Bill > SB734

This bill amends existing law to allow individuals to serve as officers or directors of more than one financial institution under certain conditions. Currently, an individual can generally only hold such positions in one financial institution unless both institutions are part of the same holding company. However, this bill introduces an exception, allowing the State Corporation Commission (SCC), a state regulatory body, to grant permission for an individual to serve on the boards of directors of multiple institutions if the SCC determines that these institutions are not in competition with each other, or if denying such service would prevent an institution from having competent management or direction from someone local to the area it serves.

Business and Industry

https://lis.virginia.gov/bill-details/20261/SB734