{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1121.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1121.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1121.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1121.html"}],"law_id":79467,"edition_id":1,"section_id":79467,"structure_id":14426,"section_number":"6.2-1121","catch_line":"Board of directors","history":"Code 1950, \u00a7 6-201.34; 1960, c. 402; 1966, c. 584, \u00a7 6.1-164; 1972, c. 796, \u00a7 6.1-195.41; 1974, c. 77; 1985, c. 425, \u00a7 6.1-194.14; 1986, c. 509; 1991, c. 230, \u00a7 6.1-194.117; 1992, c. 552; 1994, c. 105; 2010, c. 794.","full_text":"A\n\nThe affairs of every state savings institution shall be managed by a board of directors of not less than five nor more than 25 persons. Every director of a stock savings institution shall be the owner in his own name and have in his personal possession or control, shares of stock in the savings institution of which he is a director that have a market value at the time such director is first elected to the board of not less than $500. Such shares of stock shall be unpledged, except as required to be pledged to a Federal Home Loan Bank, Federal Reserve Bank, or other federal agency, and unencumbered at the time of his becoming a director and during the whole of his term as director. If a stock savings institution is controlled by a savings institution holding company, a director may comply with the provisions of this section for each stock savings institution of which he is a director by ownership, in similar manner, of shares of capital stock of the holding company that have a market value at the time such director is first elected to the board of not less than $500.B\n\nEvery director of a mutual state association shall have a savings account in the association of which he is a director, in his own name or jointly with his spouse, of not less than $500. A mutual state savings bank shall be subject to the requirements of subsection A, except that, in lieu of owning qualifying shares of stock in the savings bank, each director shall maintain, while a director, a savings account in the savings bank of not less than $500. Any account required by this subsection shall be unpledged, except as required to be pledged to a Federal Home Loan Bank, and unencumbered at the time of his becoming a director and during the whole term as director. The office of any director violating the provisions of subsection A or this subsection shall immediately become vacant.C\n\nEvery director of a state savings institution, within 30 days after his election or reelection, shall take and subscribe to an oath that he (i) will diligently and honestly perform his duties as director and (ii) is the owner and has in his personal possession or control the shares of stock or savings account in the savings institution required by this section and, in the case of reelection or reappointment, that, during the whole of his immediate previous term as a director, such stock or account was not at any time pledged or encumbered in any other manner to secure a loan. The oath, subscribed to by the director and certified by the officer before whom it is taken, shall be transmitted to the Commission. Any director who fails for a period of 30 days after his election, reelection, appointment or reappointment to take the oath required by this subsection shall forfeit his office.D\n\nWithin 60 days following the election or reelection of any person as a director of a state savings institution, the savings institution shall furnish such information to the Commission relative to the personal character, integrity, financial condition, and personal and business background of the director as the Commission shall from time to time prescribe. The report, under oath, shall be signed by the director as well as by a designated officer of the savings institution. Any person knowingly making a false statement in such a report shall be guilty of perjury, punishable as provided in § 18.2-434.","order_by":null,"text":{"0":{"id":284681,"text":"The affairs of every state savings institution shall be managed by a board of directors of not less than five nor more than 25 persons. Every director of a stock savings institution shall be the owner in his own name and have in his personal possession or control, shares of stock in the savings institution of which he is a director that have a market value at the time such director is first elected to the board of not less than $500. Such shares of stock shall be unpledged, except as required to be pledged to a Federal Home Loan Bank, Federal Reserve Bank, or other federal agency, and unencumbered at the time of his becoming a director and during the whole of his term as director. If a stock savings institution is controlled by a savings institution holding company, a director may comply with the provisions of this section for each stock savings institution of which he is a director by ownership, in similar manner, of shares of capital stock of the holding company that have a market value at the time such director is first elected to the board of not less than $500.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":284682,"text":"Every director of a mutual state association shall have a savings account in the association of which he is a director, in his own name or jointly with his spouse, of not less than $500. A mutual state savings bank shall be subject to the requirements of subsection A, except that, in lieu of owning qualifying shares of stock in the savings bank, each director shall maintain, while a director, a savings account in the savings bank of not less than $500. Any account required by this subsection shall be unpledged, except as required to be pledged to a Federal Home Loan Bank, and unencumbered at the time of his becoming a director and during the whole term as director. The office of any director violating the provisions of subsection A or this subsection shall immediately become vacant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":284683,"text":"Every director of a state savings institution, within 30 days after his election or reelection, shall take and subscribe to an oath that he (i) will diligently and honestly perform his duties as director and (ii) is the owner and has in his personal possession or control the shares of stock or savings account in the savings institution required by this section and, in the case of reelection or reappointment, that, during the whole of his immediate previous term as a director, such stock or account was not at any time pledged or encumbered in any other manner to secure a loan. The oath, subscribed to by the director and certified by the officer before whom it is taken, shall be transmitted to the Commission. Any director who fails for a period of 30 days after his election, reelection, appointment or reappointment to take the oath required by this subsection shall forfeit his office.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":284684,"text":"Within 60 days following the election or reelection of any person as a director of a state savings institution, the savings institution shall furnish such information to the Commission relative to the personal character, integrity, financial condition, and personal and business background of the director as the Commission shall from time to time prescribe. The report, under oath, shall be signed by the director as well as by a designated officer of the savings institution. Any person knowingly making a false statement in such a report shall be guilty of perjury, punishable as provided in § 18.2-434.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14426,"edition_id":1,"name":"Incorporation; Certificate of Authority; Corporate Administration","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:06","date_modified":"2026-06-26 03:48:06","permalink":{"id":264161,"object_type":"structure","relational_id":14426,"identifier":"2","token":"6.2\/II\/11\/2","url":"\/6.2\/II\/11\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","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":67165,"structure_id":14426,"section_number":"6.2-1114","catch_line":"Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act","url":"\/6.2-1114\/","token":"6.2\/II\/11\/2\/6.2-1114","metadata":false},{"id":67065,"structure_id":14426,"section_number":"6.2-1115","catch_line":"Formation of state savings institutions","url":"\/6.2-1115\/","token":"6.2\/II\/11\/2\/6.2-1115","metadata":false},{"id":55786,"structure_id":14426,"section_number":"6.2-1116","catch_line":"Corporation name","url":"\/6.2-1116\/","token":"6.2\/II\/11\/2\/6.2-1116","metadata":false},{"id":86871,"structure_id":14426,"section_number":"6.2-1117","catch_line":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","url":"\/6.2-1117\/","token":"6.2\/II\/11\/2\/6.2-1117","metadata":false},{"id":57320,"structure_id":14426,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","metadata":false},{"id":83031,"structure_id":14426,"section_number":"6.2-1119","catch_line":"Commissions and other fees for sale of stock not permitted","url":"\/6.2-1119\/","token":"6.2\/II\/11\/2\/6.2-1119","metadata":false},{"id":73082,"structure_id":14426,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","metadata":false},{"id":79467,"structure_id":14426,"section_number":"6.2-1121","catch_line":"Board of directors","url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","metadata":false},{"id":82570,"structure_id":14426,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","metadata":false},{"id":78474,"structure_id":14426,"section_number":"6.2-1123","catch_line":"Notice of meetings of members; determining members entitled to notice or to vote","url":"\/6.2-1123\/","token":"6.2\/II\/11\/2\/6.2-1123","metadata":false},{"id":73534,"structure_id":14426,"section_number":"6.2-1124","catch_line":"Voting rights; proxies","url":"\/6.2-1124\/","token":"6.2\/II\/11\/2\/6.2-1124","metadata":false},{"id":84832,"structure_id":14426,"section_number":"6.2-1125","catch_line":"Access to books and records; communication with members","url":"\/6.2-1125\/","token":"6.2\/II\/11\/2\/6.2-1125","metadata":false},{"id":69406,"structure_id":14426,"section_number":"6.2-1126","catch_line":"Audit of savings institution; report","url":"\/6.2-1126\/","token":"6.2\/II\/11\/2\/6.2-1126","metadata":false},{"id":82490,"structure_id":14426,"section_number":"6.2-1127","catch_line":"Bonds of officers and employees","url":"\/6.2-1127\/","token":"6.2\/II\/11\/2\/6.2-1127","metadata":false},{"id":70597,"structure_id":14426,"section_number":"6.2-1128","catch_line":"Loans to executive officers or directors","url":"\/6.2-1128\/","token":"6.2\/II\/11\/2\/6.2-1128","metadata":false},{"id":74367,"structure_id":14426,"section_number":"6.2-1129","catch_line":"Overdrafts by savings institution officers, directors or employees","url":"\/6.2-1129\/","token":"6.2\/II\/11\/2\/6.2-1129","metadata":false},{"id":63419,"structure_id":14426,"section_number":"6.2-1130","catch_line":"Reserves; surplus and undivided profits","url":"\/6.2-1130\/","token":"6.2\/II\/11\/2\/6.2-1130","metadata":false},{"id":56309,"structure_id":14426,"section_number":"6.2-1131","catch_line":"Liability of members of mutual savings institutions","url":"\/6.2-1131\/","token":"6.2\/II\/11\/2\/6.2-1131","metadata":false},{"id":60084,"structure_id":14426,"section_number":"6.2-1132","catch_line":"Mutual capital certificates","url":"\/6.2-1132\/","token":"6.2\/II\/11\/2\/6.2-1132","metadata":false}],"previous_section":{"id":73082,"structure_id":14426,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","metadata":false},"next_section":{"id":82570,"structure_id":14426,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1121\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 10 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 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1974, chapter 77; in 1985, chapter 425; in 1986, chapter 509; in 1991, chapter 230; in 1992, chapter 552; in 1994, chapter 105<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":85475,"section_number":"18.2-434","catch_line":"What deemed perjury; punishment and penalty","order_by":null,"url":"\/18.2-434\/"}],"permalink":{"id":264191,"object_type":"law","relational_id":79467,"identifier":"6.2-1121","token":"6.2\/II\/11\/2\/6.2-1121","url":"\/6.2-1121\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","dublin_core":{"Title":"Board of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1121","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The affairs of every state savings institution<\/span> shall be managed by a board of directors of not less than five nor more than 25 persons<\/span>. Every director of a stock savings institution shall be the owner in his own name and have in his personal possession<\/span> or control, shares of stock in the savings institution of which he is a director that have a market value at the time such director is first elected to the board of not less than $500. Such shares of stock shall be unpledged, except as required to be pledged to a Federal Home Loan<\/span> Bank, Federal Reserve Bank, or other federal agency, and unencumbered at the time of his becoming a director and during the whole of his term as director. If a stock savings institution is controlled by a savings institution holding company<\/span>, a director may comply with the provisions of this section for each stock savings institution of which he is a director by ownership, in similar manner, of shares of capital stock of the holding company that have a market value at the time such director is first elected to the board of not less than $500. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Every director of a mutual state association<\/span> shall have a savings account<\/span> in the association of which he is a director, in his own name or jointly with his spouse, of not less than $500. A mutual state savings bank<\/span> shall be subject to the requirements of subsection A, except that, in lieu of owning qualifying shares of stock in the savings bank, each director shall maintain, while a director, a savings account<\/span> in the savings bank of not less than $500. Any account required by this subsection shall be unpledged, except as required to be pledged to a Federal Home Loan<\/span> Bank, and unencumbered at the time of his becoming a director and during the whole term as director. The office of any director violating the provisions of subsection A or this subsection shall immediately become vacant. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Every director of a state savings institution<\/span>, within 30 days after his election or reelection, shall take and subscribe to an oath<\/span> that he (i) will diligently and honestly perform his duties as director and (ii) is the owner and has in his personal possession<\/span> or control the shares of stock or savings account<\/span> in the savings institution required by this section and, in the case of reelection or reappointment, that, during the whole of his immediate previous term as a director, such stock or account was not at any time pledged or encumbered in any other manner to secure a loan. The oath<\/span>, subscribed to by the director and certified by the officer before whom it is taken, shall be transmitted to the Commission<\/span>. Any director who fails for a period of 30 days after his election, reelection, appointment or reappointment to take the oath<\/span> required by this subsection shall forfeit his office. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Within 60 days following the election or reelection of any person<\/span> as a director of a state savings institution<\/span>, the savings institution shall furnish such information to the Commission<\/span> relative to the personal character, integrity, financial condition, and personal and business background of the director as the Commission<\/span> shall from time to time prescribe. The report, under oath<\/span>, shall be signed by the director as well as by a designated officer of the savings institution. Any person<\/span> knowingly making a false statement in such a report shall be guilty of perjury<\/span>, punishable as provided in § 18.2-434<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD OF DIRECTORS (\u00a7 6.2-1121)\n\nA. The affairs of every state savings institution shall be managed by a board of\ndirectors of not less than five nor more than 25 persons. Every director of a\nstock savings institution shall be the owner in his own name and have in his\npersonal possession or control, shares of stock in the savings institution of\nwhich he is a director that have a market value at the time such director is\nfirst elected to the board of not less than $500. Such shares of stock shall be\nunpledged, except as required to be pledged to a Federal Home Loan Bank, Federal\nReserve Bank, or other federal agency, and unencumbered at the time of his\nbecoming a director and during the whole of his term as director. If a stock\nsavings institution is controlled by a savings institution holding company, a\ndirector may comply with the provisions of this section for each stock savings\ninstitution of which he is a director by ownership, in similar manner, of shares\nof capital stock of the holding company that have a market value at the time\nsuch director is first elected to the board of not less than $500.\n\nB. Every director of a mutual state association shall have a savings account in\nthe association of which he is a director, in his own name or jointly with his\nspouse, of not less than $500. A mutual state savings bank shall be subject to\nthe requirements of subsection A, except that, in lieu of owning qualifying\nshares of stock in the savings bank, each director shall maintain, while a\ndirector, a savings account in the savings bank of not less than $500. Any\naccount required by this subsection shall be unpledged, except as required to be\npledged to a Federal Home Loan Bank, and unencumbered at the time of his\nbecoming a director and during the whole term as director. The office of any\ndirector violating the provisions of subsection A or this subsection shall\nimmediately become vacant.\n\nC. Every director of a state savings institution, within 30 days after his\nelection or reelection, shall take and subscribe to an oath that he (i) will\ndiligently and honestly perform his duties as director and (ii) is the owner and\nhas in his personal possession or control the shares of stock or savings account\nin the savings institution required by this section and, in the case of\nreelection or reappointment, that, during the whole of his immediate previous\nterm as a director, such stock or account was not at any time pledged or\nencumbered in any other manner to secure a loan. The oath, subscribed to by the\ndirector and certified by the officer before whom it is taken, shall be\ntransmitted to the Commission. Any director who fails for a period of 30 days\nafter his election, reelection, appointment or reappointment to take the oath\nrequired by this subsection shall forfeit his office.\n\nD. Within 60 days following the election or reelection of any person as a\ndirector of a state savings institution, the savings institution shall furnish\nsuch information to the Commission relative to the personal character,\nintegrity, financial condition, and personal and business background of the\ndirector as the Commission shall from time to time prescribe. The report, under\noath, shall be signed by the director as well as by a designated officer of the\nsavings institution. Any person knowingly making a false statement in such a\nreport shall be guilty of perjury, punishable as provided in § 18.2-434.\n\nHISTORY: Code 1950, \u00a7 6-201.34; 1960, c. 402; 1966, c. 584, \u00a7 6.1-164; 1972,\nc. 796, \u00a7 6.1-195.41; 1974, c. 77; 1985, c. 425, \u00a7 6.1-194.14; 1986, c. 509;\n1991, c. 230, \u00a7 6.1-194.117; 1992, c. 552; 1994, c. 105; 2010, 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}}