SB1272: Banks; directors' meetings.
Be it enacted by the General Assembly of Virginia:
1. That § 6.2-866 of the Code of Virginia is amended and reenacted as follows:
§ 6.2-866. Meetings of board of directors.
The board of directors of every bank shall hold meetings at
least once in each calendar month. At each meeting of the board, a majority of
the whole board shall be necessary for the lawful transaction of business.
Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any
number not less than five a majority as a quorum and (ii) the
Commission may allow less frequent meetings, but not less often than quarterly.
SENATE BILL NO. 1272
Be it enacted by the General Assembly of Virginia:
1. That § 6.2-866 of the Code of Virginia is amended and reenacted as follows:
§ 6.2-866. Meetings of board of directors.
The board of directors of every bank shall hold meetings at
least once in each calendar month. At each meeting of the board, a majority of
the whole board shall be necessary for the lawful transaction of business.
Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any
number not less than five a majority as a quorum and
(ii) the Commission may allow less frequent meetings, but not less often than
quarterly.