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