6.1-194.17 - (Repealed effective October 1, 2010) Voting rights; proxies. - Virginia Statutes

§ 6.1-194.17. (Repealed effective October 1, 2010) Voting rights; proxies.

In mutual savings and loan associations the right of members to vote may notbe conferred or limited by the articles of incorporation. In thedetermination of all questions requiring action by the members, each membershall be entitled to cast one vote, plus an additional vote for each $100 orfraction thereof of the withdrawal value of savings accounts, if any, held bysuch member. No member, however, shall be entitled to cast more than fiftyvotes. At any meeting of the members, voting may be in person or by proxy,provided that no proxy shall be eligible to be voted at any meeting unlesssuch proxy shall have been filed with the secretary of the association, forverification, at least five days prior to the date of such meeting. Eachproxy shall be in writing and signed by the member or his duly authorizedattorney-in-fact and, when filed with the secretary, shall, unless otherwisespecified in the proxy, continue in force from year to year until revoked bya writing duly delivered to the secretary of the association or untilsuperseded by subsequent proxies or upon the member's ceasing to be a memberof the association.

(Code 1950, §§ 6-210.11, 6.1-136, 6.1-195.10; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425.)