§ 6.2-1096. Surrender of trust powers by association
Any association that has been granted the right to exercise trust powers and that desires to surrender such rights shall file with the Commission a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the Commission shall make an investigation. If the Commission is satisfied that […]
§ 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association
A. If a receiver is appointed for an association, the receiver shall, pursuant to the orders of the Commission and of any court having jurisdiction, proceed to close such of the association’s trust accounts as can be closed promptly and shall promptly transfer all other such accounts to substitute fiduciaries. B. If an association exercising […]
§ 6.2-1098. Revocation of trust powers
A. If, in the opinion of the Commission, an association is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a period of five consecutive years to exercise, the powers granted by this chapter, or otherwise fails or has failed to comply with the requirements of this chapter, the Commission […]
§ 6.2-1099. Trust powers of state savings banks
State savings banks, and their subsidiaries and affiliates, may exercise fiduciary powers in the same manner as associations pursuant to this article. 1991, c. 230, § 6.1-194.138; 2010, c. 794.
§ 6.2-1091. Voting of financial institution stock held by association as fiduciary; when association disqualified from voting
A. When voting shares of a financial institution are held by an association in a trust account, the association may not vote or participate in the voting of any such shares if the securities held in such fiduciary capacity, together with all the other voting securities of such financial institution held in a fiduciary capacity […]
§ 6.2-1092. Transactions between trust accounts
A. An association may sell assets held by it as fiduciary in one trust account to itself as fiduciary in another trust account if the transaction is fair to both accounts and if such transaction is not prohibited by the terms of the governing instruments, court order, or the law of the Commonwealth. B. An […]
§ 6.2-1093. Custody of assets and investments held in trust
A. The assets and investments of each trust account shall be kept separate from the assets of the association and shall be placed in the joint custody or control of not fewer than two of the officers or employees of the association designated for that purpose by the board of directors of the association. All […]
§ 6.2-1094. Establishment of common trust funds and collective investment funds; court accountings
A. Any association authorized by the Commission to offer fiduciary services may establish and maintain one or more common trust funds for the collective investment of funds held in a fiduciary capacity by it. The association may include, in such common trust fund or funds established and maintained by it, funds held in a fiduciary […]
§ 6.2-1095. Compensation of association acting as fiduciary
A. If the amount of the compensation for acting in a fiduciary capacity is not provided for in the governing instrument or otherwise agreed to by the parties, an association acting in such capacity may charge or deduct reasonable compensation for its services. When the association is acting in a fiduciary capacity under appointment by […]
§ 6.2-1086. Association’s operation and supervision of trust department
A. The board of directors of an association is responsible for the proper exercise of fiduciary powers by the association. All matters pertinent thereto, including the determination of policies, the investment and disposition of property held in a fiduciary capacity, and the direction and review of the actions of all officers, employees, and committees utilized […]