6.2-866 - (Effective October 1, 2010) Meetings of board of directors. - Virginia Statutes

§ 6.2-866. (Effective October 1, 2010) Meetings of board of directors.

The board of directors of every bank shall hold meetings at least once ineach calendar month. At each meeting of the board, a majority of the wholeboard shall be necessary for the lawful transaction of business.Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix anynumber not less than five as a quorum and (ii) the Commission may allow lessfrequent meetings, but not less often than quarterly.

(Code 1950, § 6-43; 1966, c. 584, § 6.1-52; 1981, c. 203; 2010, c. 794.)