State Codes and Statutes
Statutes > Virginia > Title-6-2 > Chapter-11 > 6-2-1124§ 6.2-1124. (Effective October 1, 2010) Voting rights; proxies.
The right of members of a mutual savings institution to vote may not beconferred or limited by the articles of incorporation. In the determinationof all questions requiring action by the members, each member shall beentitled to cast one vote, plus an additional vote for each $100 or fractionthereof of the withdrawal value of savings accounts, if any, held by suchmember. No member, however, shall be entitled to cast more than 50 votes. Atany meeting of the members, voting may be in person or by proxy, providedthat no proxy shall be eligible to be voted at any meeting unless such proxyshall have been filed with the secretary of the institution, forverification, at least five days prior to the date of such meeting. Eachproxy shall be in writing and signed by the member or his duly authorizedattorney-in-fact and, when filed with the secretary, shall, unless otherwisespecified in the proxy, continue in force from year to year until revoked bya writing duly delivered to the secretary of the institution or untilsuperseded by subsequent proxies or upon the member's ceasing to be a memberof the institution.
(1991, c. 230, § 6.1-194.17; 1994, c. 105; 2010, c. 794.)
