{"data":{"id":"us-va/10vac5-22-20","jurisdiction":"us-va","citation":"10VAC5-22-20","heading":"Preliminary statement; responsibility of the board of directors; meetings of the board","body":"The board of directors of a trust company shall be composed of individuals who are qualified by character and business experience to direct the affairs of a corporate fiduciary. The board shall be responsible for directing the affairs of the company in accordance with general principles of law relating to trusts and fiduciaries, Virginia statutory and common law, and other applicable laws and regulations.\n\nThe board of directors shall hold a meeting at least once in each calendar month, unless at the request of a trust company the commission allows, for cause, less frequent meetings. A majority of the board must be present for the lawful transaction of business. However, the stockholders may fix, by bylaw, a number not less than five as a quorum.","path":["Title 10. Finance And Financial Institutions","Agency 5. State Corporation Commission","Chapter 22. Trust Company Regulations"],"source_url":"https://law.lis.virginia.gov/admincode/title10/agency5/chapter22/section20/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:49:32Z","sha256":"6348ad3a291a8347c1314f86f265f1a96a27efcb1c5ac62bc1d37b0bf8d1c9b8","source_id":"us-va-vac","stale":false,"prev":"us-va/10vac5-22-10","next":"us-va/10vac5-22-30"},"notice":"GroundRules: Original legal text. Not legal advice."}