§ 6.2-1029. (Effective October 1, 2010) Directors.
A. The affairs of every trust company shall be directed by a board ofdirectors. The board shall consist of not less than five nor more than 25individuals. A majority of the directors shall be citizens of theCommonwealth.
B. Every director of a trust company shall be the sole owner, and have in hispersonal possession or control shares, of stock of such trust company havinga book value of not less than $2,000 and, within 30 days of election, shalltake an oath that he will diligently and honestly perform his duties as adirector and that he is the sole owner and has in his possession or controlthe required amount of stock, unencumbered in any way. When a director isreelected or reappointed, he shall take an oath certifying his ownership andcontrol of the required amount of unencumbered stock throughout his previousterm.
C. Any director who (i) fails, for a period of 30 days, to take the oath or(ii) does not comply with the requirement for ownership of stock, both asrequired by subsection B, shall automatically forfeit his office.
D. Within 60 days following the election or reelection of any individual as adirector of a trust company, the trust company shall furnish such informationto the Commission relative to his personal character, integrity, financialcondition, and personal and business background, as the Commission shall fromtime to time prescribe. Such report, under oath, shall be signed by thedirector as well as a designated officer of the trust company. Any personknowingly making a false statement in such a report is guilty of perjury.
(1993, c. 432, § 6.1-32.22; 1994, c. 105; 2010, c. 794.)
§ 6.2-1029. (Effective October 1, 2010) Directors.
A. The affairs of every trust company shall be directed by a board ofdirectors. The board shall consist of not less than five nor more than 25individuals. A majority of the directors shall be citizens of theCommonwealth.
B. Every director of a trust company shall be the sole owner, and have in hispersonal possession or control shares, of stock of such trust company havinga book value of not less than $2,000 and, within 30 days of election, shalltake an oath that he will diligently and honestly perform his duties as adirector and that he is the sole owner and has in his possession or controlthe required amount of stock, unencumbered in any way. When a director isreelected or reappointed, he shall take an oath certifying his ownership andcontrol of the required amount of unencumbered stock throughout his previousterm.
C. Any director who (i) fails, for a period of 30 days, to take the oath or(ii) does not comply with the requirement for ownership of stock, both asrequired by subsection B, shall automatically forfeit his office.
D. Within 60 days following the election or reelection of any individual as adirector of a trust company, the trust company shall furnish such informationto the Commission relative to his personal character, integrity, financialcondition, and personal and business background, as the Commission shall fromtime to time prescribe. Such report, under oath, shall be signed by thedirector as well as a designated officer of the trust company. Any personknowingly making a false statement in such a report is guilty of perjury.
(1993, c. 432, § 6.1-32.22; 1994, c. 105; 2010, c. 794.)
§ 6.2-1029. (Effective October 1, 2010) Directors.
A. The affairs of every trust company shall be directed by a board ofdirectors. The board shall consist of not less than five nor more than 25individuals. A majority of the directors shall be citizens of theCommonwealth.
B. Every director of a trust company shall be the sole owner, and have in hispersonal possession or control shares, of stock of such trust company havinga book value of not less than $2,000 and, within 30 days of election, shalltake an oath that he will diligently and honestly perform his duties as adirector and that he is the sole owner and has in his possession or controlthe required amount of stock, unencumbered in any way. When a director isreelected or reappointed, he shall take an oath certifying his ownership andcontrol of the required amount of unencumbered stock throughout his previousterm.
C. Any director who (i) fails, for a period of 30 days, to take the oath or(ii) does not comply with the requirement for ownership of stock, both asrequired by subsection B, shall automatically forfeit his office.
D. Within 60 days following the election or reelection of any individual as adirector of a trust company, the trust company shall furnish such informationto the Commission relative to his personal character, integrity, financialcondition, and personal and business background, as the Commission shall fromtime to time prescribe. Such report, under oath, shall be signed by thedirector as well as a designated officer of the trust company. Any personknowingly making a false statement in such a report is guilty of perjury.
(1993, c. 432, § 6.1-32.22; 1994, c. 105; 2010, c. 794.)
