{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-104.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-104.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-104.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-104.html"}],"law_id":55928,"edition_id":1,"section_id":55928,"structure_id":13256,"section_number":"6.2-104","catch_line":"Directors to serve only one institution","history":"1978, c. 683, \u00a7 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162; 2010, c. 794.","full_text":"A\n\nNo officer or director of any financial institution, other than a consumer finance company or credit union domiciled in the Commonwealth, shall at the same time serve as an officer or director of any other financial institution unless both such institutions are within a single financial institution holding company.B\n\nNotwithstanding the provisions of subsection A, the Commission, upon petition brought on behalf of an individual, may permit him to serve on the boards of more than one such institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.","order_by":null,"text":{"0":{"id":204898,"text":"No officer or director of any financial institution, other than a consumer finance company or credit union domiciled in the Commonwealth, shall at the same time serve as an officer or director of any other financial institution unless both such institutions are within a single financial institution holding company.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":204899,"text":"Notwithstanding the provisions of subsection A, the Commission, upon petition brought on behalf of an individual, may permit him to serve on the boards of more than one such institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13256,"edition_id":1,"name":"General Provisions","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13255,"metadata":{},"date_created":"2026-06-26 03:44:31","date_modified":"2026-06-26 03:44:31","permalink":{"id":263261,"object_type":"structure","relational_id":13256,"identifier":"2","token":"6.2\/I\/1\/2","url":"\/6.2\/I\/1\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13255,"edition_id":1,"name":"Definitions and General Provisions","identifier":"1","label":"chapter","depth":3,"order_by":1,"parent_id":12853,"metadata":{},"date_created":"2026-06-26 03:44:31","date_modified":"2026-06-26 03:44:31","permalink":{"id":263253,"object_type":"structure","relational_id":13255,"identifier":"1","token":"6.2\/I\/1","url":"\/6.2\/I\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12853,"edition_id":1,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263251,"object_type":"structure","relational_id":12853,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71836,"structure_id":13256,"section_number":"6.2-101","catch_line":"Confidentiality of information","url":"\/6.2-101\/","token":"6.2\/I\/1\/2\/6.2-101","metadata":false},{"id":77769,"structure_id":13256,"section_number":"6.2-101.1","catch_line":"Certified mail; subsequent mail or notices may be sent by regular mail","url":"\/6.2-101.1\/","token":"6.2\/I\/1\/2\/6.2-101.1","metadata":false},{"id":81788,"structure_id":13256,"section_number":"6.2-102","catch_line":"Use of funds collected under this title","url":"\/6.2-102\/","token":"6.2\/I\/1\/2\/6.2-102","metadata":false},{"id":80728,"structure_id":13256,"section_number":"6.2-103","catch_line":"Financial institutions to furnish certain information to fiduciaries","url":"\/6.2-103\/","token":"6.2\/I\/1\/2\/6.2-103","metadata":false},{"id":74776,"structure_id":13256,"section_number":"6.2-103.1","catch_line":"Financial institutions to furnish certain information as part of adult protective services investigation","url":"\/6.2-103.1\/","token":"6.2\/I\/1\/2\/6.2-103.1","metadata":false},{"id":87476,"structure_id":13256,"section_number":"6.2-103.2","catch_line":"Reporting financial exploitation of elderly or vulnerable adults","url":"\/6.2-103.2\/","token":"6.2\/I\/1\/2\/6.2-103.2","metadata":false},{"id":55928,"structure_id":13256,"section_number":"6.2-104","catch_line":"Directors to serve only one institution","url":"\/6.2-104\/","token":"6.2\/I\/1\/2\/6.2-104","metadata":false},{"id":82192,"structure_id":13256,"section_number":"6.2-105","catch_line":"Reclassification or conversion of banking institution shares","url":"\/6.2-105\/","token":"6.2\/I\/1\/2\/6.2-105","metadata":false},{"id":59825,"structure_id":13256,"section_number":"6.2-106","catch_line":"Payment of civil penalties","url":"\/6.2-106\/","token":"6.2\/I\/1\/2\/6.2-106","metadata":false},{"id":54254,"structure_id":13256,"section_number":"6.2-107","catch_line":"Effect of contract provision requiring amendment or waiver to be in writing","url":"\/6.2-107\/","token":"6.2\/I\/1\/2\/6.2-107","metadata":false},{"id":81088,"structure_id":13256,"section_number":"6.2-107.1","catch_line":"Certain payments required electronically","url":"\/6.2-107.1\/","token":"6.2\/I\/1\/2\/6.2-107.1","metadata":false}],"previous_section":{"id":87476,"structure_id":13256,"section_number":"6.2-103.2","catch_line":"Reporting financial exploitation of elderly or vulnerable adults","url":"\/6.2-103.2\/","token":"6.2\/I\/1\/2\/6.2-103.2","metadata":false},"next_section":{"id":82192,"structure_id":13256,"section_number":"6.2-105","catch_line":"Reclassification or conversion of banking institution shares","url":"\/6.2-105\/","token":"6.2\/I\/1\/2\/6.2-105","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-104\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 683 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1978 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1979, chapter 376; in 1987, chapter 556; in 1989, chapter 162; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263287,"object_type":"law","relational_id":55928,"identifier":"6.2-104","token":"6.2\/I\/1\/2\/6.2-104","url":"\/6.2-104\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-104\/","token":"6.2\/I\/1\/2\/6.2-104","dublin_core":{"Title":"Directors to serve only one institution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-104","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No officer or director of any financial institution<\/span>, other than a consumer finance company or credit union domiciled in the Commonwealth, shall at the same time serve as an officer or director of any other financial institution<\/span> unless both such institutions are within a single financial institution<\/span> holding company. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding the provisions of subsection A, the Commission<\/span>, upon petition<\/span> brought on behalf of an individual, may permit him to serve on the boards of more than one such institution if the Commission<\/span> finds that the financial institutions<\/span> are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIRECTORS TO SERVE ONLY ONE INSTITUTION (\u00a7 6.2-104)\n\nA. No officer or director of any financial institution, other than a consumer\nfinance company or credit union domiciled in the Commonwealth, shall at the same\ntime serve as an officer or director of any other financial institution unless\nboth such institutions are within a single financial institution holding\ncompany.\n\nB. Notwithstanding the provisions of subsection A, the Commission, upon petition\nbrought on behalf of an individual, may permit him to serve on the boards of\nmore than one such institution if the Commission finds that the financial\ninstitutions are not in competition with each other or that one or both of the\ninstitutions might otherwise be denied capable management or direction from an\nindividual residing in or employed in the locality served by an institution.\n\nHISTORY: 1978, c. 683, \u00a7 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162;\n2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}