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2014 SESSION
HB 1044 Banks; bank director's ownership of shares.
Introduced by: Barbara J. Comstock | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Banks; director ownership of shares. Provides that a bank director shall be deemed to be the sole owner of, and have in his personal possession or control, shares of stock that are (i) held through a brokerage account or similar arrangement, provided that the director retains sole beneficial ownership and sole legal control over the shares; (ii) held jointly or as a tenant in common, but only to the extent of the book value of the shares divided by the number of joint or tenant in common holders; (iii) deposited by the director in a living trust, or inter vivos trust, as to which the director is the sole trustee and retains an absolute power of revocation; or (iv) held through a profit-sharing plan, individual retirement account, retirement plan, or similar arrangement, provided that the director retains sole beneficial ownership and sole legal control over the shares. Such shares of stock in the bank of which the individual is a director may be used to determine if the director meets the requirement that he own and have in his personal possession or control shares of such stock with a book value of not less than $5,000. The measure also corrects a reference to the par value, rather than the book value, of such stock. This bill is identical to SB 359.
FULL TEXT
- 01/08/14 House: Prefiled and ordered printed; offered 01/08/14 14103591D pdf | impact statement
- 01/16/14 House: Committee substitute printed 14103975D-H1 pdf | impact statement
- 02/24/14 House: Bill text as passed House and Senate (HB1044ER) pdf | impact statement
- 03/07/14 Governor: Acts of Assembly Chapter text (CHAP0219) pdf
HISTORY
- 01/08/14 House: Prefiled and ordered printed; offered 01/08/14 14103591D
- 01/08/14 House: Referred to Committee on Commerce and Labor
- 01/16/14 House: Reported from Commerce and Labor with substitute (21-Y 0-N)
- 01/16/14 House: Committee substitute printed 14103975D-H1
- 01/20/14 House: Read first time
- 01/21/14 House: Read second time
- 01/21/14 House: Committee substitute agreed to 14103975D-H1
- 01/21/14 House: Engrossed by House - committee substitute HB1044H1
- 01/22/14 House: Read third time and passed House BLOCK VOTE (97-Y 0-N)
- 01/22/14 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 01/23/14 Senate: Constitutional reading dispensed
- 01/23/14 Senate: Referred to Committee on Commerce and Labor
- 02/17/14 Senate: Reported from Commerce and Labor (16-Y 0-N)
- 02/19/14 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/20/14 Senate: Read third time
- 02/20/14 Senate: Passed Senate (40-Y 0-N)
- 02/24/14 House: Enrolled
- 02/24/14 House: Bill text as passed House and Senate (HB1044ER)
- 02/24/14 House: Signed by Speaker
- 02/26/14 Senate: Signed by President
- 03/07/14 Governor: Approved by Governor-Chapter 219 (effective 7/1/14)
- 03/07/14 Governor: Acts of Assembly Chapter text (CHAP0219)