{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1047.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1047.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1047.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1047.html"}],"law_id":65489,"edition_id":1,"section_id":65489,"structure_id":13108,"section_number":"6.2-1047","catch_line":"Definitions","history":"1974, c. 286, \u00a7 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Affiliate bank” with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a subsidiary all the shares, except directors’ qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bank that owns some or all of the shares of a trust subsidiary or a subsidiary bank.\n\t\t“Bank” has the meaning assigned to it in \u00a7 6.2-800.\n\t\t“Bank holding company” has the meaning assigned to it in \u00a7 6.2-800.\n\t\t“Bank under common ownership” means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.\n\t\t“Fiduciary capacity” means every capacity in which a trust institution is granted the right to act pursuant to \u00a7 6.2-1002 and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds.\n\t\t“Main office” is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted.\n\t\t“Owning bank” means a bank owning 10 percent or more of the shares of a trust subsidiary.\n\t\t“Subsidiary bank” means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company.\n\t\t“Trust office” means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business.\n\t\t“Trust subsidiary under common ownership” means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.\n\t\t“Virginia bank holding company” means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.","order_by":null,"text":{"0":{"id":238089,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Affiliate bank” with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a subsidiary all the shares, except directors’ qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bank that owns some or all of the shares of a trust subsidiary or a subsidiary bank.\n\t\t“Bank” has the meaning assigned to it in \u00a7 6.2-800.\n\t\t“Bank holding company” has the meaning assigned to it in \u00a7 6.2-800.\n\t\t“Bank under common ownership” means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.\n\t\t“Fiduciary capacity” means every capacity in which a trust institution is granted the right to act pursuant to \u00a7 6.2-1002 and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds.\n\t\t“Main office” is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted.\n\t\t“Owning bank” means a bank owning 10 percent or more of the shares of a trust subsidiary.\n\t\t“Subsidiary bank” means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company.\n\t\t“Trust office” means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business.\n\t\t“Trust subsidiary under common ownership” means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary.\n\t\t“Virginia bank holding company” means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13108,"edition_id":1,"name":"Trust Subsidiaries","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":263881,"object_type":"structure","relational_id":13108,"identifier":"3","token":"6.2\/II\/10\/3","url":"\/6.2\/II\/10\/3\/","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":65489,"structure_id":13108,"section_number":"6.2-1047","catch_line":"Definitions","url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","metadata":false},{"id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},{"id":70720,"structure_id":13108,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},{"id":80318,"structure_id":13108,"section_number":"6.2-1050","catch_line":"Directors","url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","metadata":false},{"id":66973,"structure_id":13108,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},{"id":57130,"structure_id":13108,"section_number":"6.2-1052","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1052\/","token":"6.2\/II\/10\/3\/6.2-1052","metadata":false},{"id":71808,"structure_id":13108,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","metadata":false},{"id":59285,"structure_id":13108,"section_number":"6.2-1054","catch_line":"Certificate required","url":"\/6.2-1054\/","token":"6.2\/II\/10\/3\/6.2-1054","metadata":false},{"id":61502,"structure_id":13108,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},{"id":54145,"structure_id":13108,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","metadata":false},{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},{"id":68595,"structure_id":13108,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","metadata":false},{"id":65923,"structure_id":13108,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},{"id":58761,"structure_id":13108,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},{"id":62099,"structure_id":13108,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","metadata":false},{"id":56552,"structure_id":13108,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},{"id":80499,"structure_id":13108,"section_number":"6.2-1063","catch_line":"Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected","url":"\/6.2-1063\/","token":"6.2\/II\/10\/3\/6.2-1063","metadata":false},{"id":73097,"structure_id":13108,"section_number":"6.2-1064","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1064\/","token":"6.2\/II\/10\/3\/6.2-1064","metadata":false}],"next_section":{"id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1047\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 286 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 1974 \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 1991, chapter 282; in 2010, chapter 794<\/a>; in 2020, chapter 239<\/a>.<\/p>","references":[{"id":75080,"section_number":"13.1-501","catch_line":"Definitions","order_by":null,"url":"\/13.1-501\/"},{"id":81002,"section_number":"13.1-514","catch_line":"Exemptions","order_by":null,"url":"\/13.1-514\/"},{"id":65904,"section_number":"23.1-1015","catch_line":"Covered institutions; operational authority; financial operations; power to issue bonds, notes, or other obligations","order_by":null,"url":"\/23.1-1015\/"},{"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":58739,"section_number":"6.2-1002","catch_line":"Powers of trust institutions","order_by":null,"url":"\/6.2-1002\/"},{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"}],"permalink":{"id":263883,"object_type":"law","relational_id":65489,"identifier":"6.2-1047","token":"6.2\/II\/10\/3\/6.2-1047","url":"\/6.2-1047\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1047","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“Affiliate bank<\/span>” with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company<\/span> that owns directly or indirectly through a subsidiary all the shares, except directors’ qualifying shares, of a trust subsidiary or a subsidiary bank<\/span> or (ii) a bank that owns some or all of the shares of a trust subsidiary or a subsidiary bank<\/span>.\n\t\t“Bank” has the meaning assigned to it in \u00a7 6.2-800<\/a>.\n\t\t“Bank holding company” has the meaning assigned to it in \u00a7 6.2-800<\/a>.\n\t\t“Bank under common ownership<\/span>” means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company<\/span> as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank<\/span> substituted as fiduciary.\n\t\t“Fiduciary capacity<\/span>” means every capacity in which a trust institution<\/span> is granted the right to act pursuant to \u00a7 6.2-1002<\/a> and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds.\n\t\t“Main office” is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted.\n\t\t“Owning bank<\/span>” means a bank owning 10 percent or more of the shares of a trust subsidiary.\n\t\t“Subsidiary bank<\/span>” means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company<\/span>.\n\t\t“Trust office” means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business<\/span>.\n\t\t“Trust subsidiary under common ownership<\/span>” means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company<\/span> as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank<\/span> substituted as fiduciary.\n\t\t“Virginia bank holding company<\/span>” means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1047)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Affiliate bank” with respect to a trust subsidiary means (i) a\nbank of which more than 50 percent of the shares are owned directly or\nindirectly through a subsidiary by the same Virginia bank holding company that\nowns directly or indirectly through a subsidiary all the shares, except\ndirectors’ qualifying shares, of a trust subsidiary or a subsidiary bank\nor (ii) a bank that owns some or all of the shares of a trust subsidiary or a\nsubsidiary bank.\n\t\t“Bank” has the meaning assigned to it in \u00a7 6.2-800.\n\t\t“Bank holding company” has the meaning assigned to it in \u00a7\n6.2-800.\n\t\t“Bank under common ownership” means a bank of which 80 percent or\nmore of its common stock is owned, directly or indirectly through a subsidiary,\nby the same Virginia bank holding company as owns, directly or indirectly\nthrough a subsidiary, at least 80 percent of the stock of the subsidiary bank\nsubstituted as fiduciary.\n\t\t“Fiduciary capacity” means every capacity in which a trust\ninstitution is granted the right to act pursuant to \u00a7 6.2-1002 and every other\ncapacity in which a bank acts, or may act, through its trust department,\nincluding, without limitation, trusteeship with respect to common trust funds.\n\t\t“Main office” is the place designated in the articles of\nincorporation or articles of association as the main office of the bank or trust\nsubsidiary at which the principal functions of the bank or trust subsidiary are\nto be conducted.\n\t\t“Owning bank” means a bank owning 10 percent or more of the shares\nof a trust subsidiary.\n\t\t“Subsidiary bank” means a bank authorized to exercise trust\npowers, at least 80 percent of the outstanding shares of which are owned\ndirectly or indirectly through a subsidiary by a Virginia bank holding company.\n\t\t“Trust office” means, with regard to a trust subsidiary or a bank\nhaving trust powers, an office for trust purposes only, at which the trust\nsubsidiary or bank holds itself out as dealing with the public in the\nsolicitation and conduct of its trust business.\n\t\t“Trust subsidiary under common ownership” means a trust subsidiary\nat least 80 percent or more of which is owned, directly or indirectly through a\nsubsidiary, by the same Virginia bank holding company as owns, directly or\nindirectly through a subsidiary, at least 80 percent of the stock of the\nsubsidiary bank substituted as fiduciary.\n\t\t“Virginia bank holding company” means a bank holding company that,\ndirectly or indirectly through a subsidiary, owns or controls a bank the main\noffice of which is located in the Commonwealth.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.","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}}