6.1-194.22 - (Repealed effective October 1, 2010) Overdrafts by savings institution officers, directors or employees.
§ 6.1-194.22. (Repealed effective October 1, 2010) Overdrafts by savingsinstitution officers, directors or employees.
A. No savings institution shall pay an overdraft of an officer, director oremployee of the institution on any account or accounts at the institutionunless the payment of funds is made in accordance with (i) a written,preauthorized, interest-bearing extension of credit plan that specifies amethod of repayment or (ii) a written, preauthorized transfer of funds fromanother account of the account holder at the institution.
B. The prohibition set forth in subsection A of this section does not applyto the payment of inadvertent overdrafts on an account in an aggregate amountof $1,000 or less, provided that (i) the account is not overdrawn for morethan five business days, and (ii) the savings institution charges theofficer, director or employee the same fee charged any other customer of theinstitution in similar circumstances.
(Code 1950, § 6.1-195.40:2; 1982, c. 103; 1985, c. 425.)