{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1049.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1049.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1049.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1049.html"}],"law_id":70720,"edition_id":1,"section_id":70720,"structure_id":13108,"section_number":"6.2-1049","catch_line":"Permissible business","history":"1974, c. 286, \u00a7 6.1-32.5; 1997, c. 801; 2010, c. 794.","full_text":"A trust subsidiary shall be permitted to engage in trust business and activities that may be engaged in by a bank pursuant to \u00a7 6.2-1002, and business incidental thereto. A trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it.","order_by":null,"text":{"0":{"id":255092,"text":"A trust subsidiary shall be permitted to engage in trust business and activities that may be engaged in by a bank pursuant to \u00a7 6.2-1002, and business incidental thereto. A trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it.","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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1049\/","history_text":"<p>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 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 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0801\">801<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":[{"id":58739,"section_number":"6.2-1002","catch_line":"Powers of trust institutions","order_by":null,"url":"\/6.2-1002\/"}],"permalink":{"id":263891,"object_type":"law","relational_id":70720,"identifier":"6.2-1049","token":"6.2\/II\/10\/3\/6.2-1049","url":"\/6.2-1049\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","dublin_core":{"Title":"Permissible business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1049","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">trust subsidiary<\/span> shall be permitted to engage in <span class=\"dictionary\">trust business<\/span> and activities that may be engaged in by a bank pursuant to \u00a7&nbsp;<a class=\"law\" title=\"Powers of trust institutions\" href=\"\/6.2-1002\/\">6.2-1002<\/a>, and business incidental thereto. A <span class=\"dictionary\">trust subsidiary<\/span> shall not accept deposits or conduct any other business except as may be incidental to the <span class=\"dictionary\">trust business<\/span> being conducted by it.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPERMISSIBLE BUSINESS (\u00a7 6.2-1049)\n\nA trust subsidiary shall be permitted to engage in trust business and activities\nthat may be engaged in by a bank pursuant to \u00a7 6.2-1002, and business\nincidental thereto. A trust subsidiary shall not accept deposits or conduct any\nother business except as may be incidental to the trust business being conducted\nby it.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.5; 1997, c. 801; 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}}