6.2-104 - (Effective October 1, 2010) Directors to serve only one institution. - Virginia Statutes

§ 6.2-104. (Effective October 1, 2010) Directors to serve only oneinstitution.

A. No officer or director of any financial institution, other than a consumerfinance company or credit union domiciled in the Commonwealth, shall at thesame time serve as an officer or director of any other financial institutionunless both such institutions are within a single financial institutionholding company.

B. Notwithstanding the provisions of subsection A, the Commission, uponpetition brought on behalf of an individual, may permit him to serve on theboards of more than one such institution if the Commission finds that thefinancial institutions are not in competition with each other or that one orboth of the institutions might otherwise be denied capable management ordirection from an individual residing in or employed in the locality servedby an institution.

(1978, c. 683, § 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162; 2010, c.794.)