Va. Code Ann. § 6.2-104
This is the official text of Va. Code Ann. § 6.2-104, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Officers and directors to serve only one institution
Official statutory text
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 as an officer or on the boards of directors 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.
1978, c. 683, § 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162; 2010, c. 794 ; 2026, c. 903 .
B. Notwithstanding the provisions of subsection A, the Commission, upon petition brought on behalf of an individual, may permit him to serve as an officer or on the boards of directors 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.
1978, c. 683, § 6.1-2.7; 1979, c. 376; 1987, c. 556; 1989, c. 162; 2010, c. 794 ; 2026, c. 903 .
Status: in_force · Read it on the official government site
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