38.2-1005.1:10 - Conflicts of interest - Virginia Statutes

§ 38.2-1005.1:10. Conflicts of interest.

No director, officer, agent or employee of a mutual company or other personshall receive any fee, commission or other valuable consideration, other thansuch person's regular salary or compensation, for in any manner aiding,promoting, arranging, or assisting in a conversion except as set forth in theplan of MHC conversion approved by the Commission. This provision shall notprohibit the payment of reasonable fees and compensation to attorneys,accountants or actuaries for services performed in the independent practiceof their professions notwithstanding the fact that such attorney, accountantor actuary is a director of the mutual company.

(2001, c. 726.)