2006 Code of Virginia § 6.1-2.7 - Directors to serve only one institution

6.1-2.7. Directors to serve only one institution.

No officer or director of any financial institution, other than a consumerfinance company or credit union domiciled in this Commonwealth, shall at thesame time serve as an officer or director of any other financial institutionunless both such institutions are within a single financial institutionholding company; however, the Commission, upon petition brought on behalf ofan individual, may permit him to serve on the boards of more than one suchinstitution if the Commission finds that the financial institutions are notin competition with each other or that one or both of the institutions mightotherwise be denied capable management or direction from an individualresiding in or employed in the locality served by an institution.

The prohibition contained in this section shall not be applicable toofficers, or directors who, on July 1, 1978, were in violation of theprovisions hereof until November 10, 1993.

(1978, c. 683; 1979, c. 376; 1987, c. 556; 1989, c. 162.)