CHAPTER 80

AN ACT to amend and reenact Section 6-232 of the Code of 1950 so
as to authorize the appointment of receivers of credit unions in
certain circumstances.

[S 37]

Approved March 2, 1950

Be it enaeted by the General Assembly of Virginia:

1. That Section 6-232 of the Code of 1950 be amended and re-
enacted as follows:

§ 6-232. Effect of Violation of chapter or insolvency.—In
the event that it appear to the Commission that any such corpora-
tion is violating any provisions of this chapter, it may, after a
hearing or an opportunity for a hearing has been given to such
corporation, direct that it discontinue the illegal methods or prac-
tices mentioned in the order. If any credit union is insolvent, or
hax failed or refused to comply with the provisions of this chapter,
the Commission may take possession of the business and property
of such corporation and retain such possession until such time as
it may permit such corporation to resume business, or until its
alfairs are finally liquidated under order of the Commission; or the
Commission may apply to any court in this Commonwealth having
jurisdiction to appoint receivers for the appointment of a receiver
to take charge of the business and assets and to wind up the affairs
and business of any such corporation. Such receiver when appointed
shall become and be assignee of the assets of such corporation.