§ 38.2-1005.1:10 Conflicts of interest
No director, officer, agent or employee of a mutual company or other person shall receive any fee, commission or other valuable consideration, other than such person’s regular salary or compensation, for in any manner aiding, promoting, arranging, or assisting in a conversion except as set forth in the plan of MHC conversion approved by the Commission. This provision shall not prohibit the payment of reasonable fees and compensation to attorneys, accountants or actuaries for services performed in the independent practice of their professions notwithstanding the fact that such attorney, accountant or actuary is a director of the mutual company.
History
This law was first created in 2001. The record of its establishment is cataloged in chapter 726 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2001, c. 726.