{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1017.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1017.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1017.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1017.html"}],"law_id":81700,"edition_id":1,"section_id":81700,"structure_id":13002,"section_number":"6.2-1017","catch_line":"Procedure for granting or denying certificate","history":"1993, c. 432, \u00a7 6.1-32.18; 1994, c. 524; 1995, c. 140; 2010, c. 794.","full_text":"Before any trust company shall begin business, it shall obtain from the Commission a certificate of authority authorizing it to do so. Prior to the issuance of such a certificate to a trust company or affiliated trust company, the Commission shall ascertain that:\n\n1\n\nAll of the provisions of law have been complied with;2\n\nThe applicant is formed as a trust company for no other reason than to engage in legitimate trust business;3\n\nFinancially responsible persons have subscribed for capital stock, surplus, and a reserve for operation in an amount deemed by the Commission to be sufficient to warrant successful operation, but the capital stock shall not be less than $500,000;4\n\nEach principal of an applicant has the financial responsibility, character, reputation, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law;5\n\nOaths of all the directors have been taken and filed in accordance with § 6.2-1029;6\n\nThe moral fitness, financial responsibility, and business qualifications of those named as officers and directors of the applicant are such as to command the confidence of the community in which the trust company is proposed to be located;7\n\nIf the applicant is an affiliated trust company, the trust company holding company of the applicant is qualified by virtue of its business record, experience, and financial responsibility to control a trust company;8\n\nIn its opinion, the public interest will be served by the formation of a trust company in the community where it is proposed. Authorizing the applicant to engage in the trust business as a trust company shall be deemed in the public interest if, based on all relevant evidence and information, advantages such as, but not limited to, increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as, but not limited to, diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices;9\n\nThe operating plan and any other relevant evidence and information warrant belief that the applicant will conduct its business in accordance with generally accepted fiduciary standards;10\n\nThe applicant has provided a bond as required by § 6.2-1016;11\n\nThe applicant is not in violation of § 6.2-1021; and12\n\nAnything else deemed pertinent.","order_by":null,"text":{"0":{"id":292661,"text":"Before any trust company shall begin business, it shall obtain from the Commission a certificate of authority authorizing it to do so. Prior to the issuance of such a certificate to a trust company or affiliated trust company, the Commission shall ascertain that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":292662,"text":"All of the provisions of law have been complied with;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":292663,"text":"The applicant is formed as a trust company for no other reason than to engage in legitimate trust business;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":292664,"text":"Financially responsible persons have subscribed for capital stock, surplus, and a reserve for operation in an amount deemed by the Commission to be sufficient to warrant successful operation, but the capital stock shall not be less than $500,000;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":292665,"text":"Each principal of an applicant has the financial responsibility, character, reputation, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":292666,"text":"Oaths of all the directors have been taken and filed in accordance with § 6.2-1029;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":292667,"text":"The moral fitness, financial responsibility, and business qualifications of those named as officers and directors of the applicant are such as to command the confidence of the community in which the trust company is proposed to be located;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":292668,"text":"If the applicant is an affiliated trust company, the trust company holding company of the applicant is qualified by virtue of its business record, experience, and financial responsibility to control a trust company;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":292669,"text":"In its opinion, the public interest will be served by the formation of a trust company in the community where it is proposed. Authorizing the applicant to engage in the trust business as a trust company shall be deemed in the public interest if, based on all relevant evidence and information, advantages such as, but not limited to, increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as, but not limited to, diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":292670,"text":"The operating plan and any other relevant evidence and information warrant belief that the applicant will conduct its business in accordance with generally accepted fiduciary standards;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":292671,"text":"The applicant has provided a bond as required by § 6.2-1016;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":292672,"text":"The applicant is not in violation of § 6.2-1021; and","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":292673,"text":"Anything else deemed pertinent.","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1017\/","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 3 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 2010, chapter 794<\/a>.<\/p>","references":[{"id":87352,"section_number":"6.2-1018","catch_line":"Minimum capital; state of incorporation; form of entity","order_by":null,"url":"\/6.2-1018\/"},{"id":70732,"section_number":"6.2-1028","catch_line":"Offices","order_by":null,"url":"\/6.2-1028\/"}],"refers_to":[{"id":69552,"section_number":"6.2-1016","catch_line":"Bond required","order_by":null,"url":"\/6.2-1016\/"},{"id":71728,"section_number":"6.2-1021","catch_line":"Commissions or fees for sale of stock not permitted","order_by":null,"url":"\/6.2-1021\/"},{"id":56519,"section_number":"6.2-1029","catch_line":"Directors","order_by":null,"url":"\/6.2-1029\/"}],"permalink":{"id":263761,"object_type":"law","relational_id":81700,"identifier":"6.2-1017","token":"6.2\/II\/10\/2\/6.2-1017","url":"\/6.2-1017\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1017\/","token":"6.2\/II\/10\/2\/6.2-1017","dublin_core":{"Title":"Procedure for granting or denying certificate","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1017","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Before any trust company shall begin business, it shall obtain from the Commission<\/span> a certificate of authority authorizing it to do so. Prior to the issuance of such a certificate to a trust company or affiliated trust company<\/span>, the Commission<\/span> shall ascertain that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> All of the provisions of law<\/span> have been complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The applicant is formed as a trust company for no other reason than to engage in legitimate trust business<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Financially responsible persons<\/span> have subscribed for capital stock, surplus, and a reserve for operation in an amount deemed by the Commission<\/span> to be sufficient to warrant successful operation, but the capital stock shall not be less than $500,000; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Each principal<\/span> of an applicant has the financial responsibility, character, reputation, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Oaths<\/span> of all the directors have been taken and filed in accordance with § 6.2-1029<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The moral fitness, financial responsibility, and business qualifications of those named as officers and directors of the applicant are such as to command the confidence of the community in which the trust company is proposed to be located; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> If the applicant is an affiliated trust company<\/span>, the trust company holding company<\/span> of the applicant is qualified by virtue of its business record, experience, and financial responsibility to control<\/span> a trust company; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> In its opinion<\/span>, the public interest will be served by the formation of a trust company in the community where it is proposed. Authorizing the applicant to engage in the trust business<\/span> as a trust company shall be deemed in the public interest if, based on all relevant evidence<\/span> and information, advantages such as, but not limited to, increased competition, additional convenience, or gains in efficiency outweigh possible adverse effects such as, but not limited to, diminished or unfair competition, undue concentration of resources, conflicts of interests, or unsafe or unsound practices; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The operating plan<\/span> and any other relevant evidence<\/span> and information warrant belief that the applicant will conduct its business in accordance with generally accepted fiduciary<\/span> standards; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> The applicant has provided a bond<\/span> as required by § 6.2-1016<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The applicant is not in violation of § 6.2-1021<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Anything else deemed pertinent. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROCEDURE FOR GRANTING OR DENYING CERTIFICATE (\u00a7 6.2-1017)\n\nBefore any trust company shall begin business, it shall obtain from the\nCommission a certificate of authority authorizing it to do so. Prior to the\nissuance of such a certificate to a trust company or affiliated trust company,\nthe Commission shall ascertain that:\n\n1. All of the provisions of law have been complied with;\n\n2. The applicant is formed as a trust company for no other reason than to engage\nin legitimate trust business;\n\n3. Financially responsible persons have subscribed for capital stock, surplus,\nand a reserve for operation in an amount deemed by the Commission to be\nsufficient to warrant successful operation, but the capital stock shall not be\nless than $500,000;\n\n4. Each principal of an applicant has the financial responsibility, character,\nreputation, and general fitness to warrant belief that the business will be\noperated efficiently and fairly, in the public interest, and in accordance with\nlaw;\n\n5. Oaths of all the directors have been taken and filed in accordance with\n§ 6.2-1029;\n\n6. The moral fitness, financial responsibility, and business qualifications of\nthose named as officers and directors of the applicant are such as to command\nthe confidence of the community in which the trust company is proposed to be\nlocated;\n\n7. If the applicant is an affiliated trust company, the trust company holding\ncompany of the applicant is qualified by virtue of its business record,\nexperience, and financial responsibility to control a trust company;\n\n8. In its opinion, the public interest will be served by the formation of a\ntrust company in the community where it is proposed. Authorizing the applicant\nto engage in the trust business as a trust company shall be deemed in the public\ninterest if, based on all relevant evidence and information, advantages such as,\nbut not limited to, increased competition, additional convenience, or gains in\nefficiency outweigh possible adverse effects such as, but not limited to,\ndiminished or unfair competition, undue concentration of resources, conflicts of\ninterests, or unsafe or unsound practices;\n\n9. The operating plan and any other relevant evidence and information warrant\nbelief that the applicant will conduct its business in accordance with generally\naccepted fiduciary standards;\n\n10. The applicant has provided a bond as required by § 6.2-1016;\n\n11. The applicant is not in violation of § 6.2-1021; and\n\n12. Anything else deemed pertinent.\n\nHISTORY: 1993, c. 432, \u00a7 6.1-32.18; 1994, c. 524; 1995, c. 140; 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}}