Virginia Code 6.2-1077: Reacquisition of shares or interests; dividends
Current as of: 2023 | Check for updates
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A private trust company shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or declare a dividend or other distribution to its stockholders, members, or holders of equity interests, to the extent that such purchase, redemption, reacquisition, dividend, or distribution shall cause the private trust company’s paid-in capital, retained surplus and reserves to be reduced below $500,000.
Terms Used In Virginia Code 6.2-1077
- Private trust company: means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public. See Virginia Code 6.2-1074
- 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