State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-5 > 6-1-235§ 6.1-235. (Repealed effective October 1, 2010) Directors.
Every such industrial loan association shall have at least five directors,each of whom shall own in his own right and have in his personal possessionor control shares of stock in the association of which he is a directoraggregating at least $100 in par value, and which must be unpledged andunencumbered at the time of his becoming a director and during the whole ofhis term as such. Each director shall take and subscribe an oath to thateffect, and that he will diligently and honestly administer the affairs ofsuch industrial loan association as such director. Such oath shall betransmitted within sixty days from his election to the Commission. Anydirector violating the provisions of this section shall thereby vacate hisoffice and the remaining directors shall proceed forthwith to fill suchvacancy. Such directors shall require of all active officers of suchindustrial loan association bonds in such sums as may be prescribed by theCommission in some surety company authorized to do business in thisCommonwealth.
(Code 1950, § 6-252; 1966, c. 584.)
