Bill Text: VA HB2298 | 2019 | Regular Session | Enrolled


Bill Title: Banks; directors' meetings.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Enrolled) 2019-02-21 - Governor: Governor's Action Deadline Midnight, March 25, 2019 [HB2298 Detail]

Download: Virginia-2019-HB2298-Enrolled.html

VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend and reenact §6.2-866 of the Code of Virginia, relating to the quorum required for a meeting of the board of directors of a bank.
[H 2298]
Approved

 

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.

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