38.2-3807 - Governing body; board of directors. - Virginia Statutes

§ 38.2-3807. Governing body; board of directors.

The governing body of each company shall meet at least once every four years.Meetings of the governing body may be held in any state where the company isauthorized to do business. The members of the governing body shall not voteby proxy.

A board of directors to conduct the business of the company shall be electedby the governing body for a period of not more than four years or until thenext quadrennial meeting of the body. The board of directors shall elect theofficers to conduct the business of the company under its direction. Noofficer shall be elected for a period beyond that for which the board ofdirectors has been elected.

(Code 1950, § 38-480; 1952, c. 317, § 38.1-505; 1986, c. 562.)