§ 6.1-2.7. Directors to serve only one institution
No officer or director of any financial institution, other than a consumer finance company or credit union domiciled in this Commonwealth, shall at the same time serve as an officer or director of any other financial institution unless both such institutions are within a single financial institution holding company; however, the Commission, upon petition brought on behalf of an individual, may permit him to serve on the boards of more than one such institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.
The prohibition contained in this section shall not be applicable to officers, or directors who, on July 1, 1978, were in violation of the provisions hereof until November 10, 1993.
(1978, c. 683; 1979, c. 376; 1987, c. 556; 1989, c. 162.)
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