{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1348.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1348.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1348.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1348.html"}],"law_id":60311,"edition_id":1,"section_id":60311,"structure_id":15648,"section_number":"6.2-1348","catch_line":"Board of directors; number; election; term; appointment of supervisory and credit committees","history":"Code 1950, \u00a7 6-219; 1966, c. 584, \u00a7 6.1-210; 1968, c. 560; 1982, c. 575; 1983, c. 301; 1990, c. 373, \u00a7 6.1-225.31; 2010, c. 794.","full_text":"A\n\nThe board of directors shall have the authority and responsibility for directing the business affairs, funds, and records of the credit union.B\n\nThe board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. After the election of the initial board at the organizational meeting, the election of the board shall be held at the annual meeting or at such other time as the bylaws provide.C\n\nA director shall be elected for a term of not less than one year nor more than four years, as provided in the bylaws. If the term is more than one year, the bylaws shall establish terms of office so that an approximately equal number of directors shall be elected each year. A director, unless removed from office, shall hold office until a successor is elected and qualified. Directors may serve more than one term. Any vacancy on the board of directors shall be filled until the next annual election by appointment by the remainder of the directors.D\n\nThe board of directors at its first meeting following the annual election shall appoint a supervisory committee from the membership. The supervisory committee shall consist of an odd number of members, not less than three. No member of the board of directors or the credit committee shall serve on the supervisory committee. The terms for the members of the supervisory committee shall be as provided in the bylaws.E\n\nUnless the members have authorized and directed the board of directors to serve as the credit committee, the board of directors at its first meeting following the annual election shall either appoint:1\n\nA credit committee, which shall be appointed from the membership. The credit committee shall consist of an odd number of members, not less than three. No member of the board of directors or the supervisory committee shall serve on the credit committee unless authorized by the provisions of this section. The terms for the members of the credit committee shall be as provided in the bylaws; or2\n\nOne or more loan officers to carry out the duties and responsibilities of the credit committee.","order_by":null,"text":{"0":{"id":220602,"text":"The board of directors shall have the authority and responsibility for directing the business affairs, funds, and records of the credit union.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":220603,"text":"The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. After the election of the initial board at the organizational meeting, the election of the board shall be held at the annual meeting or at such other time as the bylaws provide.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":220604,"text":"A director shall be elected for a term of not less than one year nor more than four years, as provided in the bylaws. If the term is more than one year, the bylaws shall establish terms of office so that an approximately equal number of directors shall be elected each year. A director, unless removed from office, shall hold office until a successor is elected and qualified. Directors may serve more than one term. Any vacancy on the board of directors shall be filled until the next annual election by appointment by the remainder of the directors.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":220605,"text":"The board of directors at its first meeting following the annual election shall appoint a supervisory committee from the membership. The supervisory committee shall consist of an odd number of members, not less than three. No member of the board of directors or the credit committee shall serve on the supervisory committee. The terms for the members of the supervisory committee shall be as provided in the bylaws.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":220606,"text":"Unless the members have authorized and directed the board of directors to serve as the credit committee, the board of directors at its first meeting following the annual election shall either appoint:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"5":{"id":220607,"text":"A credit committee, which shall be appointed from the membership. The credit committee shall consist of an odd number of members, not less than three. No member of the board of directors or the supervisory committee shall serve on the credit committee unless authorized by the provisions of this section. The terms for the members of the credit committee shall be as provided in the bylaws; or","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"6":{"id":220608,"text":"One or more loan officers to carry out the duties and responsibilities of the credit committee.","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1"}},"ancestry":[{"id":15648,"edition_id":1,"name":"Direction of Affairs","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:21","date_modified":"2026-06-26 03:57:21","permalink":{"id":264779,"object_type":"structure","relational_id":15648,"identifier":"7","token":"6.2\/II\/13\/7","url":"\/6.2\/II\/13\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","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":60311,"structure_id":15648,"section_number":"6.2-1348","catch_line":"Board of directors; number; election; term; appointment of supervisory and credit committees","url":"\/6.2-1348\/","token":"6.2\/II\/13\/7\/6.2-1348","metadata":false},{"id":70635,"structure_id":15648,"section_number":"6.2-1349","catch_line":"Board of directors; election of officers","url":"\/6.2-1349\/","token":"6.2\/II\/13\/7\/6.2-1349","metadata":false},{"id":87127,"structure_id":15648,"section_number":"6.2-1350","catch_line":"Executive committee","url":"\/6.2-1350\/","token":"6.2\/II\/13\/7\/6.2-1350","metadata":false},{"id":59807,"structure_id":15648,"section_number":"6.2-1351","catch_line":"Meetings of directors","url":"\/6.2-1351\/","token":"6.2\/II\/13\/7\/6.2-1351","metadata":false},{"id":67236,"structure_id":15648,"section_number":"6.2-1352","catch_line":"Compensation of officials","url":"\/6.2-1352\/","token":"6.2\/II\/13\/7\/6.2-1352","metadata":false},{"id":64794,"structure_id":15648,"section_number":"6.2-1353","catch_line":"Powers and duties of directors","url":"\/6.2-1353\/","token":"6.2\/II\/13\/7\/6.2-1353","metadata":false},{"id":60059,"structure_id":15648,"section_number":"6.2-1354","catch_line":"Credit committee or loan officers; appeal","url":"\/6.2-1354\/","token":"6.2\/II\/13\/7\/6.2-1354","metadata":false},{"id":76057,"structure_id":15648,"section_number":"6.2-1355","catch_line":"Supervisory committee; suspension and removal of officials","url":"\/6.2-1355\/","token":"6.2\/II\/13\/7\/6.2-1355","metadata":false},{"id":82509,"structure_id":15648,"section_number":"6.2-1356","catch_line":"Special audit","url":"\/6.2-1356\/","token":"6.2\/II\/13\/7\/6.2-1356","metadata":false},{"id":75284,"structure_id":15648,"section_number":"6.2-1357","catch_line":"Qualifications of officials","url":"\/6.2-1357\/","token":"6.2\/II\/13\/7\/6.2-1357","metadata":false}],"next_section":{"id":70635,"structure_id":15648,"section_number":"6.2-1349","catch_line":"Board of directors; election of officers","url":"\/6.2-1349\/","token":"6.2\/II\/13\/7\/6.2-1349","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1348\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1966, chapter 584; in 1968, chapter 560; in 1982, chapter 575; in 1983, chapter 301; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264781,"object_type":"law","relational_id":60311,"identifier":"6.2-1348","token":"6.2\/II\/13\/7\/6.2-1348","url":"\/6.2-1348\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1348\/","token":"6.2\/II\/13\/7\/6.2-1348","dublin_core":{"Title":"Board of directors; number; election; term; appointment of supervisory and credit committees","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1348","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The board of directors shall have the authority and responsibility for directing the business affairs, funds, and records of the credit union<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members<\/span>. After the election of the initial board at the organizational meeting, the election of the board shall be held at the annual meeting or at such other time as the bylaws provide. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A director shall be elected for a term of not less than one year nor more than four years, as provided in the bylaws. If the term is more than one year, the bylaws shall establish terms of office so that an approximately equal number of directors shall be elected each year. A director, unless removed from office, shall hold office until a successor is elected and qualified. Directors may serve more than one term. Any vacancy on the board of directors shall be filled until the next annual election by appointment by the remainder of the directors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The board of directors at its first meeting following the annual election shall appoint a supervisory committee from the membership. The supervisory committee shall consist of an odd number of members<\/span>, not less than three. No member<\/span> of the board of directors or the credit committee shall serve on the supervisory committee. The terms for the members<\/span> of the supervisory committee shall be as provided in the bylaws. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Unless the members<\/span> have authorized and directed the board of directors to serve as the credit committee, the board of directors at its first meeting following the annual election shall either appoint: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A credit committee, which shall be appointed from the membership. The credit committee shall consist of an odd number of members<\/span>, not less than three. No member<\/span> of the board of directors or the supervisory committee shall serve on the credit committee unless authorized by the provisions of this section. The terms for the members<\/span> of the credit committee shall be as provided in the bylaws; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> One or more loan officers to carry out the duties and responsibilities of the credit committee. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD OF DIRECTORS; NUMBER; ELECTION; TERM; APPOINTMENT OF SUPERVISORY AND\nCREDIT COMMITTEES (\u00a7 6.2-1348)\n\nA. The board of directors shall have the authority and responsibility for\ndirecting the business affairs, funds, and records of the credit union.\n\nB. The board shall consist of an odd number of directors, at least five in\nnumber, to be elected by and from the members. After the election of the initial\nboard at the organizational meeting, the election of the board shall be held at\nthe annual meeting or at such other time as the bylaws provide.\n\nC. A director shall be elected for a term of not less than one year nor more\nthan four years, as provided in the bylaws. If the term is more than one year,\nthe bylaws shall establish terms of office so that an approximately equal number\nof directors shall be elected each year. A director, unless removed from office,\nshall hold office until a successor is elected and qualified. Directors may\nserve more than one term. Any vacancy on the board of directors shall be filled\nuntil the next annual election by appointment by the remainder of the directors.\n\nD. The board of directors at its first meeting following the annual election\nshall appoint a supervisory committee from the membership. The supervisory\ncommittee shall consist of an odd number of members, not less than three. No\nmember of the board of directors or the credit committee shall serve on the\nsupervisory committee. The terms for the members of the supervisory committee\nshall be as provided in the bylaws.\n\nE. Unless the members have authorized and directed the board of directors to\nserve as the credit committee, the board of directors at its first meeting\nfollowing the annual election shall either appoint:\n\n 1. A credit committee, which shall be appointed from the membership. The\n credit committee shall consist of an odd number of members, not less than\n three. No member of the board of directors or the supervisory committee shall\n serve on the credit committee unless authorized by the provisions of this\n section. The terms for the members of the credit committee shall be as\n provided in the bylaws; or\n\n 2. One or more loan officers to carry out the duties and responsibilities of\n the credit committee.\n\nHISTORY: Code 1950, \u00a7 6-219; 1966, c. 584, \u00a7 6.1-210; 1968, c. 560; 1982, c.\n575; 1983, c. 301; 1990, c. 373, \u00a7 6.1-225.31; 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}}