§ 6.2-1076. Operation and powers
Every private trust company shall have and shall conduct its business in accordance with an operating plan and in accordance with generally accepted fiduciary standards. A private trust company when engaging in a private trust business shall have the same rights, powers, and privileges as a trust institution pursuant to § 6.2-1002, including the power […]
§ 6.2-1077. Reacquisition of shares or interests; dividends
A private trust company shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or declare a dividend or other distribution to its stockholders, members, or holders of equity interests, to the extent that such purchase, redemption, reacquisition, dividend, or distribution shall cause the private […]
§ 6.2-1078. Offices
A. The office at which a private trust company begins business shall be designated initially as its principal office. The board of directors or managers of a private trust company may thereafter redesignate as the principal office another authorized office of the private trust company in the Commonwealth. B. The board of directors or managers […]
§ 6.2-1079. Directors or managers
The affairs of every private trust company shall be directed by a board of directors if a corporation, or managers if a limited liability company, consisting of not less than five nor more than 25 persons. At least one director or manager shall be a citizen of the Commonwealth. 2003, c. 910, § 6.1-32.30:6; 2010, […]
§ 6.2-1071. Examinations; periodic reports; cooperative agreements; assessment of fees
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 […]
§ 6.2-1072. Enforcement
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 […]
§ 6.2-1073. Regulations; fees
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.
§ 6.2-1074. Definitions
As used in this article, unless the context requires a different meaning: “Degrees of kinship” means, with respect to two persons, (i) degrees of lineal kinship computed by counting one degree for each person in the line of ascent or descent, exclusive of the person from whom the computing begins and (ii) degrees of collateral […]
§ 6.2-1075. Organization; minimum capital; notice to Bureau; control
A. No person other than a corporation or limited liability company organized under the laws of the Commonwealth to engage exclusively in the private trust business shall act as a private trust company. B. No person may act as a private trust company unless and until family members have subscribed for capital stock or interests, […]
§ 6.2-1066. Interstate trust offices by Virginia state banks
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 […]