§ 6.2-1048 — Organization of subsidiary trust companies

Virginia § 6.2-1048

• Jurisdiction: Virginia
• Title 6.2: FINANCIAL INSTITUTIONS AND SERVICES
• Subtitle II: DEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS
• Ch. 10: ENTITIES CONDUCTING TRUST BUSINESS
• Art. 3: TRUST SUBSIDIARIES

Text

A. A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the purpose of conducting a trust business and other activities and business incidental thereto in which a trust subsidiary is permitted to engage as provided in § 6.2-1049.

B. All the outstanding voting shares of a subsidiary trust company, other than directors' qualifying shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or (iii) both.

C. A trust subsidiary shall be subject to regular examination and supervision by the Commission or by the Comptroller of the Currency of the United States.

D. If incorporated under Title 13.1, a trust subsidiary shall pay such examination fees as may be from time to time imposed upon trust departments of banks that are subject to examination by the Commission.

Legislative History

1974, c. 286, § 6.1-32.3; 1991, c. 282; 2004, c. 781; 2010, c. 794.