{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1009.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1009.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1009.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1009.html"}],"law_id":83711,"edition_id":1,"section_id":83711,"structure_id":14860,"section_number":"6.2-1009","catch_line":"Common trust and collective investment funds","history":"1983, c. 454, \u00a7\u00a7 6.1-30.1, 6.1-30.2, 6.1-30.3; 1984, c. 299; 2010, c. 794.","full_text":"A\n\nAs used in this section:\n\t\t\t“Common trust fund” means a common trust fund described under § 584 of the Internal Revenue Code of 1986, as amended, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t\t“Maintaining bank” means a trust institution that establishes and maintains a common trust fund for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities.\n\t\t\t“Participating bank” means a trust institution duly authorized to act as a fiduciary, wherever located, that is owned, controlled by, or affiliated with (i) a maintaining bank or (ii) a bank holding company that also owns, controls, or is affiliated with a maintaining bank.B\n\nAny trust institution may establish and maintain one or more common trust funds for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities.C\n\nThe maintaining bank may include, for the purposes of collective investment in a common trust fund or funds established and maintained by it, funds held in a fiduciary capacity by any participating bank.D\n\nA maintaining bank may invest the funds held by it in any fiduciary capacity in one or more common trust funds, provided (i) such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship or amendment thereof; (ii) in the case of co-fiduciaries the written consent of the co-fiduciary is obtained by the maintaining bank; and (iii) the maintaining bank has no interest in the assets of the common trust fund other than as a fiduciary.E\n\nUnless ordered by an appropriate court, the maintaining bank operating a common trust fund shall not be required to render a court accounting with regard to such fund; but, by application to an appropriate court, it may secure approval of such an accounting on such conditions as the court may establish. This section shall not affect the duties of the trustees of the participating trusts under the common trust fund to render accounts of their several trusts.F\n\nAll common trust funds shall be operated in conformity with the regulations issued from time to time by the Commission, which regulations shall conform substantially to the regulations of the Comptroller of the Currency governing the operations of common trust funds.","order_by":null,"text":{"0":{"id":300084,"text":"As used in this section:\n\t\t\t“Common trust fund” means a common trust fund described under § 584 of the Internal Revenue Code of 1986, as amended, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t\t“Maintaining bank” means a trust institution that establishes and maintains a common trust fund for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities.\n\t\t\t“Participating bank” means a trust institution duly authorized to act as a fiduciary, wherever located, that is owned, controlled by, or affiliated with (i) a maintaining bank or (ii) a bank holding company that also owns, controls, or is affiliated with a maintaining bank.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":300085,"text":"Any trust institution may establish and maintain one or more common trust funds for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":300086,"text":"The maintaining bank may include, for the purposes of collective investment in a common trust fund or funds established and maintained by it, funds held in a fiduciary capacity by any participating bank.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":300087,"text":"A maintaining bank may invest the funds held by it in any fiduciary capacity in one or more common trust funds, provided (i) such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship or amendment thereof; (ii) in the case of co-fiduciaries the written consent of the co-fiduciary is obtained by the maintaining bank; and (iii) the maintaining bank has no interest in the assets of the common trust fund other than as a fiduciary.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":300088,"text":"Unless ordered by an appropriate court, the maintaining bank operating a common trust fund shall not be required to render a court accounting with regard to such fund; but, by application to an appropriate court, it may secure approval of such an accounting on such conditions as the court may establish. This section shall not affect the duties of the trustees of the participating trusts under the common trust fund to render accounts of their several trusts.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":300089,"text":"All common trust funds shall be operated in conformity with the regulations issued from time to time by the Commission, which regulations shall conform substantially to the regulations of the Comptroller of the Currency governing the operations of common trust funds.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14860,"edition_id":1,"name":"Trust Powers and Trust Business","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:50:27","date_modified":"2026-06-26 03:50:27","permalink":{"id":263689,"object_type":"structure","relational_id":14860,"identifier":"1","token":"6.2\/II\/10\/1","url":"\/6.2\/II\/10\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61391,"structure_id":14860,"section_number":"6.2-1000","catch_line":"Definitions","url":"\/6.2-1000\/","token":"6.2\/II\/10\/1\/6.2-1000","metadata":false},{"id":62570,"structure_id":14860,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","url":"\/6.2-1001\/","token":"6.2\/II\/10\/1\/6.2-1001","metadata":false},{"id":58739,"structure_id":14860,"section_number":"6.2-1002","catch_line":"Powers of trust institutions","url":"\/6.2-1002\/","token":"6.2\/II\/10\/1\/6.2-1002","metadata":false},{"id":75287,"structure_id":14860,"section_number":"6.2-1003","catch_line":"When security not required; payment of probate taxes and fees","url":"\/6.2-1003\/","token":"6.2\/II\/10\/1\/6.2-1003","metadata":false},{"id":63080,"structure_id":14860,"section_number":"6.2-1004","catch_line":"Who may take oath for corporate fiduciary","url":"\/6.2-1004\/","token":"6.2\/II\/10\/1\/6.2-1004","metadata":false},{"id":86464,"structure_id":14860,"section_number":"6.2-1005","catch_line":"Deposit or other use of trust funds","url":"\/6.2-1005\/","token":"6.2\/II\/10\/1\/6.2-1005","metadata":false},{"id":63490,"structure_id":14860,"section_number":"6.2-1006","catch_line":"Custody of trust securities to be kept separate; federal securities and obligations","url":"\/6.2-1006\/","token":"6.2\/II\/10\/1\/6.2-1006","metadata":false},{"id":56787,"structure_id":14860,"section_number":"6.2-1007","catch_line":"Investment of trust funds","url":"\/6.2-1007\/","token":"6.2\/II\/10\/1\/6.2-1007","metadata":false},{"id":75720,"structure_id":14860,"section_number":"6.2-1008","catch_line":"Dealings with self or affiliates","url":"\/6.2-1008\/","token":"6.2\/II\/10\/1\/6.2-1008","metadata":false},{"id":83711,"structure_id":14860,"section_number":"6.2-1009","catch_line":"Common trust and collective investment funds","url":"\/6.2-1009\/","token":"6.2\/II\/10\/1\/6.2-1009","metadata":false},{"id":75450,"structure_id":14860,"section_number":"6.2-1010","catch_line":"Holding stock or other securities as fiduciary","url":"\/6.2-1010\/","token":"6.2\/II\/10\/1\/6.2-1010","metadata":false},{"id":57294,"structure_id":14860,"section_number":"6.2-1011","catch_line":"Voting of bank shares held by trust institution as fiduciary; when disqualified","url":"\/6.2-1011\/","token":"6.2\/II\/10\/1\/6.2-1011","metadata":false},{"id":82343,"structure_id":14860,"section_number":"6.2-1012","catch_line":"Suspension or prohibition of trust institutions","url":"\/6.2-1012\/","token":"6.2\/II\/10\/1\/6.2-1012","metadata":false}],"previous_section":{"id":75720,"structure_id":14860,"section_number":"6.2-1008","catch_line":"Dealings with self or affiliates","url":"\/6.2-1008\/","token":"6.2\/II\/10\/1\/6.2-1008","metadata":false},"next_section":{"id":75450,"structure_id":14860,"section_number":"6.2-1010","catch_line":"Holding stock or other securities as fiduciary","url":"\/6.2-1010\/","token":"6.2\/II\/10\/1\/6.2-1010","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1009\/","history_text":"

This law was first created in 1983. The record of its establishment is cataloged in chapter 454 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1983 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1984, chapter 299; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263727,"object_type":"law","relational_id":83711,"identifier":"6.2-1009","token":"6.2\/II\/10\/1\/6.2-1009","url":"\/6.2-1009\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1009\/","token":"6.2\/II\/10\/1\/6.2-1009","dublin_core":{"Title":"Common trust and collective investment funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1009","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section:\n\t\t\t“Common trust fund<\/span>” means a common trust fund<\/span> described under § 584 of the Internal Revenue Code of 1986, as amended, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t\t“Maintaining bank<\/span>” means a trust institution<\/span> that establishes and maintains a common trust fund<\/span> for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities.\n\t\t\t“Participating bank<\/span>” means a trust institution<\/span> duly authorized to act as a fiduciary, wherever located, that is owned, controlled by, or affiliated with (i) a maintaining bank<\/span> or (ii) a bank holding company that also owns, controls, or is affiliated with a maintaining bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any trust institution<\/span> may establish and maintain one or more common trust funds<\/span> for the collective investment of qualified employee benefit trusts or funds held in a fiduciary capacity by it, including agency accounts under which the institution exercises investment discretion and assumes fiduciary responsibilities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The maintaining bank<\/span> may include, for the purposes of collective investment in a common trust fund<\/span> or funds established and maintained by it, funds held in a fiduciary capacity by any participating bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A maintaining bank<\/span> may invest the funds held by it in any fiduciary capacity in one or more common trust funds<\/span>, provided (i) such investment is not prohibited by the instrument, judgment<\/span>, decree<\/span>, or order<\/span> creating such fiduciary relationship or amendment thereof; (ii) in the case of co-fiduciaries the written consent of the co-fiduciary is obtained by the maintaining bank<\/span>; and (iii) the maintaining bank<\/span> has no interest in the assets<\/span> of the common trust fund<\/span> other than as a fiduciary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Unless ordered by an appropriate court<\/span>, the maintaining bank<\/span> operating a common trust fund<\/span> shall not be required to render a court<\/span> accounting with regard to such fund; but, by application to an appropriate court<\/span>, it may secure approval of such an accounting on such conditions as the court<\/span> may establish. This section shall not affect the duties of the trustees of the participating trusts under the common trust fund<\/span> to render accounts of their several trusts. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> All common trust funds<\/span> shall be operated in conformity with the regulations issued from time to time by the Commission<\/span>, which regulations shall conform substantially to the regulations of the Comptroller of the Currency governing the operations of common trust funds<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMON TRUST AND COLLECTIVE INVESTMENT FUNDS (\u00a7 6.2-1009)\n\nA. As used in this section:\n\t\t\t“Common trust fund” means a common trust fund described under\n§ 584 of the Internal Revenue Code of 1986, as amended, as well as any\nother type of collective investment fund that is exempt from federal income\ntaxation under any other provision of the Internal Revenue Code or regulations\nissued pursuant thereto.\n\t\t\t“Maintaining bank” means a trust institution that establishes and\nmaintains a common trust fund for the collective investment of qualified\nemployee benefit trusts or funds held in a fiduciary capacity by it, including\nagency accounts under which the institution exercises investment discretion and\nassumes fiduciary responsibilities.\n\t\t\t“Participating bank” means a trust institution duly authorized to\nact as a fiduciary, wherever located, that is owned, controlled by, or\naffiliated with (i) a maintaining bank or (ii) a bank holding company that also\nowns, controls, or is affiliated with a maintaining bank.\n\nB. Any trust institution may establish and maintain one or more common trust\nfunds for the collective investment of qualified employee benefit trusts or\nfunds held in a fiduciary capacity by it, including agency accounts under which\nthe institution exercises investment discretion and assumes fiduciary\nresponsibilities.\n\nC. The maintaining bank may include, for the purposes of collective investment\nin a common trust fund or funds established and maintained by it, funds held in\na fiduciary capacity by any participating bank.\n\nD. A maintaining bank may invest the funds held by it in any fiduciary capacity\nin one or more common trust funds, provided (i) such investment is not\nprohibited by the instrument, judgment, decree, or order creating such fiduciary\nrelationship or amendment thereof; (ii) in the case of co-fiduciaries the\nwritten consent of the co-fiduciary is obtained by the maintaining bank; and\n(iii) the maintaining bank has no interest in the assets of the common trust\nfund other than as a fiduciary.\n\nE. Unless ordered by an appropriate court, the maintaining bank operating a\ncommon trust fund shall not be required to render a court accounting with regard\nto such fund; but, by application to an appropriate court, it may secure\napproval of such an accounting on such conditions as the court may establish.\nThis section shall not affect the duties of the trustees of the participating\ntrusts under the common trust fund to render accounts of their several trusts.\n\nF. All common trust funds shall be operated in conformity with the regulations\nissued from time to time by the Commission, which regulations shall conform\nsubstantially to the regulations of the Comptroller of the Currency governing\nthe operations of common trust funds.\n\nHISTORY: 1983, c. 454, \u00a7\u00a7 6.1-30.1, 6.1-30.2, 6.1-30.3; 1984, c. 299; 2010, c.\n794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}