                                 CODE OF VIRGINIA

DIRECTORS (§ 6.2-1403)

A. Every association shall have at least five directors, each of whom shall own
in his own right and have in his personal possession or control shares of stock
in the association that (i) have in the aggregate at least $100 in par value,
and (ii) shall be unpledged and unencumbered at the time he became a director
and during his entire term as director.

B. Each director shall take and subscribe an oath that he will (i) comply with
the requirements of subsection A regarding his stock of the association and (ii)
diligently and honestly administer the affairs of the association as its
director. The oath shall be transmitted to the Commission within 60 days
following his election.

C. Any director violating the provisions of this section shall thereby vacate
his office. The remaining directors shall proceed forthwith to fill such
vacancy.

D. The directors shall require all active officers of such association to
provide bonds in such sums as may be prescribed by the Commission in a surety
company authorized to do business in the Commonwealth.

HISTORY: Code 1950, § 6-252; 1966, c. 584, § 6.1-235; 2010, c. 794.