{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1081.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1081.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1081.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1081.html"}],"law_id":74058,"edition_id":1,"section_id":74058,"structure_id":13492,"section_number":"6.2-1081","catch_line":"Definitions","history":"1984, c. 303, \u00a7 6.1-195.78; 1997, c. 801; 2010, c. 794.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Affiliate” means, with respect to an association, a bank holding company, as defined in 12 U.S.C. \u00a7 1841, or savings and loan holding company of which the association is a subsidiary, a corporation that is also a subsidiary of a bank holding company or savings and loan holding company of which the association is a subsidiary, a corporation with respect to which the association owns 25 percent or more of the outstanding voting shares of such corporation, or any other corporation that the Commissioner determines is, in fact, controlled by the association.\n\t\t“Association” has the meaning assigned to it in \u00a7 6.2-1100.\n\t\t“Common trust funds” means common trust funds that are described under \u00a7 584 of the Internal Revenue Code of 1954, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t“Fiduciary” means the status resulting from an association’s undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association’s acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity.\n\t\t“Fiduciary records” means all matters which are written, transcribed, recorded, received, or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.\n\t\t“Governing instrument” means the written document or documents pursuant to which an association undertakes to act in a fiduciary capacity, and includes a will, codicil, deed of trust, trust deed, and other similar instruments.\n\t\t“Investment authority” means the responsibility conferred by action of law or a provision of a governing instrument to make, select, or change investments, review investment decisions made by others, or to provide investment advice or counsel to others.\n\t\t“Managing agent” means the fiduciary relationship assumed by an association upon the creation of an account that names the association as agent and confers investment authority upon the association.\n\t\t“Savings institution holding company” has the meaning assigned to it in \u00a7 6.2-1100.\n\t\t“Trust account” means the account established pursuant to a trust, estate, or other fiduciary relationship that has been established with an association.\n\t\t“Trust department” means that group or groups of officers and employees of an association, or of an affiliate of an association, to whom are assigned the performance of fiduciary services by the association.\n\t\t“Uniform Transfers to Minors Act” means Chapter 19 (\u00a7 64.2-1900 et seq.) of Title 64.2 or any comparable act in effect in any other state.","order_by":null,"text":{"0":{"id":266368,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Affiliate” means, with respect to an association, a bank holding company, as defined in 12 U.S.C. \u00a7 1841, or savings and loan holding company of which the association is a subsidiary, a corporation that is also a subsidiary of a bank holding company or savings and loan holding company of which the association is a subsidiary, a corporation with respect to which the association owns 25 percent or more of the outstanding voting shares of such corporation, or any other corporation that the Commissioner determines is, in fact, controlled by the association.\n\t\t“Association” has the meaning assigned to it in \u00a7 6.2-1100.\n\t\t“Common trust funds” means common trust funds that are described under \u00a7 584 of the Internal Revenue Code of 1954, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t“Fiduciary” means the status resulting from an association’s undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association’s acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity.\n\t\t“Fiduciary records” means all matters which are written, transcribed, recorded, received, or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.\n\t\t“Governing instrument” means the written document or documents pursuant to which an association undertakes to act in a fiduciary capacity, and includes a will, codicil, deed of trust, trust deed, and other similar instruments.\n\t\t“Investment authority” means the responsibility conferred by action of law or a provision of a governing instrument to make, select, or change investments, review investment decisions made by others, or to provide investment advice or counsel to others.\n\t\t“Managing agent” means the fiduciary relationship assumed by an association upon the creation of an account that names the association as agent and confers investment authority upon the association.\n\t\t“Savings institution holding company” has the meaning assigned to it in \u00a7 6.2-1100.\n\t\t“Trust account” means the account established pursuant to a trust, estate, or other fiduciary relationship that has been established with an association.\n\t\t“Trust department” means that group or groups of officers and employees of an association, or of an affiliate of an association, to whom are assigned the performance of fiduciary services by the association.\n\t\t“Uniform Transfers to Minors Act” means Chapter 19 (\u00a7 64.2-1900 et seq.) of Title 64.2 or any comparable act in effect in any other state.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13492,"edition_id":1,"name":"Trust Powers of Savings Institutions","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:45:02","date_modified":"2026-06-26 03:45:02","permalink":{"id":264023,"object_type":"structure","relational_id":13492,"identifier":"6","token":"6.2\/II\/10\/6","url":"\/6.2\/II\/10\/6\/","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":74058,"structure_id":13492,"section_number":"6.2-1081","catch_line":"Definitions","url":"\/6.2-1081\/","token":"6.2\/II\/10\/6\/6.2-1081","metadata":false},{"id":85239,"structure_id":13492,"section_number":"6.2-1082","catch_line":"Applications for permission to offer trust services","url":"\/6.2-1082\/","token":"6.2\/II\/10\/6\/6.2-1082","metadata":false},{"id":54455,"structure_id":13492,"section_number":"6.2-1083","catch_line":"Commission to issue certificate; powers of associations authorized to offer trust services","url":"\/6.2-1083\/","token":"6.2\/II\/10\/6\/6.2-1083","metadata":false},{"id":54639,"structure_id":13492,"section_number":"6.2-1084","catch_line":"Continuation of trust powers in the event of consolidation or merger of two or more associations","url":"\/6.2-1084\/","token":"6.2\/II\/10\/6\/6.2-1084","metadata":false},{"id":79631,"structure_id":13492,"section_number":"6.2-1085","catch_line":"When security not required","url":"\/6.2-1085\/","token":"6.2\/II\/10\/6\/6.2-1085","metadata":false},{"id":64036,"structure_id":13492,"section_number":"6.2-1086","catch_line":"Association's operation and supervision of trust department","url":"\/6.2-1086\/","token":"6.2\/II\/10\/6\/6.2-1086","metadata":false},{"id":54952,"structure_id":13492,"section_number":"6.2-1087","catch_line":"Books and accounts","url":"\/6.2-1087\/","token":"6.2\/II\/10\/6\/6.2-1087","metadata":false},{"id":67325,"structure_id":13492,"section_number":"6.2-1088","catch_line":"Investment of funds and assets held as fiduciary","url":"\/6.2-1088\/","token":"6.2\/II\/10\/6\/6.2-1088","metadata":false},{"id":71432,"structure_id":13492,"section_number":"6.2-1089","catch_line":"Funds awaiting investment or distribution","url":"\/6.2-1089\/","token":"6.2\/II\/10\/6\/6.2-1089","metadata":false},{"id":68351,"structure_id":13492,"section_number":"6.2-1090","catch_line":"Dealings with self or affiliates","url":"\/6.2-1090\/","token":"6.2\/II\/10\/6\/6.2-1090","metadata":false},{"id":68482,"structure_id":13492,"section_number":"6.2-1091","catch_line":"Voting of financial institution stock held by association as fiduciary; when association disqualified from voting","url":"\/6.2-1091\/","token":"6.2\/II\/10\/6\/6.2-1091","metadata":false},{"id":60816,"structure_id":13492,"section_number":"6.2-1092","catch_line":"Transactions between trust accounts","url":"\/6.2-1092\/","token":"6.2\/II\/10\/6\/6.2-1092","metadata":false},{"id":86273,"structure_id":13492,"section_number":"6.2-1093","catch_line":"Custody of assets and investments held in trust","url":"\/6.2-1093\/","token":"6.2\/II\/10\/6\/6.2-1093","metadata":false},{"id":64599,"structure_id":13492,"section_number":"6.2-1094","catch_line":"Establishment of common trust funds and collective investment funds; court accountings","url":"\/6.2-1094\/","token":"6.2\/II\/10\/6\/6.2-1094","metadata":false},{"id":82368,"structure_id":13492,"section_number":"6.2-1095","catch_line":"Compensation of association acting as fiduciary","url":"\/6.2-1095\/","token":"6.2\/II\/10\/6\/6.2-1095","metadata":false},{"id":86157,"structure_id":13492,"section_number":"6.2-1096","catch_line":"Surrender of trust powers by association","url":"\/6.2-1096\/","token":"6.2\/II\/10\/6\/6.2-1096","metadata":false},{"id":79251,"structure_id":13492,"section_number":"6.2-1097","catch_line":"Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association","url":"\/6.2-1097\/","token":"6.2\/II\/10\/6\/6.2-1097","metadata":false},{"id":55409,"structure_id":13492,"section_number":"6.2-1098","catch_line":"Revocation of trust powers","url":"\/6.2-1098\/","token":"6.2\/II\/10\/6\/6.2-1098","metadata":false},{"id":71645,"structure_id":13492,"section_number":"6.2-1099","catch_line":"Trust powers of state savings banks","url":"\/6.2-1099\/","token":"6.2\/II\/10\/6\/6.2-1099","metadata":false}],"next_section":{"id":85239,"structure_id":13492,"section_number":"6.2-1082","catch_line":"Applications for permission to offer trust services","url":"\/6.2-1082\/","token":"6.2\/II\/10\/6\/6.2-1082","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1081\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 303 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 1984 \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 801<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":62570,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","order_by":null,"url":"\/6.2-1001\/"}],"refers_to":[{"id":68689,"section_number":"6.2-1100","catch_line":"Definitions","order_by":null,"url":"\/6.2-1100\/"},{"id":65466,"section_number":"64.2-1900","catch_line":"Definitions","order_by":null,"url":"\/64.2-1900\/"}],"permalink":{"id":264025,"object_type":"law","relational_id":74058,"identifier":"6.2-1081","token":"6.2\/II\/10\/6\/6.2-1081","url":"\/6.2-1081\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1081\/","token":"6.2\/II\/10\/6\/6.2-1081","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1081","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” means, with respect to an association, a bank holding company, as defined in 12 U.S.C. \u00a7 1841, or savings and loan holding company of which the association is a subsidiary, a corporation that is also a subsidiary of a bank holding company or savings and loan holding company of which the association is a subsidiary, a corporation with respect to which the association owns 25 percent or more of the outstanding voting shares of such corporation, or any other corporation that the Commissioner<\/span> determines is, in fact<\/span>, controlled by the association.\n\t\t“Association” has the meaning assigned to it in \u00a7 6.2-1100<\/a>.\n\t\t“Common trust funds<\/span>” means common trust funds<\/span> that are described under \u00a7 584 of the Internal Revenue Code of 1954, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.\n\t\t“Fiduciary” means the status resulting from an association’s undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association’s acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent<\/span>, registrar of stocks and bonds<\/span>, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity.\n\t\t“Fiduciary records<\/span>” means all matters which are written, transcribed, recorded, received, or otherwise come into the possession<\/span> of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.\n\t\t“Governing instrument<\/span>” means the written document or documents pursuant to which an association undertakes to act in a fiduciary capacity, and includes a will, codicil, deed of trust, trust deed, and other similar instruments.\n\t\t“Investment authority<\/span>” means the responsibility conferred by action of law<\/span> or a provision of a governing instrument<\/span> to make, select, or change investments, review investment decisions made by others, or to provide investment advice or counsel<\/span> to others.\n\t\t“Managing agent<\/span>” means the fiduciary relationship assumed by an association upon the creation of an account that names the association as agent and confers investment authority<\/span> upon the association.\n\t\t“Savings institution holding company” has the meaning assigned to it in \u00a7 6.2-1100<\/a>.\n\t\t“Trust account<\/span>” means the account established pursuant to a trust, estate, or other fiduciary relationship that has been established with an association.\n\t\t“Trust department<\/span>” means that group or groups of officers and employees of an association, or of an affiliate of an association, to whom are assigned the performance of fiduciary services by the association.\n\t\t“Uniform Transfers to Minors Act<\/span>” means Chapter 19 (\u00a7 64.2-1900<\/a> et seq.) of Title 64.2 or any comparable act in effect in any other state.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1081)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Affiliate” means, with respect to an association, a bank holding\ncompany, as defined in 12 U.S.C. \u00a7 1841, or savings and loan holding company of\nwhich the association is a subsidiary, a corporation that is also a subsidiary\nof a bank holding company or savings and loan holding company of which the\nassociation is a subsidiary, a corporation with respect to which the association\nowns 25 percent or more of the outstanding voting shares of such corporation, or\nany other corporation that the Commissioner determines is, in fact, controlled\nby the association.\n\t\t“Association” has the meaning assigned to it in \u00a7 6.2-1100.\n\t\t“Common trust funds” means common trust funds that are described\nunder \u00a7 584 of the Internal Revenue Code of 1954, as well as any other type of\ncollective investment fund that is exempt from federal income taxation under any\nother provision of the Internal Revenue Code or regulations issued pursuant\nthereto.\n\t\t“Fiduciary” means the status resulting from an association’s\nundertaking to act alone, through an affiliate, or jointly with others,\nprimarily for the benefit of another, and includes an association’s acting\nas trustee, executor, administrator, committee, guardian, conservator, receiver,\nmanaging agent, registrar of stocks and bonds, escrow, transfer, or paying\nagent, trustee of employee pension, welfare and profit sharing trusts, and in\nany other similar capacity.\n\t\t“Fiduciary records” means all matters which are written,\ntranscribed, recorded, received, or otherwise come into the possession of an\nassociation and are necessary to preserve information concerning the actions and\nevents relevant to the fiduciary activities of an association.\n\t\t“Governing instrument” means the written document or documents\npursuant to which an association undertakes to act in a fiduciary capacity, and\nincludes a will, codicil, deed of trust, trust deed, and other similar\ninstruments.\n\t\t“Investment authority” means the responsibility conferred by\naction of law or a provision of a governing instrument to make, select, or\nchange investments, review investment decisions made by others, or to provide\ninvestment advice or counsel to others.\n\t\t“Managing agent” means the fiduciary relationship assumed by an\nassociation upon the creation of an account that names the association as agent\nand confers investment authority upon the association.\n\t\t“Savings institution holding company” has the meaning assigned to\nit in \u00a7 6.2-1100.\n\t\t“Trust account” means the account established pursuant to a trust,\nestate, or other fiduciary relationship that has been established with an\nassociation.\n\t\t“Trust department” means that group or groups of officers and\nemployees of an association, or of an affiliate of an association, to whom are\nassigned the performance of fiduciary services by the association.\n\t\t“Uniform Transfers to Minors Act” means Chapter 19 (\u00a7 64.2-1900\net seq.) of Title 64.2 or any comparable act in effect in any other state.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.78; 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}}