{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1075.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1075.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1075.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1075.html"}],"law_id":75783,"edition_id":1,"section_id":75783,"structure_id":15663,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","history":"2003, c. 910, \u00a7 6.1-32.30:2; 2010, c. 794.","full_text":"A\n\nNo person other than a corporation or limited liability company organized under the laws of the Commonwealth to engage exclusively in the private trust business shall act as a private trust company.B\n\nNo person may act as a private trust company unless and until family members have subscribed for capital stock or interests, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.C\n\nNo person shall engage in business as a private trust company without first giving written notice to the Bureau. The notice shall identify (i) the designated relative whose relationship to other individuals determines whether the individuals are family members and (ii) the location of the principal office and additional office, if any, within the Commonwealth. The notice shall be accompanied by an operating plan and such other books, records, documents, or information as the Commissioner may require. The notice shall also certify that (a) all provisions of law have been complied with; (b) the private trust company is formed for no other reason than to engage in the private trust business; and (c) family members have subscribed for capital stock, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.D\n\nAll of the capital stock, membership interests, or other equity interests of a private trust company shall be and shall remain owned by, and under the voting control of, family members, including any spouses, trusts, stock corporations, limited partnerships, limited liability companies, or estates qualifying under subdivision 2, 3, 4, or 5 of the definition of “family member” set forth in § 6.2-1074, of one or more families.","order_by":null,"text":{"0":{"id":272080,"text":"No person other than a corporation or limited liability company organized under the laws of the Commonwealth to engage exclusively in the private trust business shall act as a private trust company.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":272081,"text":"No person may act as a private trust company unless and until family members have subscribed for capital stock or interests, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":272082,"text":"No person shall engage in business as a private trust company without first giving written notice to the Bureau. The notice shall identify (i) the designated relative whose relationship to other individuals determines whether the individuals are family members and (ii) the location of the principal office and additional office, if any, within the Commonwealth. The notice shall be accompanied by an operating plan and such other books, records, documents, or information as the Commissioner may require. The notice shall also certify that (a) all provisions of law have been complied with; (b) the private trust company is formed for no other reason than to engage in the private trust business; and (c) family members have subscribed for capital stock, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":272083,"text":"All of the capital stock, membership interests, or other equity interests of a private trust company shall be and shall remain owned by, and under the voting control of, family members, including any spouses, trusts, stock corporations, limited partnerships, limited liability companies, or estates qualifying under subdivision 2, 3, 4, or 5 of the definition of “family member” set forth in § 6.2-1074, of one or more families.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15663,"edition_id":1,"name":"Private Trust Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:57:36","date_modified":"2026-06-26 03:57:36","permalink":{"id":263993,"object_type":"structure","relational_id":15663,"identifier":"5","token":"6.2\/II\/10\/5","url":"\/6.2\/II\/10\/5\/","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":60351,"structure_id":15663,"section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","metadata":false},{"id":75783,"structure_id":15663,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","metadata":false},{"id":59929,"structure_id":15663,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},{"id":83696,"structure_id":15663,"section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077","metadata":false},{"id":84978,"structure_id":15663,"section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078","metadata":false},{"id":81113,"structure_id":15663,"section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079","metadata":false},{"id":76122,"structure_id":15663,"section_number":"6.2-1080","catch_line":"Limitation on powers","url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","metadata":false}],"previous_section":{"id":60351,"structure_id":15663,"section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","metadata":false},"next_section":{"id":59929,"structure_id":15663,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1075\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 910<\/a> 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. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":60351,"section_number":"6.2-1074","catch_line":"Definitions","order_by":null,"url":"\/6.2-1074\/"}],"permalink":{"id":263999,"object_type":"law","relational_id":75783,"identifier":"6.2-1075","token":"6.2\/II\/10\/5\/6.2-1075","url":"\/6.2-1075\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","dublin_core":{"Title":"Organization; minimum capital; notice to Bureau; control","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1075","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No person<\/span> other than a corporation or limited liability company organized under the laws<\/span> of the Commonwealth to engage exclusively in the private trust business<\/span> shall act as a private trust company<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No person<\/span> may act as a private trust company<\/span> unless and until family members<\/span> have subscribed for capital stock or interests, surplus, and a reserve for operation in an amount equal to or in excess of $500,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No person<\/span> shall engage in business as a private trust company<\/span> without first giving written notice to the Bureau<\/span>. The notice shall identify (i) the designated relative<\/span> whose relationship to other individuals determines whether the individuals are family members<\/span> and (ii) the location of the principal office and additional office, if any, within the Commonwealth. The notice shall be accompanied by an operating plan<\/span> and such other books, records, documents, or information as the Commissioner<\/span> may require. The notice shall also certify that (a) all provisions of law<\/span> have been complied with; (b) the private trust company<\/span> is formed for no other reason than to engage in the private trust business<\/span>; and (c) family members<\/span> have subscribed for capital stock, surplus, and a reserve for operation in an amount equal to or in excess of $500,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> All of the capital stock, membership interests, or other equity<\/span> interests of a private trust company<\/span> shall be and shall remain owned by, and under the voting control of, family members<\/span>, including any spouses, trusts, stock corporations, limited partnerships, limited liability companies, or estates qualifying under subdivision 2, 3, 4, or 5 of the definition of “family member<\/span>” set forth in § 6.2-1074<\/a>, of one or more families. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nORGANIZATION; MINIMUM CAPITAL; NOTICE TO BUREAU; CONTROL (\u00a7 6.2-1075)\n\nA. No person other than a corporation or limited liability company organized\nunder the laws of the Commonwealth to engage exclusively in the private trust\nbusiness shall act as a private trust company.\n\nB. No person may act as a private trust company unless and until family members\nhave subscribed for capital stock or interests, surplus, and a reserve for\noperation in an amount equal to or in excess of $500,000.\n\nC. No person shall engage in business as a private trust company without first\ngiving written notice to the Bureau. The notice shall identify (i) the\ndesignated relative whose relationship to other individuals determines whether\nthe individuals are family members and (ii) the location of the principal office\nand additional office, if any, within the Commonwealth. The notice shall be\naccompanied by an operating plan and such other books, records, documents, or\ninformation as the Commissioner may require. The notice shall also certify that\n(a) all provisions of law have been complied with; (b) the private trust company\nis formed for no other reason than to engage in the private trust business; and\n(c) family members have subscribed for capital stock, surplus, and a reserve for\noperation in an amount equal to or in excess of $500,000.\n\nD. All of the capital stock, membership interests, or other equity interests of\na private trust company shall be and shall remain owned by, and under the voting\ncontrol of, family members, including any spouses, trusts, stock corporations,\nlimited partnerships, limited liability companies, or estates qualifying under\nsubdivision 2, 3, 4, or 5 of the definition of “family member” set\nforth in § 6.2-1074, of one or more families.\n\nHISTORY: 2003, c. 910, \u00a7 6.1-32.30:2; 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}}