A. Nothing contained in §§ 38.2-210 and 38.2-211 shall prohibit any officeror director of any company listed in § 38.2-210 from receiving usualcompensation for services rendered in the ordinary course of his duties as anofficer or director, if the compensation is authorized by vote of the boardof directors or other governing body of the company. Nor shall the provisionsof §§ 38.2-210 and 38.2-211 prohibit the payment to an officer or director ofany such company who is a licensed attorney-at-law of a fee in connectionwith loans made by the company if and when those fees are paid by theborrower and do not constitute a charge against the company.
B. Nothing contained in this chapter shall prohibit a life insurer frommaking a loan upon a policy of insurance issued by it and held by theborrower. This loan shall not exceed the net cash value of the policy.Nothing contained in this chapter shall prohibit any company from (i) makinga loan on real property owned by the officer and improved with a dwellingthat is to serve as his residence if the loan qualifies under subdivision 1of § 38.2-1434 and under § 38.2-1437 or (ii) acquiring the residence of theofficer in conformance with subsection D of § 38.2-1441 if the transaction isin connection with the relocation of the place of employment of an officerwho is neither a director nor a trustee of the company.
C. Nothing contained in § 38.2-211 shall prohibit a director of any suchcompany from receiving compensation that is usual and customary in thedirector's business with respect to transactions in the ordinary course ofbusiness of the company and of the director. Prior to payment of thecompensation, written request for the Commission's approval shall be made.This written request shall set forth under oath complete details concerningthe transactions that the company intends to conduct with a director. Anyapproval given by the Commission shall be in writing. No approval grantedunder this subsection shall imply that the Commission approves any investmentof any company.
(Code 1950, § 38-4.3; 1952, c. 317, § 38.1-35; 1977, c. 261; 1978, c. 701;1981, c. 272; 1983, c. 457; 1986, c. 562; 1992, c. 588.)
A. Nothing contained in §§ 38.2-210 and 38.2-211 shall prohibit any officeror director of any company listed in § 38.2-210 from receiving usualcompensation for services rendered in the ordinary course of his duties as anofficer or director, if the compensation is authorized by vote of the boardof directors or other governing body of the company. Nor shall the provisionsof §§ 38.2-210 and 38.2-211 prohibit the payment to an officer or director ofany such company who is a licensed attorney-at-law of a fee in connectionwith loans made by the company if and when those fees are paid by theborrower and do not constitute a charge against the company.
B. Nothing contained in this chapter shall prohibit a life insurer frommaking a loan upon a policy of insurance issued by it and held by theborrower. This loan shall not exceed the net cash value of the policy.Nothing contained in this chapter shall prohibit any company from (i) makinga loan on real property owned by the officer and improved with a dwellingthat is to serve as his residence if the loan qualifies under subdivision 1of § 38.2-1434 and under § 38.2-1437 or (ii) acquiring the residence of theofficer in conformance with subsection D of § 38.2-1441 if the transaction isin connection with the relocation of the place of employment of an officerwho is neither a director nor a trustee of the company.
C. Nothing contained in § 38.2-211 shall prohibit a director of any suchcompany from receiving compensation that is usual and customary in thedirector's business with respect to transactions in the ordinary course ofbusiness of the company and of the director. Prior to payment of thecompensation, written request for the Commission's approval shall be made.This written request shall set forth under oath complete details concerningthe transactions that the company intends to conduct with a director. Anyapproval given by the Commission shall be in writing. No approval grantedunder this subsection shall imply that the Commission approves any investmentof any company.
(Code 1950, § 38-4.3; 1952, c. 317, § 38.1-35; 1977, c. 261; 1978, c. 701;1981, c. 272; 1983, c. 457; 1986, c. 562; 1992, c. 588.)
A. Nothing contained in §§ 38.2-210 and 38.2-211 shall prohibit any officeror director of any company listed in § 38.2-210 from receiving usualcompensation for services rendered in the ordinary course of his duties as anofficer or director, if the compensation is authorized by vote of the boardof directors or other governing body of the company. Nor shall the provisionsof §§ 38.2-210 and 38.2-211 prohibit the payment to an officer or director ofany such company who is a licensed attorney-at-law of a fee in connectionwith loans made by the company if and when those fees are paid by theborrower and do not constitute a charge against the company.
B. Nothing contained in this chapter shall prohibit a life insurer frommaking a loan upon a policy of insurance issued by it and held by theborrower. This loan shall not exceed the net cash value of the policy.Nothing contained in this chapter shall prohibit any company from (i) makinga loan on real property owned by the officer and improved with a dwellingthat is to serve as his residence if the loan qualifies under subdivision 1of § 38.2-1434 and under § 38.2-1437 or (ii) acquiring the residence of theofficer in conformance with subsection D of § 38.2-1441 if the transaction isin connection with the relocation of the place of employment of an officerwho is neither a director nor a trustee of the company.
C. Nothing contained in § 38.2-211 shall prohibit a director of any suchcompany from receiving compensation that is usual and customary in thedirector's business with respect to transactions in the ordinary course ofbusiness of the company and of the director. Prior to payment of thecompensation, written request for the Commission's approval shall be made.This written request shall set forth under oath complete details concerningthe transactions that the company intends to conduct with a director. Anyapproval given by the Commission shall be in writing. No approval grantedunder this subsection shall imply that the Commission approves any investmentof any company.
(Code 1950, § 38-4.3; 1952, c. 317, § 38.1-35; 1977, c. 261; 1978, c. 701;1981, c. 272; 1983, c. 457; 1986, c. 562; 1992, c. 588.)
