§ 6.1-194.14. Board of directors generally; report to Commission; oaths of directors
A. The affairs of every state association shall be managed by a board of directors of not less than five nor more than twenty-five persons. Every director of a stock association shall be the owner in his own name and have in his personal possession or control, shares of stock in the association of which he is a director which have a market value at the time such director is first elected to the board of not less than $500. Such shares of stock shall be unpledged, except as required to be pledged to a Federal Home Loan Bank, and unencumbered at the time of his becoming a director and during the whole of his term as such. When a stock association is controlled by a savings institution holding company as defined in § 6.1-194.87, a director may comply with the provisions of this section for each stock association of which he is a director by ownership, in similar manner, of shares of capital stock of the holding company which have a market value at the time such director is first elected to the board of not less than $500.
B. Every director of a mutual state association shall have a savings account in the association of which he is a director, in his own name or jointly with his spouse, of not less than $500. Such account must be unpledged, except as required to be pledged to a Federal Home Loan Bank, and unencumbered at the time of his becoming a director and during the whole term as such. The office of any director violating the provisions of this section shall immediately become vacant.
C. Every director of a state association, within thirty days after his election or reelection, shall take and subscribe to an oath that he (i) will diligently and honestly perform his duties as director and (ii) is the owner and has in his personal possession or control the shares of stock or savings account in the association required by this section and, in the case of reelection or reappointment, that, during the whole of his immediate previous term as a director, such stock or account was not at any time pledged or encumbered in any other manner to secure a loan. The oath, subscribed to by the director, certified by the officer before whom it is taken, shall be transmitted to the Commission. Any director who fails for a period of thirty days after his election, reelection, appointment or reappointment to take the oath required by this section shall forfeit his office.
D. Within sixty days following the election or reelection of any person as a director of a state association, the association shall furnish such information to the Commission relative to the personal character, integrity, financial condition, and personal and business background as the Commission shall from time to time prescribe. The report, under oath, shall be signed by the director as well as by a designated officer of the association. Any person knowingly making a false statement in such a report shall be guilty of perjury and be punished accordingly.
(Code 1950, §§ 6-201.34, 6.1-164, 6.1-195.41; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1974, c. 77; 1985, c. 425; 1986, c. 509; 1992, c. 552; 1994, c. 105.)
Sections: Previous 6.1-194.7 6.1-194.8 6.1-194.9 6.1-194.10 6.1-194.11 6.1-194.12 6.1-194.13 6.1-194.14 6.1-194.15 6.1-194.16 6.1-194.17 6.1-194.18 6.1-194.19 6.1-194.20 6.1-194.21 NextLast modified: April 16, 2009