{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-866.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-866.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-866.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-866.html"}],"law_id":374387,"edition_id":2,"section_id":374387,"structure_id":53232,"section_number":"6.2-866","catch_line":"Meetings of board of directors","history":"Code 1950, \u00a7 6-43; 1966, c. 584, \u00a7 6.1-52; 1981, c. 203; 2010, c. 794; 2019, cc. 242, 244.","full_text":"The board of directors of every bank shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) the Commission may allow less frequent meetings, but not less often than quarterly.\n\n","order_by":null,"text":{"0":{"id":1397588,"text":"The board of directors of every bank shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) 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":53232,"edition_id":2,"name":"Directors and Officers; Dividends","identifier":"8","label":"article","depth":4,"order_by":8,"parent_id":53224,"metadata":{"child_laws":10,"child_structures":0},"date_created":"2026-08-02 03:13:28","date_modified":"2026-08-02 12:27:58","permalink":{"id":1492603,"object_type":"structure","relational_id":53232,"identifier":"8","token":"6.2\/II\/8\/8","url":"\/6.2\/II\/8\/8\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53224,"edition_id":2,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":2,"parent_id":53156,"metadata":{"child_laws":155,"child_structures":17},"date_created":"2026-08-02 03:13:21","date_modified":"2026-08-02 12:27:57","permalink":{"id":1492067,"object_type":"structure","relational_id":53224,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":374381,"structure_id":53232,"section_number":"6.2-860","catch_line":"Bank to be managed by board of directors; number of directors","url":"\/6.2-860\/","token":"6.2\/II\/8\/8\/6.2-860","metadata":false},{"id":374382,"structure_id":53232,"section_number":"6.2-861","catch_line":"Application of Virginia Stock Corporation Act","url":"\/6.2-861\/","token":"6.2\/II\/8\/8\/6.2-861","metadata":false},{"id":374383,"structure_id":53232,"section_number":"6.2-862","catch_line":"Directors to own stock in bank","url":"\/6.2-862\/","token":"6.2\/II\/8\/8\/6.2-862","metadata":false},{"id":374384,"structure_id":53232,"section_number":"6.2-863","catch_line":"Oaths of directors","url":"\/6.2-863\/","token":"6.2\/II\/8\/8\/6.2-863","metadata":false},{"id":374385,"structure_id":53232,"section_number":"6.2-864","catch_line":"Report to Commission of election of director","url":"\/6.2-864\/","token":"6.2\/II\/8\/8\/6.2-864","metadata":false},{"id":374386,"structure_id":53232,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","metadata":{"court_decisions":""}},{"id":374387,"structure_id":53232,"section_number":"6.2-866","catch_line":"Meetings of board of directors","url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","metadata":false},{"id":374388,"structure_id":53232,"section_number":"6.2-867","catch_line":"Discount by officer, director, or employee of paper refused by bank","url":"\/6.2-867\/","token":"6.2\/II\/8\/8\/6.2-867","metadata":false},{"id":374389,"structure_id":53232,"section_number":"6.2-868","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-868\/","token":"6.2\/II\/8\/8\/6.2-868","metadata":false},{"id":374390,"structure_id":53232,"section_number":"6.2-869","catch_line":"Dividends; surplus; undivided profits","url":"\/6.2-869\/","token":"6.2\/II\/8\/8\/6.2-869","metadata":false}],"previous_section":{"id":374386,"structure_id":53232,"section_number":"6.2-865","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-865\/","token":"6.2\/II\/8\/8\/6.2-865","metadata":{"court_decisions":""}},"next_section":{"id":374388,"structure_id":53232,"section_number":"6.2-867","catch_line":"Discount by officer, director, or employee of paper refused by bank","url":"\/6.2-867\/","token":"6.2\/II\/8\/8\/6.2-867","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-866\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1966, chapter 584; in 1981, chapter 203; in 2010, chapter 794<\/a>; in 2019, chapters 242<\/a> and 244<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1492629,"object_type":"law","relational_id":374387,"identifier":"6.2-866","token":"6.2\/II\/8\/8\/6.2-866","url":"\/6.2-866\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-866\/","token":"6.2\/II\/8\/8\/6.2-866","dublin_core":{"Title":"Meetings of board of directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-866","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The board of directors of every bank<\/span> shall hold meetings at least once in each calendar month. At each meeting of the board, a majority of the whole board shall be necessary for the lawful transaction of business. Notwithstanding the foregoing, (i) the shareholders, by bylaw, may fix any number not less than a majority as a quorum and (ii) the 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 6.2-866)\n\nThe board of directors of every bank shall hold meetings at least once in each\ncalendar month. At each meeting of the board, a majority of the whole board\nshall be necessary for the lawful transaction of business. Notwithstanding the\nforegoing, (i) the shareholders, by bylaw, may fix any number not less than a\nmajority as a quorum and (ii) the Commission may allow less frequent meetings,\nbut not less often than quarterly.\n\nHISTORY: Code 1950, \u00a7 6-43; 1966, c. 584, \u00a7 6.1-52; 1981, c. 203; 2010, c.\n794; 2019, cc. 242, 244.","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"}}