Virginia Code 6.2-1065: Definitions
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1065
- 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
- Bank: has the meaning assigned to it in 12 U. See Virginia Code 6.2-1065
- Bank supervisory agency: means : (i) any agency of another state with primary responsibility for chartering and supervising a trust institution and (ii) the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System and any successor to these agencies. See Virginia Code 6.2-1065
- 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.
- Entity: means any 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
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- 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
- Host state: means a state, other than the home state of a trust institution, in which the trust institution maintains or seeks to acquire or establish an 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
- State trust company: means a corporation organized or reorganized as a trust company under Article 2 (§ 6. See Virginia Code 6.2-1065
- 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 state trust company or any other entity chartered to act as a fiduciary that is not a bank. See Virginia Code 6.2-1065
- 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
- United States: includes 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 1-255
“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.
“Bank” has the meaning assigned to it in 12 U.S.C. § 1813 (a)(1) of the Federal Deposit Insurance Company Act of 1956 (12 U.S.C. § 1811 et seq.), as amended.
“Bank supervisory agency” means: (i) any agency of another state with primary responsibility for chartering and supervising a trust institution and (ii) the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System and any successor to these agencies.
“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.
“Home state regulator” means the bank supervisory agency with primary responsibility for chartering and supervising an out-of-state trust institution.
“Host state” means a state, other than the home state of a trust institution, in which the trust institution maintains or seeks to acquire or establish an office.
“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.
“Office” with respect to a trust institution means the principal office or a trust office, but not a branch.
“Out-of-state bank” means a bank chartered to act as a fiduciary whose home state is a state other than the Commonwealth.
“Out-of-state trust company” means a trust company or trust subsidiary whose home state is a state other than the Commonwealth.
“Out-of-state trust institution” means a trust institution whose home state is a state other than the Commonwealth.
“Principal office” with respect to (i) a state trust company, means a location designated by such trust company as its main office pursuant to § 6.2-1028 or 6.2-1047 or (ii) a trust institution other than a state trust company, means its principal place of business in the United States.
“State bank” or “Virginia state bank” means a bank chartered under the laws of the Commonwealth and permitted to engage in the trust business pursuant to § 6.2-819.
“State trust company” means a corporation organized or reorganized as a trust company under Article 2 (§ 6.2-1013 et seq.) or Article 3 (§ 6.2-1047 et seq.) of this chapter.
“State trust institution” means a trust institution having its principal office in the Commonwealth.
“Trust company” means a state trust company or any other entity chartered to act as a fiduciary that is not a bank.
“Trust institution” means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency.
“Trust office” means an office at which a trust institution engages in a trust business and not in the banking business.