CODE OF VIRGINIA

MEETINGS OF BOARD OF DIRECTORS (§ 6.2-1122)

The board of directors of every state savings institution shall hold meetings at
least once in every calendar month. At any meeting a majority of the whole board
shall be necessary for the lawful transaction of business, unless the
stockholders or members, by bylaw, have fixed another number, which in the case
of a state savings bank shall be not less than five, as a quorum. The Commission
may allow less frequent meetings, but not less often than quarterly.

HISTORY: Code 1950, § 6-201.35; 1960, c. 402; 1966, c. 584, § 6.1-165; 1972,
c. 796, § 6.1-195.42; 1985, c. 425, § 6.1-194.15; 1991, c. 230, §
6.1-194.118; 2010, c. 794.