As used in this article, unless the context requires a different meaning: “Agent” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act (§ 13.1-501 et seq.). “Broker-dealer” has the meaning assigned to it in § 13.1-501 of the Virginia Securities Act. “Control” means (i) ownership by a person of 25 […]
No person shall engage in the trust business without first obtaining a certificate of authority from the Commission; however, a bank or savings institution authorized under state or federal laws to engage in the trust business or a trust subsidiary, including a national bank or federal savings bank described in clause (ii) of subsection B […]
A. An application for a certificate shall (i) be in writing, in such form as the Commission prescribes, (ii) be verified under oath, (iii) be supported by such information, data, and records as the Commission may require, and (iv) include an operating plan. B. Each application for a certificate of authority shall be accompanied by […]
A. No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require. B. In no event shall the amount of the surety bond be less than $1 million. C. The surety bond required by this section […]
Before any trust company shall begin business, it shall obtain from the Commission a certificate of authority authorizing it to do so. Prior to the issuance of such a certificate to a trust company or affiliated trust company, the Commission shall ascertain that: 1. All of the provisions of law have been complied with; 2. […]
A certificate shall not be issued under § 6.2-1017 to an applicant: 1. Unless it meets the minimum capital requirement for a trust company prescribed by § 6.2-1017; and 2. That is not a corporation organized under the laws of the Commonwealth. 1993, c. 432, §§ 6.1-32.15, 6.1-32.16; 1994, c. 7; 2010, c. 794.
A. A trust company shall not issue no-par stock. The stock of a trust company shall be paid for in money at not less than par value, and a trust company shall not begin business until it has received payment in full of the amounts of initial capital specified in its certificate of authority. B. […]
An affiliated trust company shall not: 1. During the underwriting period, purchase from an affiliated broker-dealer, for any trust account or for its own account, any security that is being underwritten by that broker-dealer; or 2. Purchase for any trust account or for its own account any security that is issued by a company that […]
The Commission shall not issue a certificate of authority to a trust company if any commissions, fees, brokerage, or other compensation by whatever name have been paid or contracted to be paid by the trust company, or by anyone in its behalf, directly or indirectly, to any person for the sale of stock in such […]
A. A trust company may not purchase, redeem or otherwise reacquire shares of stock it has issued, except that the Commission, upon the petition of a trust company, may permit the company to reacquire its own stock if the Commission finds that the proposed reacquisition will not jeopardize the safety and soundness of the trust […]
A. Except as provided in this section, no person shall acquire, directly or indirectly, 10 percent or more of the voting shares of a trust company unless such person first: 1. Files an application with the Commission in such form as the Commission may prescribe; 2. Delivers such other information to the Commission as the […]
A. None of the following individuals or entities shall acquire control of any trust company under § 6.2-1023: 1. An agent; 2. A broker-dealer; 3. An investment advisor; 4. An investment advisor representative; 5. An investment company; or 6. Any corporation, limited liability company, partnership, business trust, association, or similar organization. B. Nothing in this […]
Within 60 days following the election or reelection of any person as a director of a trust company, the trust company shall furnish such information to the Commission relative to his personal character, integrity, financial condition, and personal and business background as the Commission shall from time to time prescribe. Such report, under oath, shall […]
A. Whenever any director or officer of a trust company doing business in the Commonwealth, shall have continued to violate any law relating to such trust company or shall have continued unsafe or unsound practices in conducting the business of such trust company, after the director or officer, and the board of directors of the […]
A. The board of directors of every trust company shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. The surety on every bond shall be a bonding or surety company authorized to transact business in Virginia, […]
A. When satisfied that the public interest, as defined in subdivision 8 of § 6.2-1017, will be served, the Commission may authorize: 1. A trust company having paid-up and unimpaired capital and surplus in an amount deemed sufficient to warrant expansion to establish additional offices; and 2. The relocation of any office. B. The office […]
A. The affairs of every trust company shall be directed by a board of directors. The board shall consist of not less than five nor more than 25 individuals. A majority of the directors shall be citizens of the Commonwealth. B. Every director of a trust company shall be the sole owner, and have in […]
No officer, director, or employee of a trust company may purchase or discount any note or paper at a rate of interest in excess of what the trust company might charge knowing that the trust company has refused to purchase or discount such paper. Code 1950, § 6-44; 1966, c. 584, § 6.1-53; 2010, c. […]
Each trust company and trust company holding company shall file statements of condition and other reports with the Commission in accordance with requirements established by regulation. 1993, c. 432, § 6.1-32.23; 1995, c. 140; 2010, c. 794.
A. The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any trust company and of any trust company holding company. Examinations of such trust companies shall be conducted at least twice in each three-year period. B. In the course […]
