                                 CODE OF VIRGINIA

CONFLICTS OF INTEREST (§ 38.2-1005.1:10)

No director, officer, agent or employee of a mutual company or other person
shall receive any fee, commission or other valuable consideration, other than
such person&#8217;s regular salary or compensation, for in any manner aiding,
promoting, arranging, or assisting in a conversion except as set forth in the
plan of MHC conversion approved by the Commission. This provision shall not
prohibit the payment of reasonable fees and compensation to attorneys,
accountants or actuaries for services performed in the independent practice of
their professions notwithstanding the fact that such attorney, accountant or
actuary is a director of the mutual company.

HISTORY: 2001, c. 726.