Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-52 Meetings of board of directors

§ 6.1-52. Meetings of board of directors

The board of directors of every bank shall hold meetings at least once in each calendar month, at which meeting a majority of the whole board shall be necessary for the lawful transaction of business, except that the stockholders, by bylaw, may fix any number not less than five as a quorum, provided that the Commission may allow less frequent meetings, but not less often than quarterly.

(Code 1950, § 6-43; 1966, c. 584; 1981, c. 203.)

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Last modified: April 2, 2009