{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3807.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3807.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3807.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3807.html"}],"law_id":362442,"edition_id":2,"section_id":362442,"structure_id":51761,"section_number":"38.2-3807","catch_line":"Governing body; board of directors","history":"Code 1950, \u00a7 38-480; 1952, c. 317, \u00a7 38.1-505; 1986, c. 562.","full_text":"The governing body of each company shall meet at least once every four years. Meetings of the governing body may be held in any state where the company is authorized to do business. The members of the governing body shall not vote by proxy.\n\nA board of directors to conduct the business of the company shall be elected by the governing body for a period of not more than four years or until the next quadrennial meeting of the body. The board of directors shall elect the officers to conduct the business of the company under its direction. No officer shall be elected for a period beyond that for which the board of directors has been elected.\n\n","order_by":null,"text":{"0":{"id":1350078,"text":"The governing body of each company shall meet at least once every four years. Meetings of the governing body may be held in any state where the company is authorized to do business. The members of the governing body shall not vote by proxy.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1350079,"text":"A board of directors to conduct the business of the company shall be elected by the governing body for a period of not more than four years or until the next quadrennial meeting of the body. The board of directors shall elect the officers to conduct the business of the company under its direction. No officer shall be elected for a period beyond that for which the board of directors has been elected.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":51761,"edition_id":2,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":51760,"metadata":{"child_laws":14,"child_structures":0},"date_created":"2026-08-02 02:48:17","date_modified":"2026-08-02 12:33:16","permalink":{"id":1443153,"object_type":"structure","relational_id":51761,"identifier":"1","token":"38.2\/38\/1","url":"\/38.2\/38\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51760,"edition_id":2,"name":"Cooperative Nonprofit Life Benefit Companies","identifier":"38","label":"chapter","depth":2,"order_by":40,"parent_id":51644,"metadata":{"child_laws":19,"child_structures":2},"date_created":"2026-08-02 02:48:17","date_modified":"2026-08-02 12:33:16","permalink":{"id":1443151,"object_type":"structure","relational_id":51760,"identifier":"38","token":"38.2\/38","url":"\/38.2\/38\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":362435,"structure_id":51761,"section_number":"38.2-3800","catch_line":"Scope of chapter","url":"\/38.2-3800\/","token":"38.2\/38\/1\/38.2-3800","metadata":false},{"id":362436,"structure_id":51761,"section_number":"38.2-3801","catch_line":"Cooperative nonprofit life benefit company defined","url":"\/38.2-3801\/","token":"38.2\/38\/1\/38.2-3801","metadata":false},{"id":362437,"structure_id":51761,"section_number":"38.2-3802","catch_line":"Continuation of existing companies","url":"\/38.2-3802\/","token":"38.2\/38\/1\/38.2-3802","metadata":false},{"id":362438,"structure_id":51761,"section_number":"38.2-3803","catch_line":"Licensing of additional companies prohibited","url":"\/38.2-3803\/","token":"38.2\/38\/1\/38.2-3803","metadata":false},{"id":362439,"structure_id":51761,"section_number":"38.2-3804","catch_line":"What laws applicable","url":"\/38.2-3804\/","token":"38.2\/38\/1\/38.2-3804","metadata":false},{"id":362440,"structure_id":51761,"section_number":"38.2-3805","catch_line":"General powers of company; limitation on increase in rates","url":"\/38.2-3805\/","token":"38.2\/38\/1\/38.2-3805","metadata":false},{"id":362441,"structure_id":51761,"section_number":"38.2-3806","catch_line":"Constitution and bylaws","url":"\/38.2-3806\/","token":"38.2\/38\/1\/38.2-3806","metadata":false},{"id":362442,"structure_id":51761,"section_number":"38.2-3807","catch_line":"Governing body; board of directors","url":"\/38.2-3807\/","token":"38.2\/38\/1\/38.2-3807","metadata":false},{"id":362443,"structure_id":51761,"section_number":"38.2-3808","catch_line":"Filing copies of constitution and bylaws","url":"\/38.2-3808\/","token":"38.2\/38\/1\/38.2-3808","metadata":false},{"id":362444,"structure_id":51761,"section_number":"38.2-3809","catch_line":"How a company may become legal reserve life insurer","url":"\/38.2-3809\/","token":"38.2\/38\/1\/38.2-3809","metadata":false},{"id":362445,"structure_id":51761,"section_number":"38.2-3810","catch_line":"Institutions maintainable; company a charitable institution","url":"\/38.2-3810\/","token":"38.2\/38\/1\/38.2-3810","metadata":false},{"id":362446,"structure_id":51761,"section_number":"38.2-3811","catch_line":"Benefits not subject to process","url":"\/38.2-3811\/","token":"38.2\/38\/1\/38.2-3811","metadata":false},{"id":362447,"structure_id":51761,"section_number":"38.2-3812","catch_line":"Tax on gross premium receipts","url":"\/38.2-3812\/","token":"38.2\/38\/1\/38.2-3812","metadata":false},{"id":362448,"structure_id":51761,"section_number":"38.2-3813","catch_line":"Suits against company","url":"\/38.2-3813\/","token":"38.2\/38\/1\/38.2-3813","metadata":false}],"previous_section":{"id":362441,"structure_id":51761,"section_number":"38.2-3806","catch_line":"Constitution and bylaws","url":"\/38.2-3806\/","token":"38.2\/38\/1\/38.2-3806","metadata":false},"next_section":{"id":362443,"structure_id":51761,"section_number":"38.2-3808","catch_line":"Filing copies of constitution and bylaws","url":"\/38.2-3808\/","token":"38.2\/38\/1\/38.2-3808","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3807\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":1443183,"object_type":"law","relational_id":362442,"identifier":"38.2-3807","token":"38.2\/38\/1\/38.2-3807","url":"\/38.2-3807\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3807\/","token":"38.2\/38\/1\/38.2-3807","dublin_core":{"Title":"Governing body; board of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3807","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The governing body of each <span class=\"dictionary\">company<\/span> shall meet at least once every four years. Meetings of the governing body may be held in any <span class=\"dictionary\">state<\/span> where the <span class=\"dictionary\">company<\/span> is authorized to do business. The members of the governing body shall not vote by proxy.<\/p><p>A board of directors to conduct the business of the <span class=\"dictionary\">company<\/span> shall be elected by the governing body for a period of not more than four years or until the next quadrennial meeting of the body. The board of directors shall elect the officers to conduct the business of the <span class=\"dictionary\">company<\/span> under its direction. No officer shall be elected for a period beyond that for which the board of directors has been elected.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nGOVERNING BODY; BOARD OF DIRECTORS (\u00a7 38.2-3807)\n\nThe governing body of each company shall meet at least once every four years.\nMeetings of the governing body may be held in any state where the company is\nauthorized to do business. The members of the governing body shall not vote by\nproxy.\n\nA board of directors to conduct the business of the company shall be elected by\nthe governing body for a period of not more than four years or until the next\nquadrennial meeting of the body. The board of directors shall elect the officers\nto conduct the business of the company under its direction. No officer shall be\nelected for a period beyond that for which the board of directors has been\nelected.\n\nHISTORY: Code 1950, \u00a7 38-480; 1952, c. 317, \u00a7 38.1-505; 1986, c. 562.","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"}}