6.2-863 - (Effective October 1, 2010) Oaths of directors. - Virginia Statutes

§ 6.2-863. (Effective October 1, 2010) Oaths of directors.

A. Every director of a bank incorporated under the laws of the Commonwealthshall, within 30 days after his election or reelection, take and subscribe toan oath that:

1. He will diligently and honestly perform his duties as director; and

2. He is the owner and has in his personal possession or control, standing inhis sole name on the books of the bank or bank holding company as defined insubsection A of § 6.2-862, unpledged and unencumbered in any way, shares ofstock of the bank of which he is a director or, if a bank is controlled by abank holding company as defined in § 6.2-800, shares of stock of the bankholding company, having a par value of not less than the amounts respectivelyprescribed by § 6.2-862, and, in case of reelection or reappointment, thatduring the whole of his immediate previous term as a director, the stock wasnot at any time pledged or in any other manner encumbered or hypothecated tosecure a loan.

B. The oath subscribed to by such director, certified by the officer beforewhom it is taken, shall be transmitted by the cashier of such bank to theCommission. Any director who fails for a period of 30 days after his electionor appointment to take the oath as required by this section shallautomatically forfeit his office.

(Code 1950, § 6-39; 1966, c. 584, § 6.1-48; 1992, c. 552; 1994, c. 105; 2010,c. 794.)