Virginia Code 6.2-1087: Books and accounts
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Every association exercising trust powers shall keep its fiduciary records separate and distinct from other records of the association. All fiduciary records shall be so kept and retained for such time as to enable the association to furnish such information or reports with respect thereto as may be required by the Commissioner. The fiduciary records shall contain full information relative to each account. Every association shall also keep an adequate record of all pending litigation to which the association is a party in connection with its exercise of trust powers.
Terms Used In Virginia Code 6.2-1087
- Association: has the meaning assigned to it in § 6. See Virginia Code 6.2-1081
- Commissioner: means the Commissioner of Financial Institutions. 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.
- Fiduciary records: means all matters which are written, transcribed, recorded, received, or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association. See Virginia Code 6.2-1081
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
1984, c. 30, § 6.1-195.84; 2010, c. 794.