{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1029.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1029.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1029.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1029.html"}],"law_id":56519,"edition_id":1,"section_id":56519,"structure_id":13002,"section_number":"6.2-1029","catch_line":"Directors","history":"1993, c. 432, \u00a7 6.1-32.22; 1994, c. 105; 2010, c. 794.","full_text":"A\n\nThe affairs of every trust company shall be directed by a board of directors. The board shall consist of not less than five nor more than 25 individuals. A majority of the directors shall be citizens of the Commonwealth.B\n\nEvery director of a trust company shall be the sole owner, and have in his personal possession or control shares, of stock of such trust company having a book value of not less than $2,000 and, within 30 days of election, shall take an oath that he will diligently and honestly perform his duties as a director and that he is the sole owner and has in his possession or control the required amount of stock, unencumbered in any way. When a director is reelected or reappointed, he shall take an oath certifying his ownership and control of the required amount of unencumbered stock throughout his previous term.C\n\nAny director who (i) fails, for a period of 30 days, to take the oath or (ii) does not comply with the requirement for ownership of stock, both as required by subsection B, shall automatically forfeit his office.D\n\nWithin 60 days following the election or reelection of any individual as a director of a trust company, the trust company shall furnish such information to the Commission relative to his personal character, integrity, financial condition, and personal and business background, as the Commission shall from time to time prescribe. Such report, under oath, shall be signed by the director as well as a designated officer of the trust company. Any person knowingly making a false statement in such a report is guilty of perjury.","order_by":null,"text":{"0":{"id":206883,"text":"The affairs of every trust company shall be directed by a board of directors. The board shall consist of not less than five nor more than 25 individuals. A majority of the directors shall be citizens of the Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":206884,"text":"Every director of a trust company shall be the sole owner, and have in his personal possession or control shares, of stock of such trust company having a book value of not less than $2,000 and, within 30 days of election, shall take an oath that he will diligently and honestly perform his duties as a director and that he is the sole owner and has in his possession or control the required amount of stock, unencumbered in any way. When a director is reelected or reappointed, he shall take an oath certifying his ownership and control of the required amount of unencumbered stock throughout his previous term.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":206885,"text":"Any director who (i) fails, for a period of 30 days, to take the oath or (ii) does not comply with the requirement for ownership of stock, both as required by subsection B, shall automatically forfeit his office.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":206886,"text":"Within 60 days following the election or reelection of any individual as a director of a trust company, the trust company shall furnish such information to the Commission relative to his personal character, integrity, financial condition, and personal and business background, as the Commission shall from time to time prescribe. Such report, under oath, shall be signed by the director as well as a designated officer of the trust company. Any person knowingly making a false statement in such a report is guilty of perjury.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1029\/","history_text":"<p>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 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 1994, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0105\">105<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":[{"id":81700,"section_number":"6.2-1017","catch_line":"Procedure for granting or denying certificate","order_by":null,"url":"\/6.2-1017\/"}],"refers_to":false,"permalink":{"id":263809,"object_type":"law","relational_id":56519,"identifier":"6.2-1029","token":"6.2\/II\/10\/2\/6.2-1029","url":"\/6.2-1029\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1029\/","token":"6.2\/II\/10\/2\/6.2-1029","dublin_core":{"Title":"Directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1029","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The affairs of every <span class=\"dictionary\">trust company<\/span> shall be directed by a board of directors. The board shall consist of not less than five nor more than 25 individuals. A majority of the directors shall be citizens of the Commonwealth. <a id=\"paragraph-206883\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1029\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Every director of a <span class=\"dictionary\">trust company<\/span> shall be the sole owner, and have in his personal <span class=\"dictionary\">possession<\/span> or <span class=\"dictionary\">control<\/span> shares, of stock of such <span class=\"dictionary\">trust company<\/span> having a book value of not less than $2,000 and, within 30 days of election, shall take an <span class=\"dictionary\">oath<\/span> that he will diligently and honestly perform his duties as a director and that he is the sole owner and has in his <span class=\"dictionary\">possession<\/span> or <span class=\"dictionary\">control<\/span> the required amount of stock, unencumbered in any way. When a director is reelected or reappointed, he shall take an <span class=\"dictionary\">oath<\/span> certifying his ownership and <span class=\"dictionary\">control<\/span> of the required amount of unencumbered stock throughout his previous term. <a id=\"paragraph-206884\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1029\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Any director who (i) fails, for a period of 30 days, to take the <span class=\"dictionary\">oath<\/span> or (ii) does not comply with the requirement for ownership of stock, both as required by subsection B, shall automatically forfeit his office. <a id=\"paragraph-206885\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1029\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Within 60 days following the election or reelection of any individual as a director of a <span class=\"dictionary\">trust company<\/span>, the <span class=\"dictionary\">trust company<\/span> shall furnish such information to the <span class=\"dictionary\">Commission<\/span> relative to his personal character, integrity, financial condition, and personal and business background, as the <span class=\"dictionary\">Commission<\/span> shall from time to time prescribe. Such report, under <span class=\"dictionary\">oath<\/span>, shall be signed by the director as well as a designated officer of the <span class=\"dictionary\">trust company<\/span>. Any <span class=\"dictionary\">person<\/span> knowingly making a false statement in such a report is guilty of <span class=\"dictionary\">perjury<\/span>. <a id=\"paragraph-206886\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1029\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nDIRECTORS (\u00a7 6.2-1029)\n\nA. The affairs of every trust company shall be directed by a board of directors.\nThe board shall consist of not less than five nor more than 25 individuals. A\nmajority of the directors shall be citizens of the Commonwealth.\n\nB. Every director of a trust company shall be the sole owner, and have in his\npersonal possession or control shares, of stock of such trust company having a\nbook value of not less than $2,000 and, within 30 days of election, shall take\nan oath that he will diligently and honestly perform his duties as a director\nand that he is the sole owner and has in his possession or control the required\namount of stock, unencumbered in any way. When a director is reelected or\nreappointed, he shall take an oath certifying his ownership and control of the\nrequired amount of unencumbered stock throughout his previous term.\n\nC. Any director who (i) fails, for a period of 30 days, to take the oath or (ii)\ndoes not comply with the requirement for ownership of stock, both as required by\nsubsection B, shall automatically forfeit his office.\n\nD. Within 60 days following the election or reelection of any individual as a\ndirector of a trust company, the trust company shall furnish such information to\nthe Commission relative to his personal character, integrity, financial\ncondition, and personal and business background, as the Commission shall from\ntime to time prescribe. Such report, under oath, shall be signed by the director\nas well as a designated officer of the trust company. Any person knowingly\nmaking a false statement in such a report is guilty of perjury.\n\nHISTORY: 1993, c. 432, \u00a7 6.1-32.22; 1994, c. 105; 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}}