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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Banks; directors' meetings.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2019-03-05 - Governor: Acts of Assembly Chapter text (CHAP0242) [HB2298 Detail]

Download: Virginia-2019-HB2298-Prefiled.html

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19101445D
HOUSE BILL NO. 2298 Offered January 9, 2019 Prefiled January 8, 2019 A BILL 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. ---------- Patron-- O'Quinn ---------- Committee Referral Pending ----------

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.