{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-866.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-866.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-866.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-866.html"}],"law_id":56603,"edition_id":1,"section_id":56603,"structure_id":13792,"section_number":"6.2-866","catch_line":"Meetings of board of directors","history":"Code 1950, \u00a7 6-43; 1966, c. 584, \u00a7 6.1-52; 1981, c. 203; 2010, c. 794; 2019, cc. 242, 244.","full_text":"The board of directors of every bank shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) the Commission may allow less frequent meetings, but not less often than quarterly.","order_by":null,"text":{"0":{"id":207152,"text":"The board of directors of every bank shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) the Commission may allow less frequent meetings, but not less often than quarterly.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13792,"edition_id":1,"name":"Directors and Officers; Dividends","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265601,"object_type":"structure","relational_id":13792,"identifier":"8","token":"6.2\/II\/8\/8","url":"\/6.2\/II\/8\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":72617,"structure_id":13792,"section_number":"6.2-860","catch_line":"Bank to be managed by board of directors; number of directors","url":"\/6.2-860\/","token":"6.2\/II\/8\/8\/6.2-860","metadata":false},{"id":84782,"structure_id":13792,"section_number":"6.2-861","catch_line":"Application of Virginia Stock Corporation Act","url":"\/6.2-861\/","token":"6.2\/II\/8\/8\/6.2-861","metadata":false},{"id":64096,"structure_id":13792,"section_number":"6.2-862","catch_line":"Directors to own stock in bank","url":"\/6.2-862\/","token":"6.2\/II\/8\/8\/6.2-862","metadata":false},{"id":75199,"structure_id":13792,"section_number":"6.2-863","catch_line":"Oaths of directors","url":"\/6.2-863\/","token":"6.2\/II\/8\/8\/6.2-863","metadata":false},{"id":72831,"structure_id":13792,"section_number":"6.2-864","catch_line":"Report to Commission of election of director","url":"\/6.2-864\/","token":"6.2\/II\/8\/8\/6.2-864","metadata":false},{"id":63998,"structure_id":13792,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","metadata":false},{"id":56603,"structure_id":13792,"section_number":"6.2-866","catch_line":"Meetings of board of directors","url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","metadata":false},{"id":63140,"structure_id":13792,"section_number":"6.2-867","catch_line":"Discount by officer, director, or employee of paper refused by bank","url":"\/6.2-867\/","token":"6.2\/II\/8\/8\/6.2-867","metadata":false},{"id":70091,"structure_id":13792,"section_number":"6.2-868","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-868\/","token":"6.2\/II\/8\/8\/6.2-868","metadata":false},{"id":54800,"structure_id":13792,"section_number":"6.2-869","catch_line":"Dividends; surplus; undivided profits","url":"\/6.2-869\/","token":"6.2\/II\/8\/8\/6.2-869","metadata":false}],"previous_section":{"id":63998,"structure_id":13792,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","metadata":false},"next_section":{"id":63140,"structure_id":13792,"section_number":"6.2-867","catch_line":"Discount by officer, director, or employee of paper refused by bank","url":"\/6.2-867\/","token":"6.2\/II\/8\/8\/6.2-867","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-866\/","history_text":"

The record of this law\u2019s original creation isn\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 1966, chapter 584; in 1981, chapter 203; in 2010, chapter 794<\/a>; in 2019, chapters 242<\/a> and 244<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265627,"object_type":"law","relational_id":56603,"identifier":"6.2-866","token":"6.2\/II\/8\/8\/6.2-866","url":"\/6.2-866\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","dublin_core":{"Title":"Meetings of board of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-866","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The board of directors of every bank<\/span> shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) the Commission<\/span> may allow less frequent meetings, but not less often than quarterly.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMEETINGS OF BOARD OF DIRECTORS (\u00a7 6.2-866)\n\nThe board of directors of every bank shall hold meetings at least once in each\ncalendar month. At each meeting of the board, a majority of the whole board\nshall be necessary for the lawful transaction of business. Notwithstanding the\nforegoing, (i) the shareholders, by bylaw, may fix any number not less than a\nmajority as a quorum and (ii) the Commission may allow less frequent meetings,\nbut not less often than quarterly.\n\nHISTORY: Code 1950, \u00a7 6-43; 1966, c. 584, \u00a7 6.1-52; 1981, c. 203; 2010, c.\n794; 2019, cc. 242, 244.","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}}