{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1013.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1013.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1013.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1013.html"}],"law_id":64748,"edition_id":1,"section_id":64748,"structure_id":13002,"section_number":"6.2-1013","catch_line":"Definitions","history":"1993, c. 432, \u00a7 6.1-32.11; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2004, c. 781; 2010, c. 794.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Agent” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act (\u00a7 13.1-501 et seq.).\n\t\t“Broker-dealer” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Control” means (i) ownership by a person of 25 percent or more of the voting stock of a trust company; (ii) control as defined in the Bank Holding Company Act of 1956 (12 U.S.C. \u00a7 1841 et seq.); or (iii) as determined by the Commission, the exercise of a controlling influence over the management and policies of a trust company.\n\t\t“Fiduciary” means executor, administrator, conservator, guardian of a minor, committee, or trustee.\n\t\t“Investment advisor” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Investment advisor representative” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Investment company” has the meaning assigned to it in the Investment Company Act of 1940 (15 U.S.C. \u00a7 80a-1 et seq.).\n\t\t“Operating plan” means a plan submitted by an applicant for a certificate of authority, which plan establishes the policies and procedures a trust company will have in effect when the institution opens for business and thereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent improper influences from affecting the actions of the trustee, (iii) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct, and (iv) to assure compliance with applicable laws and regulations.\n\t\t“Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.","order_by":null,"text":{"0":{"id":235619,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Agent” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act (\u00a7 13.1-501 et seq.).\n\t\t“Broker-dealer” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Control” means (i) ownership by a person of 25 percent or more of the voting stock of a trust company; (ii) control as defined in the Bank Holding Company Act of 1956 (12 U.S.C. \u00a7 1841 et seq.); or (iii) as determined by the Commission, the exercise of a controlling influence over the management and policies of a trust company.\n\t\t“Fiduciary” means executor, administrator, conservator, guardian of a minor, committee, or trustee.\n\t\t“Investment advisor” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Investment advisor representative” has the meaning assigned to it in \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Investment company” has the meaning assigned to it in the Investment Company Act of 1940 (15 U.S.C. \u00a7 80a-1 et seq.).\n\t\t“Operating plan” means a plan submitted by an applicant for a certificate of authority, which plan establishes the policies and procedures a trust company will have in effect when the institution opens for business and thereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent improper influences from affecting the actions of the trustee, (iii) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct, and (iv) to assure compliance with applicable laws and regulations.\n\t\t“Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13002,"edition_id":1,"name":"Trust Companies","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263743,"object_type":"structure","relational_id":13002,"identifier":"2","token":"6.2\/II\/10\/2","url":"\/6.2\/II\/10\/2\/","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":64748,"structure_id":13002,"section_number":"6.2-1013","catch_line":"Definitions","url":"\/6.2-1013\/","token":"6.2\/II\/10\/2\/6.2-1013","metadata":false},{"id":64030,"structure_id":13002,"section_number":"6.2-1014","catch_line":"Certificate required","url":"\/6.2-1014\/","token":"6.2\/II\/10\/2\/6.2-1014","metadata":false},{"id":69346,"structure_id":13002,"section_number":"6.2-1015","catch_line":"Application for certificate; fee","url":"\/6.2-1015\/","token":"6.2\/II\/10\/2\/6.2-1015","metadata":false},{"id":69552,"structure_id":13002,"section_number":"6.2-1016","catch_line":"Bond required","url":"\/6.2-1016\/","token":"6.2\/II\/10\/2\/6.2-1016","metadata":false},{"id":81700,"structure_id":13002,"section_number":"6.2-1017","catch_line":"Procedure for granting or denying certificate","url":"\/6.2-1017\/","token":"6.2\/II\/10\/2\/6.2-1017","metadata":false},{"id":87352,"structure_id":13002,"section_number":"6.2-1018","catch_line":"Minimum capital; state of incorporation; form of entity","url":"\/6.2-1018\/","token":"6.2\/II\/10\/2\/6.2-1018","metadata":false},{"id":70627,"structure_id":13002,"section_number":"6.2-1019","catch_line":"Issuance of shares; subscriptions to stock; stock option plans","url":"\/6.2-1019\/","token":"6.2\/II\/10\/2\/6.2-1019","metadata":false},{"id":72448,"structure_id":13002,"section_number":"6.2-1020","catch_line":"Certain transactions by affiliated trust companies prohibited","url":"\/6.2-1020\/","token":"6.2\/II\/10\/2\/6.2-1020","metadata":false},{"id":71728,"structure_id":13002,"section_number":"6.2-1021","catch_line":"Commissions or fees for sale of stock not permitted","url":"\/6.2-1021\/","token":"6.2\/II\/10\/2\/6.2-1021","metadata":false},{"id":84840,"structure_id":13002,"section_number":"6.2-1022","catch_line":"Reacquisition of shares; dividends","url":"\/6.2-1022\/","token":"6.2\/II\/10\/2\/6.2-1022","metadata":false},{"id":63794,"structure_id":13002,"section_number":"6.2-1023","catch_line":"Acquisition of stock; application","url":"\/6.2-1023\/","token":"6.2\/II\/10\/2\/6.2-1023","metadata":false},{"id":67642,"structure_id":13002,"section_number":"6.2-1024","catch_line":"Restrictions on control, officers and directors","url":"\/6.2-1024\/","token":"6.2\/II\/10\/2\/6.2-1024","metadata":false},{"id":80043,"structure_id":13002,"section_number":"6.2-1025","catch_line":"Report to Commission of election of director","url":"\/6.2-1025\/","token":"6.2\/II\/10\/2\/6.2-1025","metadata":false},{"id":54076,"structure_id":13002,"section_number":"6.2-1026","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1026\/","token":"6.2\/II\/10\/2\/6.2-1026","metadata":false},{"id":64819,"structure_id":13002,"section_number":"6.2-1027","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1027\/","token":"6.2\/II\/10\/2\/6.2-1027","metadata":false},{"id":70732,"structure_id":13002,"section_number":"6.2-1028","catch_line":"Offices","url":"\/6.2-1028\/","token":"6.2\/II\/10\/2\/6.2-1028","metadata":false},{"id":56519,"structure_id":13002,"section_number":"6.2-1029","catch_line":"Directors","url":"\/6.2-1029\/","token":"6.2\/II\/10\/2\/6.2-1029","metadata":false},{"id":77730,"structure_id":13002,"section_number":"6.2-1030","catch_line":"Discount by officer, director, or employee of refused paper","url":"\/6.2-1030\/","token":"6.2\/II\/10\/2\/6.2-1030","metadata":false},{"id":61329,"structure_id":13002,"section_number":"6.2-1031","catch_line":"Reports","url":"\/6.2-1031\/","token":"6.2\/II\/10\/2\/6.2-1031","metadata":false},{"id":72585,"structure_id":13002,"section_number":"6.2-1032","catch_line":"Investigations; examinations","url":"\/6.2-1032\/","token":"6.2\/II\/10\/2\/6.2-1032","metadata":false},{"id":63765,"structure_id":13002,"section_number":"6.2-1033","catch_line":"Fees","url":"\/6.2-1033\/","token":"6.2\/II\/10\/2\/6.2-1033","metadata":false},{"id":71760,"structure_id":13002,"section_number":"6.2-1034","catch_line":"Regulations","url":"\/6.2-1034\/","token":"6.2\/II\/10\/2\/6.2-1034","metadata":false},{"id":83326,"structure_id":13002,"section_number":"6.2-1035","catch_line":"Audits","url":"\/6.2-1035\/","token":"6.2\/II\/10\/2\/6.2-1035","metadata":false},{"id":73963,"structure_id":13002,"section_number":"6.2-1036","catch_line":"Commission's remedial powers","url":"\/6.2-1036\/","token":"6.2\/II\/10\/2\/6.2-1036","metadata":false},{"id":78286,"structure_id":13002,"section_number":"6.2-1037","catch_line":"Effect of surrender or revocation of certificate","url":"\/6.2-1037\/","token":"6.2\/II\/10\/2\/6.2-1037","metadata":false},{"id":67670,"structure_id":13002,"section_number":"6.2-1038","catch_line":"Appointment of receiver","url":"\/6.2-1038\/","token":"6.2\/II\/10\/2\/6.2-1038","metadata":false},{"id":61667,"structure_id":13002,"section_number":"6.2-1039","catch_line":"Engaging in trust business without authority; Commission may examine accounts of suspected person; penalty","url":"\/6.2-1039\/","token":"6.2\/II\/10\/2\/6.2-1039","metadata":false},{"id":84279,"structure_id":13002,"section_number":"6.2-1040","catch_line":"Unlawful use of terms indicating that business is trust company; penalty","url":"\/6.2-1040\/","token":"6.2\/II\/10\/2\/6.2-1040","metadata":false},{"id":65125,"structure_id":13002,"section_number":"6.2-1041","catch_line":"Civil penalties for failure to comply with \u00a7 6.2-1031 or 6.2-1032","url":"\/6.2-1041\/","token":"6.2\/II\/10\/2\/6.2-1041","metadata":false},{"id":73588,"structure_id":13002,"section_number":"6.2-1042","catch_line":"Making derogatory statements affecting trust companies; penalty","url":"\/6.2-1042\/","token":"6.2\/II\/10\/2\/6.2-1042","metadata":false},{"id":86658,"structure_id":13002,"section_number":"6.2-1043","catch_line":"Use of trust company name, logo, or symbol for marketing purposes; penalty","url":"\/6.2-1043\/","token":"6.2\/II\/10\/2\/6.2-1043","metadata":false},{"id":64372,"structure_id":13002,"section_number":"6.2-1044","catch_line":"Offenses by officer, director, agent or employee of trust company; penalties","url":"\/6.2-1044\/","token":"6.2\/II\/10\/2\/6.2-1044","metadata":false},{"id":62328,"structure_id":13002,"section_number":"6.2-1045","catch_line":"Officers, directors, agents and employees violating or causing trust company to violate laws; civil liability not affected","url":"\/6.2-1045\/","token":"6.2\/II\/10\/2\/6.2-1045","metadata":false},{"id":77473,"structure_id":13002,"section_number":"6.2-1046","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1046\/","token":"6.2\/II\/10\/2\/6.2-1046","metadata":false}],"next_section":{"id":64030,"structure_id":13002,"section_number":"6.2-1014","catch_line":"Certificate required","url":"\/6.2-1014\/","token":"6.2\/II\/10\/2\/6.2-1014","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1013\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 432 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 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 5 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 1994, chapter 524<\/a>; in 1995, chapter 140<\/a>; in 1997, chapter 801<\/a>; in 2004, chapter 781<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":61391,"section_number":"6.2-1000","catch_line":"Definitions","order_by":null,"url":"\/6.2-1000\/"},{"id":62570,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","order_by":null,"url":"\/6.2-1001\/"},{"id":70604,"section_number":"6.2-1065","catch_line":"Definitions","order_by":null,"url":"\/6.2-1065\/"}],"refers_to":[{"id":75080,"section_number":"13.1-501","catch_line":"Definitions","order_by":null,"url":"\/13.1-501\/"}],"permalink":{"id":263745,"object_type":"law","relational_id":64748,"identifier":"6.2-1013","token":"6.2\/II\/10\/2\/6.2-1013","url":"\/6.2-1013\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1013\/","token":"6.2\/II\/10\/2\/6.2-1013","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1013","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Agent” has the meaning assigned to it in \u00a7 13.1-501<\/a> of the Virginia Securities Act (\u00a7 13.1-501<\/a> et seq.).\n\t\t“Broker-dealer” has the meaning assigned to it in \u00a7 13.1-501<\/a> of the Virginia Securities Act.\n\t\t“Control<\/span>” means (i) ownership by a person<\/span> of 25 percent or more of the voting stock of a trust company<\/span>; (ii) control<\/span> as defined in the Bank Holding Company Act of 1956 (12 U.S.C. \u00a7 1841 et seq.); or (iii) as determined by the Commission<\/span>, the exercise of a controlling influence over the management and policies of a trust company<\/span>.\n\t\t“Fiduciary<\/span>” means executor, administrator, conservator, guardian of a minor<\/span>, committee, or trustee.\n\t\t“Investment advisor” has the meaning assigned to it in \u00a7 13.1-501<\/a> of the Virginia Securities Act.\n\t\t“Investment advisor representative” has the meaning assigned to it in \u00a7 13.1-501<\/a> of the Virginia Securities Act.\n\t\t“Investment company” has the meaning assigned to it in the Investment Company Act of 1940 (15 U.S.C. \u00a7 80a-1 et seq.).\n\t\t“Operating plan<\/span>” means a plan submitted by an applicant for a certificate of authority, which plan establishes the policies and procedures a trust company<\/span> will have in effect when the institution opens for business and thereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent improper influences from affecting the actions of the trustee, (iii) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary<\/span> conduct, and (iv) to assure compliance with applicable laws<\/span> and regulations.\n\t\t“Principal<\/span>” means any person<\/span> who, directly or indirectly, owns or controls<\/span> (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1013)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Agent” has the meaning assigned to it in \u00a7 13.1-501 of the\nVirginia Securities Act (\u00a7 13.1-501 et seq.).\n\t\t“Broker-dealer” has the meaning assigned to it in \u00a7 13.1-501 of\nthe Virginia Securities Act.\n\t\t“Control” means (i) ownership by a person of 25 percent or more of\nthe voting stock of a trust company; (ii) control as defined in the Bank Holding\nCompany Act of 1956 (12 U.S.C. \u00a7 1841 et seq.); or (iii) as determined by the\nCommission, the exercise of a controlling influence over the management and\npolicies of a trust company.\n\t\t“Fiduciary” means executor, administrator, conservator, guardian\nof a minor, committee, or trustee.\n\t\t“Investment advisor” has the meaning assigned to it in \u00a7 13.1-501\nof the Virginia Securities Act.\n\t\t“Investment advisor representative” has the meaning assigned to it\nin \u00a7 13.1-501 of the Virginia Securities Act.\n\t\t“Investment company” has the meaning assigned to it in the\nInvestment Company Act of 1940 (15 U.S.C. \u00a7 80a-1 et seq.).\n\t\t“Operating plan” means a plan submitted by an applicant for a\ncertificate of authority, which plan establishes the policies and procedures a\ntrust company will have in effect when the institution opens for business and\nthereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent\nimproper influences from affecting the actions of the trustee, (iii) to ensure\nthat trust accounts are handled in accordance with recognized standards of\nfiduciary conduct, and (iv) to assure compliance with applicable laws and\nregulations.\n\t\t“Principal” means any person who, directly or indirectly, owns or\ncontrols (i) 10 percent or more of the outstanding stock of a stock corporation\nor (ii) a 10 percent or greater interest in a nonstock corporation or a limited\nliability company.\n\nHISTORY: 1993, c. 432, \u00a7 6.1-32.11; 1994, c. 524; 1995, c. 140; 1997, c. 801;\n2004, c. 781; 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}}