6.1-194.117 - (Repealed effective October 1, 2010) Board of directors generally.
§ 6.1-194.117. (Repealed effective October 1, 2010) Board of directorsgenerally.
A. The affairs of every state savings bank shall be managed by a board ofdirectors of not less than five nor more than twenty-five persons. Everydirector of a state savings bank shall be the owner in his own name and havein his personal possession or control, shares of stock in the savings bank ofwhich he is a director which have a market value at the time such director isfirst elected to the board of not less than $500, and such shares of stockshall be unpledged (except as may be required to be pledged to a Federal HomeLoan Bank, Federal Reserve Bank or other federal agency) and unencumbered atthe time of his becoming a director and during the whole of his term as such.When a state savings bank is controlled by a holding company, a director maycomply with the provisions of this section for each state savings bank ofwhich he is a director by ownership, in similar manner, of shares of capitalstock of the holding company which have a market value at the time suchdirector is first elected to the board of not less than $500.
B. A mutual state savings bank shall be subject to the requirements ofsubsection A of this section, except that, in lieu of owning qualifyingshares of stock in the savings bank, each director shall maintain, while adirector, a savings account in the savings bank of not less than $500. Suchaccount shall be unpledged, except as required to be pledged to a FederalHome Loan Bank, and unencumbered at the time of his becoming a director andduring the whole term as such. The office of any director violating theprovisions of this section shall immediately become vacant.
C. Every director of a state savings bank, within thirty 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 bank required by this section and, in the case ofreelection or reappointment, that, during the whole of his immediate previousterm as a director, such stock or account was not at any time pledged orencumbered in any other manner to secure a loan. The oath, subscribed to bythe director, certified by the officer before whom it is taken, shall betransmitted to the Commission. Any director who fails for a period of thirtydays after his election, reelection, appointment or reappointment to take theoath required by this section shall forfeit his office.
D. Within sixty days following the election or reelection of any person as adirector of a savings bank, the savings bank 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. The report, under oath, shall be signed by thedirector as well as by a designated officer of the savings bank. Any personknowingly making a false statement in such a report shall be guilty ofperjury and be punished accordingly.
(1991, c. 230; 1994, c. 105.)