{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1048.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1048.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1048.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1048.html"}],"law_id":70269,"edition_id":1,"section_id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","history":"1974, c. 286, \u00a7 6.1-32.3; 1991, c. 282; 2004, c. 781; 2010, c. 794.","full_text":"A\n\nA subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the purpose of conducting a trust business and other activities and business incidental thereto in which a trust subsidiary is permitted to engage as provided in § 6.2-1049.B\n\nAll the outstanding voting shares of a subsidiary trust company, other than directors’ qualifying shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or (iii) both.C\n\nA trust subsidiary shall be subject to regular examination and supervision by the Commission or by the Comptroller of the Currency of the United States.D\n\nIf incorporated under Title 13.1, a trust subsidiary shall pay such examination fees as may be from time to time imposed upon trust departments of banks that are subject to examination by the Commission.","order_by":null,"text":{"0":{"id":253725,"text":"A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the purpose of conducting a trust business and other activities and business incidental thereto in which a trust subsidiary is permitted to engage as provided in § 6.2-1049.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":253726,"text":"All the outstanding voting shares of a subsidiary trust company, other than directors’ qualifying shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or (iii) both.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":253727,"text":"A trust subsidiary shall be subject to regular examination and supervision by the Commission or by the Comptroller of the Currency of the United States.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":253728,"text":"If incorporated under Title 13.1, a trust subsidiary shall pay such examination fees as may be from time to time imposed upon trust departments of banks that are subject to examination by the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1048\/","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 2004, chapter 781<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":86934,"section_number":"13.1-618","catch_line":"Incorporators","order_by":null,"url":"\/13.1-618\/"}],"permalink":{"id":263887,"object_type":"law","relational_id":70269,"identifier":"6.2-1048","token":"6.2\/II\/10\/3\/6.2-1048","url":"\/6.2-1048\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","dublin_core":{"Title":"Organization of subsidiary trust companies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1048","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A subsidiary trust company<\/span> may be incorporated and organized under Article 3 (§ 13.1-618<\/a> et seq.) of Chapter 9 of Title 13.1 or under federal laws<\/span> relating to national banking associations for the purpose of conducting a trust business<\/span> and other activities and business incidental thereto in which a trust subsidiary<\/span> is permitted to engage as provided in § 6.2-1049<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> All the outstanding voting shares of a subsidiary trust company<\/span>, other than directors’ qualifying shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or (iii) both. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A trust subsidiary<\/span> shall be subject to regular examination and supervision by the Commission<\/span> or by the Comptroller of the Currency of the United States. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If incorporated under Title 13.1, a trust subsidiary<\/span> shall pay such examination fees as may be from time to time imposed upon trust departments of banks that are subject to examination by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nORGANIZATION OF SUBSIDIARY TRUST COMPANIES (\u00a7 6.2-1048)\n\nA. A subsidiary trust company may be incorporated and organized under Article 3\n(§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws\nrelating to national banking associations for the purpose of conducting a trust\nbusiness and other activities and business incidental thereto in which a trust\nsubsidiary is permitted to engage as provided in § 6.2-1049.\n\nB. All the outstanding voting shares of a subsidiary trust company, other than\ndirectors’ qualifying shares, shall be owned directly or indirectly\nthrough a subsidiary by (i) one or more Virginia bank holding companies, (ii)\none or more banks authorized to have a main or parent office in Virginia, or\n(iii) both.\n\nC. A trust subsidiary shall be subject to regular examination and supervision by\nthe Commission or by the Comptroller of the Currency of the United States.\n\nD. If incorporated under Title 13.1, a trust subsidiary shall pay such\nexamination fees as may be from time to time imposed upon trust departments of\nbanks that are subject to examination by the Commission.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.3; 1991, c. 282; 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}}