As used in this article, unless the context requires a different meaning: “Acquisition of a trust office” means the acquisition of a trust office located in a host state, without acquiring the trust institution of such office. “Bank” has the meaning assigned to it in 12 U.S.C. § 1813 (a)(1) of the Federal Deposit Insurance […]
A. With the prior approval of the Commission, any Virginia state bank or state trust company may establish a new trust office or acquire a trust office in a state other than the Commonwealth. B. A Virginia state bank or state trust company desiring to establish and maintain a trust office in another state under […]
A. An out-of-state trust institution that establishes or maintains one or more offices in the Commonwealth under this article may conduct any activity at each such office that would be authorized under the laws of the Commonwealth for a state trust institution to conduct at such an office. B. An out-of-state trust institution may engage […]
A. An out-of-state trust institution that does not already maintain a trust office in the Commonwealth and that meets the requirements of this article may: 1. Establish and maintain a new trust office in the Commonwealth; or 2. Acquire and maintain a trust office in the Commonwealth. B. An out-of-state trust institution that maintains a […]
An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in the Commonwealth pursuant to this article shall submit to the Commission a copy of the application or notice it files with its home state regulator or the responsible federal bank supervisory agency to establish […]
A trust office of an out-of-state trust institution shall not be acquired or established under this article unless: 1. In the case of a new trust office, the laws of the home state of the out-of-state trust institution permit state trust institutions to establish and maintain new trust offices in that state under substantially the […]
A. The Commission may make such examinations of any office established and maintained in the Commonwealth pursuant to this article by an out-of-state trust institution as the Commission may deem necessary to determine whether the office is operating in compliance with the laws of the Commonwealth and to ensure the office is being operated in […]
If the Commission determines that there is any violation of any applicable law or regulation in the operation of an out-of-state trust institution engaged in business in this state or that a trust office of such an institution in this state is being operated in an unsafe and unsound manner, the Commission shall have authority […]
The Commission may adopt such regulations, and may provide for the payment of such reasonable application and administration fees, as it finds necessary and appropriate in order to implement the provisions of this article. 1999, c. 835, § 6.1-32.43; 2010, c. 794.
