CHAPTER 200

An Act to amend and reenact § 6-88 of the Code of Virginia, relating to
election of directors of banks. [H 560]

Approved March 6, 1958

Be it enacted by the General Assembly of Virginia:
ba That § 6-88 of the Code of Virginia be amended and reenacted as

ollows:

§ 6-88. The directors of any bank incorporated under the laws of
this State shall be elected at the annual meeting of the stockholders, and
all directors shall hold office for the term prescribed in the certificate of
incorporation, or by-laws, and shall remain in office until their successors
are elected and qualified, subject to the provisions of § 6-37. Any vacancy
in the office of director shall be filled by appointment by the remaining
directors within ninety days after the occurrence of such vacancy, and any
director so appointed shall hold office until the next election unless sooner
removed for cause or unless his office becomes vacant under the provisions
of this chapter; provided, however, that, if the by-laws of any bank shall
provide for a greater number of directors than the number of those elected
at the annual meeting of the stockholders, the board may increase the
number of directors to the maximum number prescribed in such by-laws.
The directors so elected by the board shall hold < office until the next annual
meeting or until their successors are elected and qualified, subject to the
provisions of §§ 6-37 and 6-39; provided, however, that when it is desir-
able to reduce the membership ‘of the board, and it shall so resolve by an
appropriate resolution, the vacancy, if approved by the * State Corporation
Commission, shall be allowed to remain until the next regular meeting of
the stockholders.