Virginia Code 6.2-1021: Commissions or fees for sale of stock not permitted
Current as of: 2023 | Check for updates
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The Commission shall not issue a certificate of authority to a trust company if any commissions, fees, brokerage, or other compensation by whatever name have been paid or contracted to be paid by the trust company, or by anyone in its behalf, directly or indirectly, to any person for the sale of stock in such trust company. Nothing herein shall be construed to prohibit a trust company that has been issued a certificate of authority and is conducting operations from paying or contracting to pay such commissions or fees in connection with the issue or reissue of shares of stock of the trust company.
Terms Used In Virginia Code 6.2-1021
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- 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