§ 6.1-194.21. (Repealed effective October 1, 2010) Loans to executiveofficers or directors.
A. No executive officer or director of any savings institution shall borrowany amount more than $25,000 from the institution until such loan has beenapproved (i) by a majority of the directors of the institution or (ii) by acommittee of officers and directors, which shall include at least onedirector appointed by the board of directors with authority to approve loans.An executive officer is one who participates or has authority to participatein the major policy-making functions of the savings institution.
B. 1. The following loans or lines of credit shall be specifically approvedby a majority of the directors of the institution or by the committee ofofficers and directors as described in subsection A of this section, in whichcase such approval shall be reported to the board of directors at its nextregular meeting:
a. Any loan in an amount of $25,000 or more made to any executive officer ordirector of an institution or any entity which the Commission determines iscontrolled by one or more executive officers or directors;
b. Any loan made to the persons or entities described in subdivision 1 a ofthis subsection, the amount of which together with all other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more;
c. Any line of credit for $25,000 or more made to the persons or entitiesdescribed in subdivision 1 a of this subsection; or
d. Any line of credit made to the persons or entities described insubdivision 1 a of this subsection, which with all the other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more.
2. No extension, renewal or renegotiation of any loan or line of credit inexcess of the amounts described in subdivision 1 of this subsection shall bemade to any of those individuals or entities or their interests, unless it isapproved by a majority of the board of directors or by the committee ofofficers and directors appointed by the board. In the case of approval by thecommittee, such approval shall be specifically reported to the board ofdirectors at its next regular meeting.
3. The prohibitions set forth in this subsection shall not be construed torequire approval by the board of directors for advances under previouslyauthorized lines of credit.
C. The aggregate amount of a savings institution's loans to its executiveofficers or directors or their interests shall not be excessive. TheCommission may promulgate such rules and regulations as may be required toprevent excessive aggregate amounts of lending by savings institutions tothose individuals or entities.
(Code 1950, § 6.1-195.40:1; 1982, c. 103; 1985, c. 425; 1995, c. 83; 1996, c.13.)
§ 6.1-194.21. (Repealed effective October 1, 2010) Loans to executiveofficers or directors.
A. No executive officer or director of any savings institution shall borrowany amount more than $25,000 from the institution until such loan has beenapproved (i) by a majority of the directors of the institution or (ii) by acommittee of officers and directors, which shall include at least onedirector appointed by the board of directors with authority to approve loans.An executive officer is one who participates or has authority to participatein the major policy-making functions of the savings institution.
B. 1. The following loans or lines of credit shall be specifically approvedby a majority of the directors of the institution or by the committee ofofficers and directors as described in subsection A of this section, in whichcase such approval shall be reported to the board of directors at its nextregular meeting:
a. Any loan in an amount of $25,000 or more made to any executive officer ordirector of an institution or any entity which the Commission determines iscontrolled by one or more executive officers or directors;
b. Any loan made to the persons or entities described in subdivision 1 a ofthis subsection, the amount of which together with all other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more;
c. Any line of credit for $25,000 or more made to the persons or entitiesdescribed in subdivision 1 a of this subsection; or
d. Any line of credit made to the persons or entities described insubdivision 1 a of this subsection, which with all the other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more.
2. No extension, renewal or renegotiation of any loan or line of credit inexcess of the amounts described in subdivision 1 of this subsection shall bemade to any of those individuals or entities or their interests, unless it isapproved by a majority of the board of directors or by the committee ofofficers and directors appointed by the board. In the case of approval by thecommittee, such approval shall be specifically reported to the board ofdirectors at its next regular meeting.
3. The prohibitions set forth in this subsection shall not be construed torequire approval by the board of directors for advances under previouslyauthorized lines of credit.
C. The aggregate amount of a savings institution's loans to its executiveofficers or directors or their interests shall not be excessive. TheCommission may promulgate such rules and regulations as may be required toprevent excessive aggregate amounts of lending by savings institutions tothose individuals or entities.
(Code 1950, § 6.1-195.40:1; 1982, c. 103; 1985, c. 425; 1995, c. 83; 1996, c.13.)
§ 6.1-194.21. (Repealed effective October 1, 2010) Loans to executiveofficers or directors.
A. No executive officer or director of any savings institution shall borrowany amount more than $25,000 from the institution until such loan has beenapproved (i) by a majority of the directors of the institution or (ii) by acommittee of officers and directors, which shall include at least onedirector appointed by the board of directors with authority to approve loans.An executive officer is one who participates or has authority to participatein the major policy-making functions of the savings institution.
B. 1. The following loans or lines of credit shall be specifically approvedby a majority of the directors of the institution or by the committee ofofficers and directors as described in subsection A of this section, in whichcase such approval shall be reported to the board of directors at its nextregular meeting:
a. Any loan in an amount of $25,000 or more made to any executive officer ordirector of an institution or any entity which the Commission determines iscontrolled by one or more executive officers or directors;
b. Any loan made to the persons or entities described in subdivision 1 a ofthis subsection, the amount of which together with all other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more;
c. Any line of credit for $25,000 or more made to the persons or entitiesdescribed in subdivision 1 a of this subsection; or
d. Any line of credit made to the persons or entities described insubdivision 1 a of this subsection, which with all the other obligations,direct or indirect, of such executive officer, director or controlled entityis $100,000 or more.
2. No extension, renewal or renegotiation of any loan or line of credit inexcess of the amounts described in subdivision 1 of this subsection shall bemade to any of those individuals or entities or their interests, unless it isapproved by a majority of the board of directors or by the committee ofofficers and directors appointed by the board. In the case of approval by thecommittee, such approval shall be specifically reported to the board ofdirectors at its next regular meeting.
3. The prohibitions set forth in this subsection shall not be construed torequire approval by the board of directors for advances under previouslyauthorized lines of credit.
C. The aggregate amount of a savings institution's loans to its executiveofficers or directors or their interests shall not be excessive. TheCommission may promulgate such rules and regulations as may be required toprevent excessive aggregate amounts of lending by savings institutions tothose individuals or entities.
(Code 1950, § 6.1-195.40:1; 1982, c. 103; 1985, c. 425; 1995, c. 83; 1996, c.13.)
