{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1122.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1122.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1122.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1122.html"}],"law_id":373648,"edition_id":2,"section_id":373648,"structure_id":53167,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","history":"Code 1950, \u00a7 6-201.35; 1960, c. 402; 1966, c. 584, \u00a7 6.1-165; 1972, c. 796, \u00a7 6.1-195.42; 1985, c. 425, \u00a7 6.1-194.15; 1991, c. 230, \u00a7 6.1-194.118; 2010, c. 794.","full_text":"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.\n\n","order_by":null,"text":{"0":{"id":1394512,"text":"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53167,"edition_id":2,"name":"Incorporation; Certificate of Authority; Corporate Administration","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":53165,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 03:11:55","date_modified":"2026-08-02 12:28:02","permalink":{"id":1491163,"object_type":"structure","relational_id":53167,"identifier":"2","token":"6.2\/II\/11\/2","url":"\/6.2\/II\/11\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53165,"edition_id":2,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":5,"parent_id":53156,"metadata":{"child_laws":106,"child_structures":9},"date_created":"2026-08-02 03:11:54","date_modified":"2026-08-02 12:28:02","permalink":{"id":1491103,"object_type":"structure","relational_id":53165,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53156,"edition_id":2,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":53152,"metadata":{"child_laws":483,"child_structures":51},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:27:56","permalink":{"id":1490687,"object_type":"structure","relational_id":53156,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373640,"structure_id":53167,"section_number":"6.2-1114","catch_line":"Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act","url":"\/6.2-1114\/","token":"6.2\/II\/11\/2\/6.2-1114","metadata":false},{"id":373641,"structure_id":53167,"section_number":"6.2-1115","catch_line":"Formation of state savings institutions","url":"\/6.2-1115\/","token":"6.2\/II\/11\/2\/6.2-1115","metadata":false},{"id":373642,"structure_id":53167,"section_number":"6.2-1116","catch_line":"Corporation name","url":"\/6.2-1116\/","token":"6.2\/II\/11\/2\/6.2-1116","metadata":false},{"id":373643,"structure_id":53167,"section_number":"6.2-1117","catch_line":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","url":"\/6.2-1117\/","token":"6.2\/II\/11\/2\/6.2-1117","metadata":false},{"id":373644,"structure_id":53167,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","metadata":false},{"id":373645,"structure_id":53167,"section_number":"6.2-1119","catch_line":"Commissions and other fees for sale of stock not permitted","url":"\/6.2-1119\/","token":"6.2\/II\/11\/2\/6.2-1119","metadata":false},{"id":373646,"structure_id":53167,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","metadata":false},{"id":373647,"structure_id":53167,"section_number":"6.2-1121","catch_line":"Board of directors","url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","metadata":false},{"id":373648,"structure_id":53167,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","metadata":false},{"id":373649,"structure_id":53167,"section_number":"6.2-1123","catch_line":"Notice of meetings of members; determining members entitled to notice or to vote","url":"\/6.2-1123\/","token":"6.2\/II\/11\/2\/6.2-1123","metadata":false},{"id":373650,"structure_id":53167,"section_number":"6.2-1124","catch_line":"Voting rights; proxies","url":"\/6.2-1124\/","token":"6.2\/II\/11\/2\/6.2-1124","metadata":false},{"id":373651,"structure_id":53167,"section_number":"6.2-1125","catch_line":"Access to books and records; communication with members","url":"\/6.2-1125\/","token":"6.2\/II\/11\/2\/6.2-1125","metadata":false},{"id":373652,"structure_id":53167,"section_number":"6.2-1126","catch_line":"Audit of savings institution; report","url":"\/6.2-1126\/","token":"6.2\/II\/11\/2\/6.2-1126","metadata":false},{"id":373653,"structure_id":53167,"section_number":"6.2-1127","catch_line":"Bonds of officers and employees","url":"\/6.2-1127\/","token":"6.2\/II\/11\/2\/6.2-1127","metadata":false},{"id":373654,"structure_id":53167,"section_number":"6.2-1128","catch_line":"Loans to executive officers or directors","url":"\/6.2-1128\/","token":"6.2\/II\/11\/2\/6.2-1128","metadata":false},{"id":373655,"structure_id":53167,"section_number":"6.2-1129","catch_line":"Overdrafts by savings institution officers, directors or employees","url":"\/6.2-1129\/","token":"6.2\/II\/11\/2\/6.2-1129","metadata":false},{"id":373656,"structure_id":53167,"section_number":"6.2-1130","catch_line":"Reserves; surplus and undivided profits","url":"\/6.2-1130\/","token":"6.2\/II\/11\/2\/6.2-1130","metadata":false},{"id":373657,"structure_id":53167,"section_number":"6.2-1131","catch_line":"Liability of members of mutual savings institutions","url":"\/6.2-1131\/","token":"6.2\/II\/11\/2\/6.2-1131","metadata":false},{"id":373658,"structure_id":53167,"section_number":"6.2-1132","catch_line":"Mutual capital certificates","url":"\/6.2-1132\/","token":"6.2\/II\/11\/2\/6.2-1132","metadata":false}],"previous_section":{"id":373647,"structure_id":53167,"section_number":"6.2-1121","catch_line":"Board of directors","url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","metadata":false},"next_section":{"id":373649,"structure_id":53167,"section_number":"6.2-1123","catch_line":"Notice of meetings of members; determining members entitled to notice or to vote","url":"\/6.2-1123\/","token":"6.2\/II\/11\/2\/6.2-1123","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1122\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1985, chapter 425; in 1991, chapter 230; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1491197,"object_type":"law","relational_id":373648,"identifier":"6.2-1122","token":"6.2\/II\/11\/2\/6.2-1122","url":"\/6.2-1122\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","dublin_core":{"Title":"Meetings of board of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1122","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The board of directors of every <span class=\"dictionary\">state savings institution<\/span> 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 <span class=\"dictionary\">members<\/span>, by bylaw, have fixed another number, which in the case of a <span class=\"dictionary\">state savings bank<\/span> shall be not less than five, as a quorum. The <span class=\"dictionary\">Commission<\/span> may allow less frequent meetings, but not less often than quarterly.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMEETINGS OF BOARD OF DIRECTORS (\u00a7 6.2-1122)\n\nThe board of directors of every state savings institution shall hold meetings at\nleast once in every calendar month. At any meeting a majority of the whole board\nshall be necessary for the lawful transaction of business, unless the\nstockholders or members, by bylaw, have fixed another number, which in the case\nof a state savings bank shall be not less than five, as a quorum. The Commission\nmay allow less frequent meetings, but not less often than quarterly.\n\nHISTORY: Code 1950, \u00a7 6-201.35; 1960, c. 402; 1966, c. 584, \u00a7 6.1-165; 1972,\nc. 796, \u00a7 6.1-195.42; 1985, c. 425, \u00a7 6.1-194.15; 1991, c. 230, \u00a7\n6.1-194.118; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}