A. None of the following individuals or entities shall acquire control of any trust company under § 6.2-1023:

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Terms Used In Virginia Code 6.2-1024

  • Affiliated trust company: means a trust company that is controlled by a trust company holding company. See Virginia Code 6.2-1000
  • Agent: has the meaning assigned to it in § 13. See Virginia Code 6.2-1013
  • Broker-dealer: has the meaning assigned to it in § 13. See Virginia Code 6.2-1013
  • 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.
  • Investment advisor: has the meaning assigned to it in § 13. See Virginia Code 6.2-1013
  • Investment advisor representative: has the meaning assigned to it in § 13. See Virginia Code 6.2-1013
  • Investment company: has the meaning assigned to it in the Investment Company Act of 1940 (15 U. See Virginia Code 6.2-1013
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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 business: means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. See Virginia Code 6.2-1000
  • 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
  • Trust company holding company: means a corporation that controls a trust company. See Virginia Code 6.2-1000

1. An agent;

2. A broker-dealer;

3. An investment advisor;

4. An investment advisor representative;

5. An investment company; or

6. Any corporation, limited liability company, partnership, business trust, association, or similar organization.

B. Nothing in this section shall prohibit (i) the formation of a trust company holding company by a trust company, (ii) any officer, director, or employee of a trust company holding company or a subsidiary of a trust company holding company from owning, indirectly, five percent or more of any class of capital stock of an affiliated trust company, or (iii) the acquisition of a trust company pursuant to § 6.2-1023 by a bank holding company as defined in 12 U.S.C. § 1841 or by a corporation that controls a subsidiary authorized to engage in the trust business under federal law or the laws of any state.

1993, c. 432, § 6.1-32.20; 1994, c. 524; 1995, c. 140; 2004, c. 781; 2010, c. 794.

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