§ 6.2-819 Authority to engage in trust business; permission of Commission required
A. A bank shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the trust business.
B. A bank shall not commence to engage in the trust business without first obtaining permission from the Commission. The Commission shall not grant such permission unless it finds that:
1. The bank’s capital structure is sufficiently strong to support such additional undertaking;
2. The personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to insure compliance with the law and to protect the bank against surcharge; and
3. The granting of trust powers to the bank will be in the public interest.
C. Notwithstanding the provisions of subsection B, any bank actively engaged in the trust business on January 1, 1966, may continue in the trust business without the Commission’s permission.
D. A bank authorized to do a trust business shall conduct such business in accordance with the applicable provisions of Chapter 10 (§ 6.2-1000 et seq.).
History
The record of this law’s original creation isn’t available online. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1958, chapter 139; in 1966, chapter 584; in 1976, chapter 658; in 2010, chapter 794.
Code 1950, § 6-91; 1958, c. 139; 1966, c. 584, § 6.1-16; 1976, c. 658; 2010, c. 794.