§ 6.1-32.22. Directors
The affairs of every trust company shall be directed by a board of directors which shall consist of not less than five nor more than twenty-five persons. A majority of the directors shall be citizens of this Commonwealth.
Every director of a trust company shall be the sole owner and have in his personal possession or control shares of stock of such trust company having a par value of not less than $2,000 and, within thirty days of election, shall take and subscribe to an oath that he will diligently and honestly perform his duties as a director and that he is the sole owner and has in his possession or control the required amount of stock, unencumbered in any way. When a director is reelected or reappointed, the oath shall certify his ownership and control throughout his previous term.
Any director who fails for a period of thirty days to take the oath required by this section or who does not comply with the requirement for ownership of stock in this section shall automatically forfeit his office.
Within sixty days following the election or reelection of any person as a director of a trust company, the trust company 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. Such report, under oath, shall be signed by the director as well as a designated officer of the trust company. Any person knowingly making a false statement in such a report shall be guilty of perjury and be punished accordingly.
(1993, c. 432; 1994, c. 105.)
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