A. No officer or director of any financial institution, other than a consumer finance company or credit union domiciled in the Commonwealth, shall at the same time serve as an officer or director of any other financial institution unless both such institutions are within a single financial institution holding company.
B. Notwithstanding the provisions of subsection A, the Commission, upon petition brought on behalf of an individual, may permit him to serve on the boards of more than one such institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.
1978, c. 683, § 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 1 - Definitions and General Provisions
§ 6.2-101. Confidentiality of information
§ 6.2-101.1. Certified mail; subsequent mail or notices may be sent by regular mail
§ 6.2-102. Use of funds collected under this title
§ 6.2-103. Financial institutions to furnish certain information to fiduciaries
§ 6.2-104. Directors to serve only one institution
§ 6.2-105. Reclassification or conversion of banking institution shares
§ 6.2-106. Payment of civil penalties
§ 6.2-107. Effect of contract provision requiring amendment or waiver to be in writing