§ 6.1-48. Oaths of directors
Every director of a bank incorporated under the laws of this Commonwealth shall, within thirty days after his election or reelection, take and subscribe to an oath that he will diligently and honestly perform his duties as director, and that he is the owner and has in his personal possession or control, standing in his sole name on the books of the bank or bank holding company, unpledged and unencumbered in any way, shares of stock of the bank of which he is a director or, when a bank is controlled by a bank holding company as defined in § 6.1-4, shares of stock of the bank holding company, having a par value of not less than the amounts respectively prescribed by § 6.1-47, and, in case of reelection or reappointment, that during the whole of his immediate previous term as a director, such stock was not at any time pledged or in any other manner encumbered or hypothecated to secure a loan. Such oath subscribed to by such director, certified by the officer before whom it is taken, shall be transmitted by the cashier of such bank to the Commission. Any director who fails for a period of thirty days after his election or appointment to take the oath as required by this section, shall automatically forfeit his office.
(Code 1950, § 6-39; 1966, c. 584; 1992, c. 552; 1994, c. 105.)
Sections: Previous 6.1-44.22 6.1-44.23 6.1-44.24 6.1-44.25 6.1-45 6.1-46 6.1-47 6.1-48 6.1-48.1 6.1-49 6.1-50 6.1-51 6.1-51.1 6.1-52 6.1-53 NextLast modified: April 16, 2009