Bill Text: VA SB1272 | 2019 | Regular Session | Chaptered
Bill Title: Banks; directors' meetings.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2019-03-05 - Governor: Acts of Assembly Chapter text (CHAP0244) [SB1272 Detail]
Download: Virginia-2019-SB1272-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §6.2-866 of the Code of Virginia is amended and reenacted as follows:
§6.2-866. Meetings of board of directors.
The board of directors of every bank shall hold meetings at
least once in each calendar month. At each meeting of the board, a majority of
the whole board shall be necessary for the lawful transaction of business.
Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any
number not less than five a majority as a quorum and (ii) the
Commission may allow less frequent meetings, but not less often than quarterly.
