6.2-1403 - (Effective October 1, 2010) Directors. - Virginia Statutes

§ 6.2-1403. (Effective October 1, 2010) Directors.

A. Every association shall have at least five directors, each of whom shallown in his own right and have in his personal possession or control shares ofstock in the association that (i) have in the aggregate at least $100 in parvalue, and (ii) shall be unpledged and unencumbered at the time he became adirector and during his entire term as director.

B. Each director shall take and subscribe an oath that he will (i) complywith the requirements of subsection A regarding his stock of the associationand (ii) diligently and honestly administer the affairs of the association asits director. The oath shall be transmitted to the Commission within 60 daysfollowing his election.

C. Any director violating the provisions of this section shall thereby vacatehis office. The remaining directors shall proceed forthwith to fill suchvacancy.

D. The directors shall require all active officers of such association toprovide bonds in such sums as may be prescribed by the Commission in a suretycompany authorized to do business in the Commonwealth.

(Code 1950, § 6-252; 1966, c. 584, § 6.1-235; 2010, c. 794.)