Banks; bank director's ownership of shares. (SB359)

Introduced By

Sen. Jeff McWaters (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Banks; director ownership of shares. Provides that a bank director shall be deemed to be the sole owner of, and have in his personal possession or control, shares of stock that are (i) held through a brokerage account or similar arrangement, provided that the director retains sole beneficial ownership and sole legal control over the shares; (ii) held jointly or as a tenant in common, but only to the extent of the book value of the shares divided by the number of joint or tenant in common holders; (iii) deposited by the director in a living trust, or inter vivos trust, as to which the director is the sole trustee and retains an absolute power of revocation; or (iv) held through a profit-sharing plan, individual retirement account, retirement plan, or similar arrangement, provided that the director retains sole beneficial ownership and sole legal control over the shares. Such shares of stock in the bank of which the individual is a director may be used to determine if the director meets the requirement that he own and have in his personal possession or control shares of such stock with a book value of not less than $5,000. The measure also corrects a reference to the par value, rather than the book value, of such stock. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2014Prefiled and ordered printed; offered 01/08/14 14103225D
01/07/2014Referred to Committee on Commerce and Labor
01/13/2014Reported from Commerce and Labor (13-Y 0-N 1-A) (see vote tally)
01/15/2014Impact statement from SCC (SB359)
01/15/2014Constitutional reading dispensed (38-Y 0-N)
01/16/2014Read second time and engrossed
01/17/2014Read third time and passed Senate (35-Y 0-N 3-A)
01/23/2014Placed on Calendar
01/23/2014Read first time
01/23/2014Referred to Committee on Commerce and Labor
01/23/2014Impact statement from SCC (SB359)
02/13/2014Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/17/2014Read second time
02/18/2014Read third time
02/18/2014Passed House (94-Y 0-N 2-A)
02/18/2014VOTE: PASSAGE (94-Y 0-N 2-A) (see vote tally)
02/20/2014Enrolled
02/20/2014Bill text as passed Senate and House (SB359ER)
02/20/2014Impact statement from SCC (SB359ER)
02/20/2014Signed by Speaker
02/22/2014Signed by President
03/05/2014G Approved by Governor-Chapter 156 (effective 7/1/14)
03/05/2014G Acts of Assembly Chapter text (CHAP0156)