6.1-32.22 - (Repealed effective October 1, 2010) Directors.
§ 6.1-32.22. (Repealed effective October 1, 2010) Directors.
The affairs of every trust company shall be directed by a board of directorswhich shall consist of not less than five nor more than twenty-five persons.A majority of the directors shall be citizens of this Commonwealth.
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 having apar value of not less than $2,000 and, within thirty days of election, shalltake and subscribe to an oath that he will diligently and honestly performhis duties as a director and that he is the sole owner and has in hispossession or control the required amount of stock, unencumbered in any way.When a director is reelected or reappointed, the oath shall certify hisownership and control throughout his previous term.
Any director who fails for a period of thirty days to take the oath requiredby this section or who does not comply with the requirement for ownership ofstock in this section shall automatically forfeit his office.
Within sixty days following the election or reelection of any person as adirector of a trust company, the trust company shall furnish such informationto the Commission relative to the 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 shall be guilty ofperjury and be punished accordingly.
(1993, c. 432; 1994, c. 105.)