{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1011.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1011.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1011.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1011.html"}],"law_id":57294,"edition_id":1,"section_id":57294,"structure_id":14860,"section_number":"6.2-1011","catch_line":"Voting of bank shares held by trust institution as fiduciary; when disqualified","history":"1972, c. 203, \u00a7\u00a7 6.1-31.1, 6.1-31.2; 1974, c. 665; 2010, c. 794.","full_text":"A\n\nAs used in this section, “banking corporation” includes a bank or a corporation or company that is a bank holding company under 12 U.S.C. § 1841, as amended from time to time.B\n\nWhen shares of a national banking association or of a banking corporation organized under the laws of the Commonwealth or another state are held by a trust institution that is serving as a personal representative of a decedent, trustee, guardian of any infant, agent or in any other fiduciary capacity, the trust institution may not (i) vote or participate in the voting of any voting securities of such bank if the securities held in such fiduciary capacity, together with all the other voting securities of such bank held in a fiduciary capacity, exceed 25 percent of the outstanding voting securities of such bank or (ii) vote such voting securities, if the voting securities of such bank held as a personal representative of the decedent, together with all other voting securities of such bank held in a fiduciary capacity, exceed five percent, unless there has been a determination by the Board of Governors of the Federal Reserve System that the right to vote five percent or more of the voting securities but less than 25 percent thereof does not constitute control of that bank.C\n\nIf there is any personal representative, trustee, guardian of any infant, or other fiduciary in addition to the trust institution in such fiduciary capacity, the other fiduciary, if not a director, officer, or employee of the trust institution, may vote such shares. If the trust institution is the sole fiduciary, or if the trust institution is serving along with a director, officer, or employee of the trust institution, it may petition the court, as provided in subsection D, for the appointment of a cofiduciary for the sole purpose of voting such bank shares.D\n\nWhen a trust institution has qualified or is serving under the laws of the Commonwealth as personal representative of a decedent, trustee, guardian of any infant, or in any other fiduciary capacity, and in such estate or trust, there are shares of stock of a national banking association or a banking corporation organized under the laws of the Commonwealth or another state, and the trust institution is disqualified under subsection B from voting such shares, the trust institution or any interested party may petition the court in which the institution qualified or is capable to qualify to appoint a cofiduciary for the sole purpose of voting the shares of the banking association or banking corporation held by the estate or trust, which the trust institution is disqualified from voting. The appointment and qualification may be ex parte, and no prior notice to the beneficiary shall be required. The court at the time of such qualification may relieve the cofiduciary of any obligation for the giving of surety on his bond, and if the appointment of the cofiduciary is limited to voting of the bank stock, such order may provide that the cofiduciary shall not be liable or accountable as a fiduciary in the administration of such estate or trust except for the breach of any fiduciary duty in voting or failing to vote such bank stock. No director, officer, or employee of a trust institution shall be eligible to be named cofiduciary under the provisions of this subsection.","order_by":null,"text":{"0":{"id":209851,"text":"As used in this section, “banking corporation” includes a bank or a corporation or company that is a bank holding company under 12 U.S.C. § 1841, as amended from time to time.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":209852,"text":"When shares of a national banking association or of a banking corporation organized under the laws of the Commonwealth or another state are held by a trust institution that is serving as a personal representative of a decedent, trustee, guardian of any infant, agent or in any other fiduciary capacity, the trust institution may not (i) vote or participate in the voting of any voting securities of such bank if the securities held in such fiduciary capacity, together with all the other voting securities of such bank held in a fiduciary capacity, exceed 25 percent of the outstanding voting securities of such bank or (ii) vote such voting securities, if the voting securities of such bank held as a personal representative of the decedent, together with all other voting securities of such bank held in a fiduciary capacity, exceed five percent, unless there has been a determination by the Board of Governors of the Federal Reserve System that the right to vote five percent or more of the voting securities but less than 25 percent thereof does not constitute control of that bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":209853,"text":"If there is any personal representative, trustee, guardian of any infant, or other fiduciary in addition to the trust institution in such fiduciary capacity, the other fiduciary, if not a director, officer, or employee of the trust institution, may vote such shares. If the trust institution is the sole fiduciary, or if the trust institution is serving along with a director, officer, or employee of the trust institution, it may petition the court, as provided in subsection D, for the appointment of a cofiduciary for the sole purpose of voting such bank shares.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":209854,"text":"When a trust institution has qualified or is serving under the laws of the Commonwealth as personal representative of a decedent, trustee, guardian of any infant, or in any other fiduciary capacity, and in such estate or trust, there are shares of stock of a national banking association or a banking corporation organized under the laws of the Commonwealth or another state, and the trust institution is disqualified under subsection B from voting such shares, the trust institution or any interested party may petition the court in which the institution qualified or is capable to qualify to appoint a cofiduciary for the sole purpose of voting the shares of the banking association or banking corporation held by the estate or trust, which the trust institution is disqualified from voting. The appointment and qualification may be ex parte, and no prior notice to the beneficiary shall be required. The court at the time of such qualification may relieve the cofiduciary of any obligation for the giving of surety on his bond, and if the appointment of the cofiduciary is limited to voting of the bank stock, such order may provide that the cofiduciary shall not be liable or accountable as a fiduciary in the administration of such estate or trust except for the breach of any fiduciary duty in voting or failing to vote such bank stock. No director, officer, or employee of a trust institution shall be eligible to be named cofiduciary under the provisions of this subsection.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1011\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 203 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 1972 \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 1974, chapter 665; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":69361,"section_number":"13.1-662","catch_line":"Voting entitlement of shares","order_by":null,"url":"\/13.1-662\/"}],"refers_to":false,"permalink":{"id":263735,"object_type":"law","relational_id":57294,"identifier":"6.2-1011","token":"6.2\/II\/10\/1\/6.2-1011","url":"\/6.2-1011\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1011\/","token":"6.2\/II\/10\/1\/6.2-1011","dublin_core":{"Title":"Voting of bank shares held by trust institution as fiduciary; when disqualified","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1011","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “banking corporation<\/span>” includes a bank or a corporation or company that is a bank holding company under 12 U.S.C. § 1841, as amended from time to time. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> When shares of a national banking association or of a banking corporation<\/span> organized under the laws<\/span> of the Commonwealth or another state are held by a trust institution<\/span> that is serving as a personal representative of a decedent, trustee, guardian of any infant, agent or in any other fiduciary capacity, the trust institution<\/span> may not (i) vote or participate in the voting of any voting securities of such bank if the securities held in such fiduciary capacity, together with all the other voting securities of such bank held in a fiduciary capacity, exceed 25 percent of the outstanding voting securities of such bank or (ii) vote such voting securities, if the voting securities of such bank held as a personal representative of the decedent, together with all other voting securities of such bank held in a fiduciary capacity, exceed five percent, unless there has been a determination by the Board of Governors of the Federal Reserve System that the right to vote five percent or more of the voting securities but less than 25 percent thereof does not constitute control of that bank. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If there is any personal representative, trustee, guardian of any infant, or other fiduciary in addition to the trust institution<\/span> in such fiduciary capacity, the other fiduciary, if not a director, officer, or employee of the trust institution<\/span>, may vote such shares. If the trust institution<\/span> is the sole fiduciary, or if the trust institution<\/span> is serving along with a director, officer, or employee of the trust institution<\/span>, it may petition<\/span> the court<\/span>, as provided in subsection D, for the appointment of a cofiduciary for the sole purpose of voting such bank shares. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> When a trust institution<\/span> has qualified or is serving under the laws<\/span> of the Commonwealth as personal representative of a decedent, trustee, guardian of any infant, or in any other fiduciary capacity, and in such estate or trust, there are shares of stock of a national banking association or a banking corporation<\/span> organized under the laws<\/span> of the Commonwealth or another state, and the trust institution<\/span> is disqualified under subsection B from voting such shares, the trust institution<\/span> or any interested party<\/span> may petition<\/span> the court<\/span> in which the institution qualified or is capable to qualify to appoint a cofiduciary for the sole purpose of voting the shares of the banking association or banking corporation<\/span> held by the estate or trust, which the trust institution<\/span> is disqualified from voting. The appointment and qualification may be ex parte<\/span>, and no prior notice to the beneficiary shall be required. The court<\/span> at the time of such qualification may relieve the cofiduciary of any obligation for the giving of surety<\/span> on his bond<\/span>, and if the appointment of the cofiduciary is limited to voting of the bank stock, such order<\/span> may provide that the cofiduciary shall not be liable or accountable as a fiduciary in the administration of such estate or trust except for the breach of any fiduciary duty in voting or failing to vote such bank stock. No director, officer, or employee of a trust institution<\/span> shall be eligible to be named cofiduciary under the provisions of this subsection. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVOTING OF BANK SHARES HELD BY TRUST INSTITUTION AS FIDUCIARY; WHEN DISQUALIFIED\n(\u00a7 6.2-1011)\n\nA. As used in this section, “banking corporation” includes a bank or\na corporation or company that is a bank holding company under 12 U.S.C. §\n1841, as amended from time to time.\n\nB. When shares of a national banking association or of a banking corporation\norganized under the laws of the Commonwealth or another state are held by a\ntrust institution that is serving as a personal representative of a decedent,\ntrustee, guardian of any infant, agent or in any other fiduciary capacity, the\ntrust institution may not (i) vote or participate in the voting of any voting\nsecurities of such bank if the securities held in such fiduciary capacity,\ntogether with all the other voting securities of such bank held in a fiduciary\ncapacity, exceed 25 percent of the outstanding voting securities of such bank or\n(ii) vote such voting securities, if the voting securities of such bank held as\na personal representative of the decedent, together with all other voting\nsecurities of such bank held in a fiduciary capacity, exceed five percent,\nunless there has been a determination by the Board of Governors of the Federal\nReserve System that the right to vote five percent or more of the voting\nsecurities but less than 25 percent thereof does not constitute control of that\nbank.\n\nC. If there is any personal representative, trustee, guardian of any infant, or\nother fiduciary in addition to the trust institution in such fiduciary capacity,\nthe other fiduciary, if not a director, officer, or employee of the trust\ninstitution, may vote such shares. If the trust institution is the sole\nfiduciary, or if the trust institution is serving along with a director,\nofficer, or employee of the trust institution, it may petition the court, as\nprovided in subsection D, for the appointment of a cofiduciary for the sole\npurpose of voting such bank shares.\n\nD. When a trust institution has qualified or is serving under the laws of the\nCommonwealth as personal representative of a decedent, trustee, guardian of any\ninfant, or in any other fiduciary capacity, and in such estate or trust, there\nare shares of stock of a national banking association or a banking corporation\norganized under the laws of the Commonwealth or another state, and the trust\ninstitution is disqualified under subsection B from voting such shares, the\ntrust institution or any interested party may petition the court in which the\ninstitution qualified or is capable to qualify to appoint a cofiduciary for the\nsole purpose of voting the shares of the banking association or banking\ncorporation held by the estate or trust, which the trust institution is\ndisqualified from voting. The appointment and qualification may be ex parte, and\nno prior notice to the beneficiary shall be required. The court at the time of\nsuch qualification may relieve the cofiduciary of any obligation for the giving\nof surety on his bond, and if the appointment of the cofiduciary is limited to\nvoting of the bank stock, such order may provide that the cofiduciary shall not\nbe liable or accountable as a fiduciary in the administration of such estate or\ntrust except for the breach of any fiduciary duty in voting or failing to vote\nsuch bank stock. No director, officer, or employee of a trust institution shall\nbe eligible to be named cofiduciary under the provisions of this subsection.\n\nHISTORY: 1972, c. 203, \u00a7\u00a7 6.1-31.1, 6.1-31.2; 1974, c. 665; 2010, c. 794.","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}}