virginia § 6.2-1340

• Jurisdiction: Virginia
• Title 6.2: FINANCIAL INSTITUTIONS AND SERVICES
• Subtitle II: DEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS
• Ch. 13: CREDIT UNIONS
• Art. 5: SHARE INSURANCE

Text

A. The corporation shall be subject to supervision and annual examination by the Commission. The cost of each examination shall be paid by the corporation. The corporation shall file annually by such time and in such form as the Commission prescribes a statement showing its financial condition on December 31 of the previous year.

B. In addition to the annual statement, the Commission from time to time may require the corporation to file such further reports, exhibits or statements as it deems necessary to furnish full information concerning the condition, solvency, transactions and affairs of the corporation. The Commission shall prescribe the time within which such additional reports, exhibits or statements shall be filed and may require verification by such officers of the corporation as it may designate.

C. Whenever the Commission deems it expedient to do so, it may make or direct to be made additional examinations of the affairs of the corporation, the cost of which shall be paid by the corporation. Upon completion of an examination, a copy of the report thereof shall be furnished to the corporation.

Legislative History

1974, c. 587, § 6.1-226.10; 2010, c. 794.