6.2-876 - (Effective October 1, 2010) Loans to executive officers or directors. - Virginia Statutes

§ 6.2-876. (Effective October 1, 2010) Loans to executive officers ordirectors.

A. The maximum amount of loans and other extensions of credit a bank may maketo any of its executive officers or directors, and the conditions andprocedures for approval of such extensions of credit, shall be governed byFederal Reserve Board Regulation O, 12 C.F.R. Part 215, whether or not thebank is a member of the Federal Reserve System.

B. The aggregate amount of a bank's extensions of credit to its executiveofficers or directors, and their interests, shall not be excessive. TheCommission shall adopt such regulations as may be required to preventexcessive aggregate amounts of extensions of credit by a bank to such personsand their interests.

(Code 1950, § 6-77; 1966, c. 584, § 6.1-62; 1976, c. 658; 1978, c. 683; 1987,c. 351; 1995, c. 82; 1996, c. 13; 2004, c. 320; 2010, c. 794.)