CODE OF VIRGINIA

DIRECTORS TO SERVE ONLY ONE INSTITUTION (§ 6.2-104)

A. No officer or director of any financial institution, other than a consumer
finance company or credit union domiciled in the Commonwealth, shall at the same
time serve as an officer or director of any other financial institution unless
both such institutions are within a single financial institution holding
company.

B. Notwithstanding the provisions of subsection A, the Commission, upon petition
brought on behalf of an individual, may permit him to serve on the boards of
more than one such institution if the Commission finds that the financial
institutions are not in competition with each other or that one or both of the
institutions might otherwise be denied capable management or direction from an
individual residing in or employed in the locality served by an institution.

HISTORY: 1978, c. 683, § 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162;
2010, c. 794.