Board of Directors; Officers. (a) At the Effective Date, the boards of directors of the Bank and the Holding Company shall continue to serve as the directors of the Bank and the Holding Company, respectively, except as otherwise determined in the discretion of the Boards prior to the Effective Date, until the next annual meeting or until such time as their successors have been elected and qualified.
Appears in 5 contracts
Samples: Agreement and Plan of Reorganization (Alliance Bankshares Corp), Agreement and Plan of Reorganization (OptimumBank Holdings, Inc.), Agreement and Plan of Reorganization (First Bankshares, Inc.)
Board of Directors; Officers. (a) At the Effective Date, the boards of directors of the Bank and the Holding Company shall continue to serve as the directors of the Continuing Bank and the Holding Company, respectively, except as otherwise determined in the discretion of the Boards prior to the Effective Date, until the next annual meeting or until such time as their successors have been elected and qualified.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (Pinnacle Bankshares Corp)
Board of Directors; Officers. (a) At the Effective Date, the members of the boards of directors of the Bank and the Holding Company shall continue to serve in office as the directors of the Bank and the Holding Company, respectively, except as otherwise determined in the discretion of the Boards prior to the Effective Date, until the next annual meeting or until such time as their successors have been elected and qualified.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (Hampton Roads Bankshares Inc)
