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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-47 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-47. Directors must be stockholders.
Every director of a bank incorporated under the laws of this Commonwealth
which has a capital stock not in excess of $50,000 shall be the owner
in his sole name and have in his personal possession or control shares of
stock in such bank having a par book value of not less than
$100 for each $10,000, or fractional part thereof, of the capital stock of
such bank; every director of a bank which has a capital stock in excess of
$50,000 shall be the owner in his sole name and have in his personal
possession or control shares of stock in such bank having a par value of not
less than $500 if such bank has a capital stock of more than $50,000 and not
to exceed $100,000, not less than $750 if such bank has a capital stock of
more than $100,000 and not more than $300,000, and not less than $1,000 if
such bank has a capital stock of more than $300,000 $5,000, calculated
as of the last business day of the calendar year immediately preceding the
election or re-election of the director. Such stock must be unpledged and
unencumbered at the time such director becomes a director and during the
whole of his term as such.
When a bank is controlled by a bank holding company, a director may comply
with the provisions of this section for each bank of which he is a director
by ownership, in similar manner, of shares of capital stock of the bank
holding company having an aggregate par book value equal to
the par book value of shares of bank stock that he would be
obligated to own under the preceding provisions of this section.
For the purposes of this section the term "bank holding company" shall mean
(1) (i) a bank holding company as defined in § 6.1-4 or (2)
(ii) any corporation organized under the laws of this
Commonwealth and doing business in this Commonwealth which owns all of the
capital stock of one bank except those shares issued as directors' qualifying
shares, where at least sixty-six and two-thirds percent of the assets of the
holding company, computed on a consolidated basis, consists of assets held by
such bank and controlled subsidiaries of such bank.
Any director violating the provisions of this section shall, immediately,
vacate his office. The requirements of this section shall not apply to any
person duly elected a director of a bank prior to June 18, 1928
July 1, 1995, or so long as such person shall successively be reelected a
director, and as to such person the requirements of the law prior to such
date shall apply.