Virginia Code 6.2-1047: Definitions
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1047
- Bank: has the meaning assigned to it in § 6. See Virginia Code 6.2-1047
- Bank holding company: has the meaning assigned to it in § 6. See Virginia Code 6.2-1047
- Fiduciary: A trustee, executor, or administrator.
- Subsidiary bank: means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company. See Virginia Code 6.2-1047
- 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 institution: means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary. See Virginia Code 6.2-1000
- Virginia bank holding company: means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth. See Virginia Code 6.2-1047
“Affiliate bank” with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a subsidiary all the shares, except directors’ qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bank that owns some or all of the shares of a trust subsidiary or a subsidiary bank.
“Bank” has the meaning assigned to it in § 6.2-800.
“Bank holding company” has the meaning assigned to it in § 6.2-800.
“Bank under common ownership” means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.
“Fiduciary capacity” means every capacity in which a trust institution is granted the right to act pursuant to § 6.2-1002 and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds.
“Main office” is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted.
“Owning bank” means a bank owning 10 percent or more of the shares of a trust subsidiary.
“Subsidiary bank” means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company.
“Trust office” means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business.
“Trust subsidiary under common ownership” means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.
“Virginia bank holding company” means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.
1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.