{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1023.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1023.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1023.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1023.html"}],"law_id":63794,"edition_id":1,"section_id":63794,"structure_id":13002,"section_number":"6.2-1023","catch_line":"Acquisition of stock; application","history":"1993, c. 432, \u00a7 6.1-32.19; 1995, c. 140; 2004, c. 781; 2010, c. 794.","full_text":"A\n\nExcept as provided in this section, no person shall acquire, directly or indirectly, 10 percent or more of the voting shares of a trust company unless such person first:1\n\nFiles an application with the Commission in such form as the Commission may prescribe;2\n\nDelivers such other information to the Commission as the Commission may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, and principals and of any proposed new directors, senior officers, and principals of the trust company; and3\n\nPays such application fee as the Commission may prescribe.B\n\nUpon the filing and investigation of an application, the Commission shall permit the acquisition, subject to § 6.2-1024, if it finds that the applicant and (i) its members if applicable, (ii) its directors, senior officers, and principals, and (iii) any proposed new directors, senior officers, and principals, have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application, accompanied by the required fee, is filed, unless the period is extended by order of the Commission reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.C\n\nThe foregoing provisions of this section shall not apply to a person owning 51 percent or more of the capital stock of the trust company at the time of the proposed acquisition; however, such person shall give the Commission 30 days advance written notice of the proposed acquisition and provide such additional information as the Commission may require.","order_by":null,"text":{"0":{"id":232452,"text":"Except as provided in this section, no person shall acquire, directly or indirectly, 10 percent or more of the voting shares of a trust company unless such person first:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":232453,"text":"Files an application with the Commission in such form as the Commission may prescribe;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":232454,"text":"Delivers such other information to the Commission as the Commission may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, and principals and of any proposed new directors, senior officers, and principals of the trust company; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":232455,"text":"Pays such application fee as the Commission may prescribe.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":232456,"text":"Upon the filing and investigation of an application, the Commission shall permit the acquisition, subject to § 6.2-1024, if it finds that the applicant and (i) its members if applicable, (ii) its directors, senior officers, and principals, and (iii) any proposed new directors, senior officers, and principals, have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application, accompanied by the required fee, is filed, unless the period is extended by order of the Commission reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":232457,"text":"The foregoing provisions of this section shall not apply to a person owning 51 percent or more of the capital stock of the trust company at the time of the proposed acquisition; however, such person shall give the Commission 30 days advance written notice of the proposed acquisition and provide such additional information as the Commission may require.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1023\/","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 1995, chapter 140<\/a>; in 2004, chapter 781<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":67642,"section_number":"6.2-1024","catch_line":"Restrictions on control, officers and directors","order_by":null,"url":"\/6.2-1024\/"},{"id":63765,"section_number":"6.2-1033","catch_line":"Fees","order_by":null,"url":"\/6.2-1033\/"}],"refers_to":[{"id":67642,"section_number":"6.2-1024","catch_line":"Restrictions on control, officers and directors","order_by":null,"url":"\/6.2-1024\/"}],"permalink":{"id":263785,"object_type":"law","relational_id":63794,"identifier":"6.2-1023","token":"6.2\/II\/10\/2\/6.2-1023","url":"\/6.2-1023\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1023\/","token":"6.2\/II\/10\/2\/6.2-1023","dublin_core":{"Title":"Acquisition of stock; application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1023","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in this section, no person<\/span> shall acquire, directly or indirectly, 10 percent or more of the voting shares of a trust company<\/span> unless such person<\/span> first: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Files an application with the Commission<\/span> in such form as the Commission<\/span> may prescribe; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Delivers such other information to the Commission<\/span> as the Commission<\/span> may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, and principals<\/span> and of any proposed new directors, senior officers, and principals<\/span> of the trust company<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Pays such application fee as the Commission<\/span> may prescribe. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon the filing and investigation of an application, the Commission<\/span> shall permit the acquisition, subject to § 6.2-1024<\/a>, if it finds that the applicant and (i) its members if applicable, (ii) its directors, senior officers, and principals<\/span>, and (iii) any proposed new directors, senior officers, and principals<\/span>, have the financial responsibility, character, reputation, experience, 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>. The Commission<\/span> shall grant or deny the application within 60 days from the date a completed application, accompanied by the required fee, is filed, unless the period is extended by order<\/span> of the Commission<\/span> reciting the reasons for the extension. If the application is denied, the Commission<\/span> shall notify the applicant of the denial and the reasons for the denial. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The foregoing provisions of this section shall not apply to a person<\/span> owning 51 percent or more of the capital stock of the trust company<\/span> at the time of the proposed acquisition; however, such person<\/span> shall give the Commission<\/span> 30 days advance written notice of the proposed acquisition and provide such additional information as the Commission<\/span> may require. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITION OF STOCK; APPLICATION (\u00a7 6.2-1023)\n\nA. Except as provided in this section, no person shall acquire, directly or\nindirectly, 10 percent or more of the voting shares of a trust company unless\nsuch person first:\n\n 1. Files an application with the Commission in such form as the Commission may\n prescribe;\n\n 2. Delivers such other information to the Commission as the Commission may\n require concerning the financial responsibility, background, experience, and\n activities of the applicant, its directors, senior officers, and principals\n and of any proposed new directors, senior officers, and principals of the\n trust company; and\n\n 3. Pays such application fee as the Commission may prescribe.\n\nB. Upon the filing and investigation of an application, the Commission shall\npermit the acquisition, subject to § 6.2-1024, if it finds that the\napplicant and (i) its members if applicable, (ii) its directors, senior\nofficers, and principals, and (iii) any proposed new directors, senior officers,\nand principals, have the financial responsibility, character, reputation,\nexperience, and general fitness to warrant belief that the business will be\noperated efficiently and fairly, in the public interest, and in accordance with\nlaw. The Commission shall grant or deny the application within 60 days from the\ndate a completed application, accompanied by the required fee, is filed, unless\nthe period is extended by order of the Commission reciting the reasons for the\nextension. If the application is denied, the Commission shall notify the\napplicant of the denial and the reasons for the denial.\n\nC. The foregoing provisions of this section shall not apply to a person owning\n51 percent or more of the capital stock of the trust company at the time of the\nproposed acquisition; however, such person shall give the Commission 30 days\nadvance written notice of the proposed acquisition and provide such additional\ninformation as the Commission may require.\n\nHISTORY: 1993, c. 432, \u00a7 6.1-32.19; 1995, c. 140; 2004, 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}}