CHAPTER 22

An Act to amend and reenact § 6-205 of the Code of Virginia, relating to
credit unions.
[fH 78]

Approved February 12, 1952

Be it enacted by the General Assembly of Virginia:
aan That § 6-205 of the Code of Virginia be amended and reenacted as
follows:

§ 6-205. Approval of by-laws and other prerequisites to commencing
business.—Immediately after the granting of the certificate of incorpora-
tion of a credit union by the State Corporation Commission, the incor-
porators or members shall adopt a set of by-laws in conformance with this
chapter, and shall file a copy of the same with the Commission. When the
by-laws are filed with and approved by the Commission, the minimum
amount of capital stock subscribed for, and all requirements of law as to
organization are complied with, the Commission shall thereupon issue a
certificate authorizing the credit union to commence business. Provided,
however, that the Commission shall not issue a certificate of authority to
do business to a credit union when it has reason to believe that the cor-
poration is formed for any other than legitimate credit union business,
or that the moral fitness, financial responsibility, or business qualifica-
tions of the persons named as officers and directors are not such as to
command the confidence of the community in which the credit union pro-
poses to operate.