Virginia Code 6.2-1013: Definitions
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1013
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Control: means (i) ownership by a person of 25 percent or more of the voting stock of a trust company; (ii) control as defined in the Bank Holding Company Act of 1956 (12 U. See Virginia Code 6.2-1013
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Investment company: has the meaning assigned to it in the Investment Company Act of 1940 (15 U. See Virginia Code 6.2-1013
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Trust company: means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6. See Virginia Code 6.2-1000
- Trustee: A person or institution holding and administering property in trust.
“Agent” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act (§ 13.1-501 et seq.).
“Broker-dealer” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act.
“Control” means (i) ownership by a person of 25 percent or more of the voting stock of a trust company; (ii) control as defined in the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.); or (iii) as determined by the Commission, the exercise of a controlling influence over the management and policies of a trust company.
“Fiduciary” means executor, administrator, conservator, guardian of a minor, committee, or trustee.
“Investment advisor” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act.
“Investment advisor representative” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act.
“Investment company” has the meaning assigned to it in the Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.).
“Operating plan” means a plan submitted by an applicant for a certificate of authority, which plan establishes the policies and procedures a trust company will have in effect when the institution opens for business and thereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent improper influences from affecting the actions of the trustee, (iii) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct, and (iv) to assure compliance with applicable laws and regulations.
“Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.
1993, c. 432, § 6.1-32.11; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2004, c. 781; 2010, c. 794.