6.1-48 - (Repealed effective October 1, 2010) Oaths of directors.
§ 6.1-48. (Repealed effective October 1, 2010) Oaths of directors.
Every director of a bank incorporated under the laws of this Commonwealthshall, within thirty days after his election or reelection, take andsubscribe to an oath that he will diligently and honestly perform his dutiesas director, and that he is the owner and has in his personal possession orcontrol, standing in his sole name on the books of the bank or bank holdingcompany, unpledged and unencumbered in any way, shares of stock of the bankof which he is a director or, when a bank is controlled by a bank holdingcompany as defined in § 6.1-4, shares of stock of the bank holding company,having a par value of not less than the amounts respectively prescribed by §6.1-47, and, in case of reelection or reappointment, that during the whole ofhis immediate previous term as a director, such stock was not at any timepledged or in any other manner encumbered or hypothecated to secure a loan.Such oath subscribed to by such director, certified by the officer beforewhom it is taken, shall be transmitted by the cashier of such bank to theCommission. Any director who fails for a period of thirty days after hiselection or appointment to take the oath as required by this section, shallautomatically forfeit his office.
(Code 1950, § 6-39; 1966, c. 584; 1992, c. 552; 1994, c. 105.)