Virginia Code 6.2-1070: Conditions for approval.
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A trust office of an out-of-state trust institution shall not be acquired or established under this article unless:
Terms Used In Virginia Code 6.2-1070
- Acquisition of a trust office: means the acquisition of a trust office located in a host state, without acquiring the trust institution of such office. See Virginia Code 6.2-1065
- Home state: means (i) with respect to a federally chartered trust institution, the state where such institution maintains its principal office and (ii) with respect to any other trust institution, the state that chartered such institution. See Virginia Code 6.2-1065
- New trust office: means a trust office located in a host state that (i) is originally established by the trust institution as a trust office and (ii) does not become a trust office of the trust institution as a result of (a) the acquisition of another trust institution or trust office of another trust institution or (b) a merger, consolidation, or conversion involving any such trust institution or trust office. See Virginia Code 6.2-1065
- Out-of-state trust institution: means a trust institution whose home state is a state other than the Commonwealth. See Virginia Code 6.2-1065
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Trust institution: means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency. See Virginia Code 6.2-1065
- Trust office: means an office at which a trust institution engages in a trust business and not in the banking business. See Virginia Code 6.2-1065
1. In the case of a new trust office, the laws of the home state of the out-of-state trust institution permit state trust institutions to establish and maintain new trust offices in that state under substantially the same terms as set forth in this article.
2. In the case of a trust office to be established through the acquisition of a trust office, the laws of the home state of the out-of-state trust institution permit state trust institutions to establish and maintain trust offices in that state through the acquisition of trust offices under substantially the same terms as set forth in this article.