Code of Virginia
Chapter 10 - Entities Conducting Trust Business
§ 6.2-1000. Definitions

As used in this chapter, unless the context requires otherwise:
"Affiliated trust company" means a trust company that is controlled by a trust company holding company.
"Trust business" means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. A person does not engage in trust business by:
1. Rendering services as an attorney at law, either individually or through an entity wholly owned by attorneys at law, in the performance of duties as a fiduciary;
2. Rendering services as a certified or registered public accountant in the performance of duties as such;
3. Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
4. Acting as a trustee in bankruptcy or as a receiver;
5. Holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;
6. Engaging in the business of an escrow agent;
7. Holding assets as trustee of a trust created for charitable purposes if:
a. The trustee is an entity exempt from federal income tax under § 501(c) (3) of the Internal Revenue Code; and
b. The trust is (i) exempt from federal income taxes under § 501(c) (3) of the Internal Revenue Code; (ii) a charitable remainder trust described in § 664 of the Internal Revenue Code; (iii) a pooled income fund described in § 642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitable interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;
8. Receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or
9. Engaging in securities transactions as a broker-dealer or salesman.
"Trust company" means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6.2-1013 et seq.) of this chapter, the powers of which are expressly restricted to the conduct of trust business.
"Trust company holding company" means a corporation that controls a trust company. A trust company holding company shall not be deemed a financial institution holding company for any purpose under this title unless it controls a financial institution other than an affiliated trust company or another financial institution holding company.
"Trust institution" means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary.
"Trust subsidiary" or "subsidiary trust company" means a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or an association organized under the National Banking Act with its main office located in the Commonwealth, that is authorized to transact trust business and business incidental thereto, but not to accept deposits except as incidental to such trust business.
1974, c. 286, § 6.1-32.2; 1991, c. 282; 1993, c. 432, §§ 6.1-32.11, 6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c. 781; 2010, c. 794; 2022, c. 323.

Structure Code of Virginia

Code of Virginia

Title 6.2 - Financial Institutions and Services

Chapter 10 - Entities Conducting Trust Business

§ 6.2-1000. Definitions

§ 6.2-1001. Entities authorized to engage in trust business

§ 6.2-1002. Powers of trust institutions

§ 6.2-1003. When security not required; payment of probate taxes and fees

§ 6.2-1004. Who may take oath for corporate fiduciary

§ 6.2-1005. Deposit or other use of trust funds

§ 6.2-1006. Custody of trust securities to be kept separate; federal securities and obligations

§ 6.2-1007. Investment of trust funds

§ 6.2-1008. Dealings with self or affiliates

§ 6.2-1009. Common trust and collective investment funds

§ 6.2-1010. Holding stock or other securities as fiduciary

§ 6.2-1011. Voting of bank shares held by trust institution as fiduciary; when disqualified

§ 6.2-1012. Suspension or prohibition of trust institutions

§ 6.2-1013. Definitions

§ 6.2-1014. Certificate required

§ 6.2-1015. Application for certificate; fee

§ 6.2-1016. Bond required

§ 6.2-1017. Procedure for granting or denying certificate

§ 6.2-1018. Minimum capital; state of incorporation; form of entity

§ 6.2-1019. Issuance of shares; subscriptions to stock; stock option plans

§ 6.2-1020. Certain transactions by affiliated trust companies prohibited

§ 6.2-1021. Commissions or fees for sale of stock not permitted

§ 6.2-1022. Reacquisition of shares; dividends

§ 6.2-1023. Acquisition of stock; application

§ 6.2-1024. Restrictions on control, officers and directors

§ 6.2-1025. Report to Commission of election of director

§ 6.2-1026. Removal of director or officer; appeals; penalty

§ 6.2-1027. Bonds required of officers and employees; blanket bond

§ 6.2-1028. Offices

§ 6.2-1029. Directors

§ 6.2-1030. Discount by officer, director, or employee of refused paper

§ 6.2-1031. Reports

§ 6.2-1032. Investigations; examinations

§ 6.2-1033. Fees

§ 6.2-1034. Regulations

§ 6.2-1035. Audits

§ 6.2-1036. Commission's remedial powers

§ 6.2-1037. Effect of surrender or revocation of certificate

§ 6.2-1038. Appointment of receiver

§ 6.2-1039. Engaging in trust business without authority; Commission may examine accounts of suspected person; penalty

§ 6.2-1040. Unlawful use of terms indicating that business is trust company; penalty

§ 6.2-1041. Civil penalties for failure to comply with § 62-1031 or 62-1032

§ 6.2-1042. Making derogatory statements affecting trust companies; penalty

§ 6.2-1043. Use of trust company name, logo, or symbol for marketing purposes; penalty

§ 6.2-1044. Offenses by officer, director, agent or employee of trust company; penalties

§ 6.2-1045. Officers, directors, agents and employees violating or causing trust company to violate laws; civil liability not affected

§ 6.2-1046. Civil penalties for violation of Commission's orders

§ 6.2-1047. Definitions

§ 6.2-1048. Organization of subsidiary trust companies

§ 6.2-1049. Permissible business

§ 6.2-1050. Directors

§ 6.2-1051. Report to Commission of election of director

§ 6.2-1052. Removal of director or officer; appeals; penalty

§ 6.2-1053. Bonds required of officers and employees; blanket bond

§ 6.2-1054. Certificate required

§ 6.2-1055. Trust offices

§ 6.2-1056. When security not required of trust subsidiaries

§ 6.2-1057. Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks

§ 6.2-1058. Substitution of trust subsidiary as fiduciary

§ 6.2-1059. Substitution of subsidiary bank as fiduciary

§ 6.2-1060. Trust subsidiaries to have same powers and restrictions as bank trust departments

§ 6.2-1061. Reports; investigations and examinations; civil penalties

§ 6.2-1062. Offenses by officer, director, agent or employee of trust subsidiary; penalties

§ 6.2-1063. Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected

§ 6.2-1064. Civil penalties for violation of Commission's orders

§ 6.2-1065. Definitions

§ 6.2-1066. Interstate trust offices by Virginia state banks

§ 6.2-1067. Trust business of out-of-state trust institution

§ 6.2-1068. Establishing or acquiring an interstate trust office; additional trust offices; notice of closure

§ 6.2-1069. Filing requirements

§ 6.2-1070. Conditions for approval

§ 6.2-1071. Examinations; periodic reports; cooperative agreements; assessment of fees

§ 6.2-1072. Enforcement

§ 6.2-1073. Regulations; fees

§ 6.2-1074. Definitions

§ 6.2-1075. Organization; minimum capital; notice to Bureau; control

§ 6.2-1076. Operation and powers

§ 6.2-1077. Reacquisition of shares or interests; dividends

§ 6.2-1078. Offices

§ 6.2-1079. Directors or managers

§ 6.2-1080. Limitation on powers

§ 6.2-1081. Definitions

§ 6.2-1082. Applications for permission to offer trust services

§ 6.2-1083. Commission to issue certificate; powers of associations authorized to offer trust services

§ 6.2-1084. Continuation of trust powers in the event of consolidation or merger of two or more associations

§ 6.2-1085. When security not required

§ 6.2-1086. Association's operation and supervision of trust department

§ 6.2-1087. Books and accounts

§ 6.2-1088. Investment of funds and assets held as fiduciary

§ 6.2-1089. Funds awaiting investment or distribution

§ 6.2-1090. Dealings with self or affiliates

§ 6.2-1091. Voting of financial institution stock held by association as fiduciary; when association disqualified from voting

§ 6.2-1092. Transactions between trust accounts

§ 6.2-1093. Custody of assets and investments held in trust

§ 6.2-1094. Establishment of common trust funds and collective investment funds; court accountings

§ 6.2-1095. Compensation of association acting as fiduciary

§ 6.2-1096. Surrender of trust powers by association

§ 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association

§ 6.2-1098. Revocation of trust powers

§ 6.2-1099. Trust powers of state savings banks