Section 40. Serving underserved areas

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Any multiple-group state credit union shall have the power to amend its articles of incorporation or bylaws, pursuant to § 6.2-1323 of the Code of Virginia, to expand its field of membership to include individuals and organizations in one or more underserved areas to the same extent, and subject to the same conditions, as is authorized for federal credit unions under 12 USC § 1759. The numerical limitations contained in § 6.2-1327 B 2 and the provisions of § 6.2-1328 of the Code of Virginia shall not apply to the exercise of this power.

Historical Notes

Derived from Volume 20, Issue 14, eff. March 1, 2004; amended, Virginia Register Volume 28, Issue 01, eff. September 1, 2011.

Statutory Authority

§§ 6.2-1303 and 12.1-13 of the Code of Virginia.

                    
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