Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-235 Directors

§ 6.1-235. Directors

Every such industrial loan association shall have at least five directors, each of whom shall own in his own right and have in his personal possession or control shares of stock in the association of which he is a director aggregating at least $100 in par value, and which must be unpledged and unencumbered at the time of his becoming a director and during the whole of his term as such. Each director shall take and subscribe an oath to that effect, and that he will diligently and honestly administer the affairs of such industrial loan association as such director. Such oath shall be transmitted within sixty days from his election to the Commission. Any director violating the provisions of this section shall thereby vacate his office and the remaining directors shall proceed forthwith to fill such vacancy. Such directors shall require of all active officers of such industrial loan association bonds in such sums as may be prescribed by the Commission in some surety company authorized to do business in this Commonwealth.

(Code 1950, § 6-252; 1966, c. 584.)

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Last modified: April 2, 2009