Virginia Code 6.2-1082: Applications for permission to offer trust services
A. An association desiring to exercise fiduciary powers, either through a trust department or through an affiliate, shall file with the Commission an application indicating which trust services it wishes to offer and providing the information necessary to make the determinations required under subsection B.
Terms Used In Virginia Code 6.2-1082
- Affiliate: means , with respect to an association, a bank holding company, as defined in 12 U. See Virginia Code 6.2-1081
- Association: has the meaning assigned to it in § 6. See Virginia Code 6.2-1081
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Fiduciary: means the status resulting from an association's undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association's acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity. See Virginia Code 6.2-1081
- Fiduciary: A trustee, executor, or administrator.
- Trust department: means that group or groups of officers and employees of an association, or of an affiliate of an association, to whom are assigned the performance of fiduciary services by the association. See Virginia Code 6.2-1081
B. In addition to assessing any other facts or circumstances deemed proper, the Commission, in passing upon an application to exercise trust powers, shall not grant such application unless the Commission finds that:
1. The association’s capital structure is sufficiently strong to support such additional undertaking;
2. The personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to ensure compliance with the law and to protect the association against surcharge;
3. The granting of trust powers to the association will be in the public interest; and
4. The association has available legal counsel to advise and pass upon fiduciary matters wherever necessary.
1984, c. 303, § 6.1-195.79; 2010, c. 794.