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Abingdon, Va.-based Highlands Bankshares amends bylaws

Highlands Bankshares Inc.'s board on March 23 amended the company's bylaws to remove a section that had required reimbursement by a shareholder of the Abingdon, Va.-based company to the company and/or to its officers or directors of litigation costs and expenses, including attorneys fees, in certain circumstances.

The circumstances stated by the company in a regulatory filing include any derivative proceeding in which the court does not determine that such proceeding resulted in a substantial benefit to the company, and certain proceedings relating to inspection of records in which the court does not determine that the company refused inspection without a reasonable basis for doubt about the right of the shareholder to inspect the records demanded.

The amendment took effect immediately.