Va. Code § 6.2-1054

Current with changes from the 2024 legislative session through ch. 845

Section 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 and surplus of the trust subsidiary equal or exceed $200,000; and

2. The Commission is satisfied that (i) the trust subsidiary is capable of complying with the provisions of this chapter and (ii) the officers and directors have the moral fitness and business qualifications necessary to manage the trust subsidiary.

Va. Code § 6.2-1054

1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.

Amended by Acts 2010, § c. 794.

Amended by Acts 1997, § c. 801.

Amended by Acts 1974, § c. 286, § 6.1-32.5.