{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-868.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-868.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-868.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-868.html"}],"law_id":70091,"edition_id":1,"section_id":70091,"structure_id":13792,"section_number":"6.2-868","catch_line":"Bonds required of officers and employees; blanket bond","history":"Code 1950, \u00a7 6-46; 1966, c. 584, \u00a7 6.1-54; 1974, c. 665; 1979, c. 52; 1992, c. 365; 2010, c. 794.","full_text":"A\n\nThe board of directors of every bank shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. A bank holding company may obtain a blanket bond covering all affiliate banks within the holding company. The surety on every bond shall be a bonding or surety company authorized to transact business in the Commonwealth. The penalty of any such bond shall be increased whenever in the opinion of the Commission it is necessary for the protection of the public interest.B\n\nIf a bank is unable to obtain the bond required by this section, it shall immediately notify the Commission, which may then direct the bank to have an audit performed at its expense by an independent certified public accounting firm. The bank shall obtain blanket bond coverage as soon as such coverage is available. Failure to obtain blanket bond coverage may be cause for action by the Commission as provided by § 6.2-906.","order_by":null,"text":{"0":{"id":253128,"text":"The board of directors of every bank shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. A bank holding company may obtain a blanket bond covering all affiliate banks within the holding company. The surety on every bond shall be a bonding or surety company authorized to transact business in the Commonwealth. The penalty of any such bond shall be increased whenever in the opinion of the Commission it is necessary for the protection of the public interest.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":253129,"text":"If a bank is unable to obtain the bond required by this section, it shall immediately notify the Commission, which may then direct the bank to have an audit performed at its expense by an independent certified public accounting firm. The bank shall obtain blanket bond coverage as soon as such coverage is available. Failure to obtain blanket bond coverage may be cause for action by the Commission as provided by § 6.2-906.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-868\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 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 1974, chapter 665; in 1979, chapter 52; in 1992, chapter 365; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":63130,"section_number":"6.2-906","catch_line":"Disclosure of irregularities; Commission's powers","order_by":null,"url":"\/6.2-906\/"}],"permalink":{"id":265635,"object_type":"law","relational_id":70091,"identifier":"6.2-868","token":"6.2\/II\/8\/8\/6.2-868","url":"\/6.2-868\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-868\/","token":"6.2\/II\/8\/8\/6.2-868","dublin_core":{"Title":"Bonds required of officers and employees; blanket bond","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-868","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The board of directors of every bank shall require bonds<\/span> from all of the active officials and employees of such corporation. In lieu of such bonds<\/span>, the board may obtain one or more blanket bonds<\/span>. A bank holding company<\/span> may obtain a blanket bond<\/span> covering all affiliate banks<\/span> within the holding company. The surety<\/span> on every bond<\/span> shall be a bonding or surety<\/span> company authorized to transact business in the Commonwealth. The penalty<\/span> of any such bond<\/span> shall be increased whenever in the opinion<\/span> of the Commission<\/span> it is necessary for the protection of the public interest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a bank is unable to obtain the bond<\/span> required by this section, it shall immediately notify the Commission<\/span>, which may then direct the bank to have an audit performed at its expense by an independent certified public accounting firm. The bank shall obtain blanket bond<\/span> coverage as soon as such coverage is available. Failure to obtain blanket bond<\/span> coverage may be cause for action by the Commission<\/span> as provided by § 6.2-906<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBONDS REQUIRED OF OFFICERS AND EMPLOYEES; BLANKET BOND (\u00a7 6.2-868)\n\nA. The board of directors of every bank shall require bonds from all of the\nactive officials and employees of such corporation. In lieu of such bonds, the\nboard may obtain one or more blanket bonds. A bank holding company may obtain a\nblanket bond covering all affiliate banks within the holding company. The surety\non every bond shall be a bonding or surety company authorized to transact\nbusiness in the Commonwealth. The penalty of any such bond shall be increased\nwhenever in the opinion of the Commission it is necessary for the protection of\nthe public interest.\n\nB. If a bank is unable to obtain the bond required by this section, it shall\nimmediately notify the Commission, which may then direct the bank to have an\naudit performed at its expense by an independent certified public accounting\nfirm. The bank shall obtain blanket bond coverage as soon as such coverage is\navailable. Failure to obtain blanket bond coverage may be cause for action by\nthe Commission as provided by § 6.2-906.\n\nHISTORY: Code 1950, \u00a7 6-46; 1966, c. 584, \u00a7 6.1-54; 1974, c. 665; 1979, c. 52;\n1992, c. 365; 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}}