6.1-194.14 - (Repealed effective October 1, 2010) Board of directors generally; report to Commission; oaths of directors.
§ 6.1-194.14. (Repealed effective October 1, 2010) Board of directorsgenerally; report to Commission; oaths of directors.
A. The affairs of every state association shall be managed by a board ofdirectors of not less than five nor more than twenty-five persons. Everydirector of a stock association shall be the owner in his own name and havein his personal possession or control, shares of stock in the association ofwhich he is a director which have a market value at the time such director isfirst elected to the board of not less than $500. Such shares of stock shallbe unpledged, except as required to be pledged to a Federal Home Loan Bank,and unencumbered at the time of his becoming a director and during the wholeof his term as such. When a stock association is controlled by a savingsinstitution holding company as defined in § 6.1-194.87, a director may complywith the provisions of this section for each stock association of which he isa director by ownership, in similar manner, of shares of capital stock of theholding company which have a market value at the time such director is firstelected to the board of not less than $500.
B. Every director of a mutual state association shall have a savings accountin the association of which he is a director, in his own name or jointly withhis spouse, of not less than $500. Such account must be unpledged, except asrequired to be pledged to a Federal Home Loan Bank, and unencumbered at thetime of his becoming a director and during the whole term as such. The officeof any director violating the provisions of this section shall immediatelybecome vacant.
C. Every director of a state association, within thirty days after hiselection or reelection, shall take and subscribe to an oath that he (i) willdiligently and honestly perform his duties as director and (ii) is the ownerand has in his personal possession or control the shares of stock or savingsaccount in the association required by this section and, in the case ofreelection or reappointment, that, during the whole of his immediate previousterm as a director, such stock or account was not at any time pledged orencumbered in any other manner to secure a loan. The oath, subscribed to bythe director, certified by the officer before whom it is taken, shall betransmitted to the Commission. Any director who fails for a period of thirtydays after his election, reelection, appointment or reappointment to take theoath required by this section shall forfeit his office.
D. Within sixty days following the election or reelection of any person as adirector of a state association, the association shall furnish suchinformation to the Commission relative to the personal character, integrity,financial condition, and personal and business background as the Commissionshall from time to time prescribe. The report, under oath, shall be signed bythe director as well as by a designated officer of the association. Anyperson knowingly making a false statement in such a report shall be guilty ofperjury and be punished accordingly.
(Code 1950, §§ 6-201.34, 6.1-164, 6.1-195.41; 1960, c. 402; 1966, c. 584;1972, c. 796; 1974, c. 77; 1985, c. 425; 1986, c. 509; 1992, c. 552; 1994, c.105.)