§ 6.2-1052. Removal of director or officer; appeals; penalty
A. Whenever any director or officer of a trust subsidiary doing business in the Commonwealth, shall have continued to violate any law relating to such trust subsidiary or shall have continued unsafe or unsound practices in conducting the business of such trust subsidiary, after the director or officer, and the board of directors of the […]
§ 6.2-1053. Bonds required of officers and employees; blanket bond
A. The board of directors of every trust subsidiary 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, […]
§ 6.2-1054. Certificate required
No trust subsidiary, other than a wholly owned subsidiary of a national banking association, shall engage in trust business without first obtaining a certificate of authority from the Commission, or the Comptroller of the Currency if it is organized as a national banking association. The Commission shall not grant such certificate unless: 1. The capital […]
§ 6.2-1055. Trust offices
A trust subsidiary may have trust offices at locations where branches are permitted under § 6.2-831, upon approval of the Commission. 1974, c. 286, § 6.1-32.6; 1987, c. 352; 2010, c. 794.
§ 6.2-1050. Directors
The affairs of every trust subsidiary incorporated under the laws of the Commonwealth shall be managed by a board of directors. The board shall consist of not fewer than five individuals. A majority of the directors shall be citizens of the Commonwealth. Directors need not be stockholders of the trust subsidiary unless the articles of […]
§ 6.2-1047. Definitions
As used in this article, unless the context requires a different meaning: “Affiliate bank” with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a […]
§ 6.2-1048. Organization of subsidiary trust companies
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 […]
§ 6.2-1049. Permissible business
A trust subsidiary shall be permitted to engage in trust business and activities that may be engaged in by a bank pursuant to § 6.2-1002, and business incidental thereto. A trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it. 1974, […]