6.2-1122 - (Effective October 1, 2010) Meetings of board of directors. - Virginia Statutes

§ 6.2-1122. (Effective October 1, 2010) Meetings of board of directors.

The board of directors of every state savings institution shall hold meetingsat least once in every calendar month. At any meeting a majority of the wholeboard shall be necessary for the lawful transaction of business, unless thestockholders or members, by bylaw, have fixed another number, which in thecase of a state savings bank shall be not less than five, as a quorum. TheCommission may allow less frequent meetings, but not less often thanquarterly.

(Code 1950, § 6-201.35; 1960, c. 402; 1966, c. 584, § 6.1-165 6.1-194.15;1972, c. 796, § 6.1-195.42; 1985, c. 425, § 6.1-194.15; 1991, c. 230, §6.1-194.118; 2010, c. 794.)