§ 6.2-1121. (Effective October 1, 2010) Board of directors.
A. The affairs of every state savings institution shall be managed by a boardof directors of not less than five nor more than 25 persons. Every directorof a stock savings institution shall be the owner in his own name and have inhis personal possession or control, shares of stock in the savingsinstitution of which he is a director that have a market value at the timesuch director is first elected to the board of not less than $500. Suchshares of stock shall be unpledged, except as required to be pledged to aFederal Home Loan Bank, Federal Reserve Bank, or other federal agency, andunencumbered at the time of his becoming a director and during the whole ofhis term as director. If a stock savings institution is controlled by asavings institution holding company, a director may comply with theprovisions of this section for each stock savings institution of which he isa director by ownership, in similar manner, of shares of capital stock of theholding company that have a market value at the time such director is firstelected to the board of not less than $500.
B. Every director of a mutual state association shall have a savings accountin the association of which he is a director, in his own name or jointly withhis spouse, of not less than $500. A mutual state savings bank shall besubject to the requirements of subsection A, except that, in lieu of owningqualifying shares of stock in the savings bank, each director shall maintain,while a director, a savings account in the savings bank of not less than$500. Any account required by this subsection shall be unpledged, except asrequired to be pledged to a Federal Home Loan Bank, and unencumbered at thetime of his becoming a director and during the whole term as director. Theoffice of any director violating the provisions of subsection A or thissubsection shall immediately become vacant.
C. Every director of a state savings institution, within 30 days after hiselection or reelection, shall take and subscribe to an oath that he (i) willdiligently and honestly perform his duties as director and (ii) is the ownerand has in his personal possession or control the shares of stock or savingsaccount in the savings institution required by this section and, in the caseof reelection or reappointment, that, during the whole of his immediateprevious term as a director, such stock or account was not at any timepledged or encumbered in any other manner to secure a loan. The oath,subscribed to by the director and certified by the officer before whom it istaken, shall be transmitted to the Commission. Any director who fails for aperiod of 30 days after his election, reelection, appointment orreappointment to take the oath required by this subsection shall forfeit hisoffice.
D. Within 60 days following the election or reelection of any person as adirector of a state savings institution, the savings institution shallfurnish such information to the Commission relative to the personalcharacter, integrity, financial condition, and personal and businessbackground of the director as the Commission shall from time to timeprescribe. The report, under oath, shall be signed by the director as well asby a designated officer of the savings institution. Any person knowinglymaking a false statement in such a report shall be guilty of perjury,punishable as provided in § 18.2-434.
(Code 1950, § 6-201.34; 1960, c. 402; 1966, c. 584, § 6.1-164; 1972, c. 796,§ 6.1-195.41; 1974, c. 77; 1985, c. 425, § 6.1-194.14; 1986, c. 509; 1991, c.230, § 6.1-194.117; 1992, c. 552; 1994, c. 105; 2010, c. 794.)
§ 6.2-1121. (Effective October 1, 2010) Board of directors.
A. The affairs of every state savings institution shall be managed by a boardof directors of not less than five nor more than 25 persons. Every directorof a stock savings institution shall be the owner in his own name and have inhis personal possession or control, shares of stock in the savingsinstitution of which he is a director that have a market value at the timesuch director is first elected to the board of not less than $500. Suchshares of stock shall be unpledged, except as required to be pledged to aFederal Home Loan Bank, Federal Reserve Bank, or other federal agency, andunencumbered at the time of his becoming a director and during the whole ofhis term as director. If a stock savings institution is controlled by asavings institution holding company, a director may comply with theprovisions of this section for each stock savings institution of which he isa director by ownership, in similar manner, of shares of capital stock of theholding company that have a market value at the time such director is firstelected to the board of not less than $500.
B. Every director of a mutual state association shall have a savings accountin the association of which he is a director, in his own name or jointly withhis spouse, of not less than $500. A mutual state savings bank shall besubject to the requirements of subsection A, except that, in lieu of owningqualifying shares of stock in the savings bank, each director shall maintain,while a director, a savings account in the savings bank of not less than$500. Any account required by this subsection shall be unpledged, except asrequired to be pledged to a Federal Home Loan Bank, and unencumbered at thetime of his becoming a director and during the whole term as director. Theoffice of any director violating the provisions of subsection A or thissubsection shall immediately become vacant.
C. Every director of a state savings institution, within 30 days after hiselection or reelection, shall take and subscribe to an oath that he (i) willdiligently and honestly perform his duties as director and (ii) is the ownerand has in his personal possession or control the shares of stock or savingsaccount in the savings institution required by this section and, in the caseof reelection or reappointment, that, during the whole of his immediateprevious term as a director, such stock or account was not at any timepledged or encumbered in any other manner to secure a loan. The oath,subscribed to by the director and certified by the officer before whom it istaken, shall be transmitted to the Commission. Any director who fails for aperiod of 30 days after his election, reelection, appointment orreappointment to take the oath required by this subsection shall forfeit hisoffice.
D. Within 60 days following the election or reelection of any person as adirector of a state savings institution, the savings institution shallfurnish such information to the Commission relative to the personalcharacter, integrity, financial condition, and personal and businessbackground of the director as the Commission shall from time to timeprescribe. The report, under oath, shall be signed by the director as well asby a designated officer of the savings institution. Any person knowinglymaking a false statement in such a report shall be guilty of perjury,punishable as provided in § 18.2-434.
(Code 1950, § 6-201.34; 1960, c. 402; 1966, c. 584, § 6.1-164; 1972, c. 796,§ 6.1-195.41; 1974, c. 77; 1985, c. 425, § 6.1-194.14; 1986, c. 509; 1991, c.230, § 6.1-194.117; 1992, c. 552; 1994, c. 105; 2010, c. 794.)
§ 6.2-1121. (Effective October 1, 2010) Board of directors.
A. The affairs of every state savings institution shall be managed by a boardof directors of not less than five nor more than 25 persons. Every directorof a stock savings institution shall be the owner in his own name and have inhis personal possession or control, shares of stock in the savingsinstitution of which he is a director that have a market value at the timesuch director is first elected to the board of not less than $500. Suchshares of stock shall be unpledged, except as required to be pledged to aFederal Home Loan Bank, Federal Reserve Bank, or other federal agency, andunencumbered at the time of his becoming a director and during the whole ofhis term as director. If a stock savings institution is controlled by asavings institution holding company, a director may comply with theprovisions of this section for each stock savings institution of which he isa director by ownership, in similar manner, of shares of capital stock of theholding company that have a market value at the time such director is firstelected to the board of not less than $500.
B. Every director of a mutual state association shall have a savings accountin the association of which he is a director, in his own name or jointly withhis spouse, of not less than $500. A mutual state savings bank shall besubject to the requirements of subsection A, except that, in lieu of owningqualifying shares of stock in the savings bank, each director shall maintain,while a director, a savings account in the savings bank of not less than$500. Any account required by this subsection shall be unpledged, except asrequired to be pledged to a Federal Home Loan Bank, and unencumbered at thetime of his becoming a director and during the whole term as director. Theoffice of any director violating the provisions of subsection A or thissubsection shall immediately become vacant.
C. Every director of a state savings institution, within 30 days after hiselection or reelection, shall take and subscribe to an oath that he (i) willdiligently and honestly perform his duties as director and (ii) is the ownerand has in his personal possession or control the shares of stock or savingsaccount in the savings institution required by this section and, in the caseof reelection or reappointment, that, during the whole of his immediateprevious term as a director, such stock or account was not at any timepledged or encumbered in any other manner to secure a loan. The oath,subscribed to by the director and certified by the officer before whom it istaken, shall be transmitted to the Commission. Any director who fails for aperiod of 30 days after his election, reelection, appointment orreappointment to take the oath required by this subsection shall forfeit hisoffice.
D. Within 60 days following the election or reelection of any person as adirector of a state savings institution, the savings institution shallfurnish such information to the Commission relative to the personalcharacter, integrity, financial condition, and personal and businessbackground of the director as the Commission shall from time to timeprescribe. The report, under oath, shall be signed by the director as well asby a designated officer of the savings institution. Any person knowinglymaking a false statement in such a report shall be guilty of perjury,punishable as provided in § 18.2-434.
(Code 1950, § 6-201.34; 1960, c. 402; 1966, c. 584, § 6.1-164; 1972, c. 796,§ 6.1-195.41; 1974, c. 77; 1985, c. 425, § 6.1-194.14; 1986, c. 509; 1991, c.230, § 6.1-194.117; 1992, c. 552; 1994, c. 105; 2010, c. 794.)
