{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1086.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1086.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1086.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1086.html"}],"law_id":64036,"edition_id":1,"section_id":64036,"structure_id":13492,"section_number":"6.2-1086","catch_line":"Association’s operation and supervision of trust department","history":"1984, c. 303, \u00a7 6.1-195.83; 2010, c. 794.","full_text":"A\n\nThe board of directors of an association is responsible for the proper exercise of fiduciary powers by the association. All matters pertinent thereto, including the determination of policies, the investment and disposition of property held in a fiduciary capacity, and the direction and review of the actions of all officers, employees, and committees utilized by the association in the exercise of its fiduciary powers, are the responsibility of the board. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of such of the association’s trust powers as it may consider proper to assign to such directors, officers, employees, or committees as it may designate.B\n\nNo fiduciary account shall be accepted without the approval of the directors, officers, or committees to whom the board may have assigned the performance of that responsibility. A written record shall be made of such acceptances and of the relinquishment or closing out of all fiduciary accounts.C\n\nUpon the establishment of a trust account for which the association has investment authority, a prompt review of the assets of such account shall be made. The board of directors shall also ensure that at least once during every calendar year thereafter, and within 15 months of the last review, all the assets held in or held for each trust account for which the association has investment authority are reviewed to determine the advisability of retaining or disposing of such assets. The board of directors shall act to ensure that all investments have been made in accordance with the terms and purposes of the governing instrument and in accordance with applicable law.D\n\nThe trust department may utilize personnel and facilities of other departments of the association, and other departments of the association may utilize personnel and facilities of the trust department to the extent not otherwise prohibited by the law.E\n\nEvery association exercising trust powers shall adopt written policies and procedures to ensure that the securities laws of the United States and the Commonwealth are complied with in connection with any decision or recommendation to purchase or sell any security. Such policies and procedures, in particular, shall ensure that the association’s trust department shall not use material inside information in connection with any decision or recommendation to purchase or sell any security.F\n\nEvery association exercising fiduciary powers shall designate, employ, or retain legal counsel who shall be readily available to pass upon fiduciary matters and to advise the association and its trust department.","order_by":null,"text":{"0":{"id":233200,"text":"The board of directors of an association is responsible for the proper exercise of fiduciary powers by the association. All matters pertinent thereto, including the determination of policies, the investment and disposition of property held in a fiduciary capacity, and the direction and review of the actions of all officers, employees, and committees utilized by the association in the exercise of its fiduciary powers, are the responsibility of the board. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of such of the association’s trust powers as it may consider proper to assign to such directors, officers, employees, or committees as it may designate.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":233201,"text":"No fiduciary account shall be accepted without the approval of the directors, officers, or committees to whom the board may have assigned the performance of that responsibility. A written record shall be made of such acceptances and of the relinquishment or closing out of all fiduciary accounts.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":233202,"text":"Upon the establishment of a trust account for which the association has investment authority, a prompt review of the assets of such account shall be made. The board of directors shall also ensure that at least once during every calendar year thereafter, and within 15 months of the last review, all the assets held in or held for each trust account for which the association has investment authority are reviewed to determine the advisability of retaining or disposing of such assets. The board of directors shall act to ensure that all investments have been made in accordance with the terms and purposes of the governing instrument and in accordance with applicable law.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":233203,"text":"The trust department may utilize personnel and facilities of other departments of the association, and other departments of the association may utilize personnel and facilities of the trust department to the extent not otherwise prohibited by the law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":233204,"text":"Every association exercising trust powers shall adopt written policies and procedures to ensure that the securities laws of the United States and the Commonwealth are complied with in connection with any decision or recommendation to purchase or sell any security. Such policies and procedures, in particular, shall ensure that the association’s trust department shall not use material inside information in connection with any decision or recommendation to purchase or sell any security.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":233205,"text":"Every association exercising fiduciary powers shall designate, employ, or retain legal counsel who shall be readily available to pass upon fiduciary matters and to advise the association and its trust department.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1086\/","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 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":false,"permalink":{"id":264045,"object_type":"law","relational_id":64036,"identifier":"6.2-1086","token":"6.2\/II\/10\/6\/6.2-1086","url":"\/6.2-1086\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1086\/","token":"6.2\/II\/10\/6\/6.2-1086","dublin_core":{"Title":"Association’s operation and supervision of trust department","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1086","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The board of directors of an association is responsible for the proper exercise of fiduciary<\/span> powers by the association. All matters pertinent thereto, including the determination of policies, the investment and disposition<\/span> of property held in a fiduciary<\/span> capacity, and the direction and review of the actions of all officers, employees, and committees utilized by the association in the exercise of its fiduciary<\/span> powers, are the responsibility of the board. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of such of the association’s trust powers as it may consider proper to assign to such directors, officers, employees, or committees as it may designate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No fiduciary<\/span> account shall be accepted without the approval of the directors, officers, or committees to whom the board may have assigned the performance of that responsibility. A written record shall be made of such acceptances and of the relinquishment or closing out of all fiduciary<\/span> accounts. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon the establishment of a trust account<\/span> for which the association has investment authority<\/span>, a prompt review of the assets<\/span> of such account shall be made. The board of directors shall also ensure that at least once during every calendar year thereafter, and within 15 months of the last review, all the assets<\/span> held in or held for each trust account<\/span> for which the association has investment authority<\/span> are reviewed to determine the advisability of retaining or disposing of such assets<\/span>. The board of directors shall act to ensure that all investments have been made in accordance with the terms and purposes of the governing instrument<\/span> and in accordance with applicable law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The trust department<\/span> may utilize personnel and facilities of other departments of the association, and other departments of the association may utilize personnel and facilities of the trust department<\/span> to the extent not otherwise prohibited by the law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Every association exercising trust powers shall adopt written policies and procedures to ensure that the securities laws<\/span> of the United States and the Commonwealth are complied with in connection with any decision or recommendation to purchase or sell any security. Such policies and procedures, in particular, shall ensure that the association’s trust department<\/span> shall not use material<\/span> inside information in connection with any decision or recommendation to purchase or sell any security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Every association exercising fiduciary<\/span> powers shall designate, employ, or retain legal counsel<\/span> who shall be readily available to pass upon fiduciary<\/span> matters and to advise the association and its trust department<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSOCIATION’S OPERATION AND SUPERVISION OF TRUST DEPARTMENT (\u00a7 6.2-1086)\n\nA. The board of directors of an association is responsible for the proper\nexercise of fiduciary powers by the association. All matters pertinent thereto,\nincluding the determination of policies, the investment and disposition of\nproperty held in a fiduciary capacity, and the direction and review of the\nactions of all officers, employees, and committees utilized by the association\nin the exercise of its fiduciary powers, are the responsibility of the board. In\ndischarging this responsibility, the board of directors may assign, by action\nduly entered in the minutes, the administration of such of the\nassociation’s trust powers as it may consider proper to assign to such\ndirectors, officers, employees, or committees as it may designate.\n\nB. No fiduciary account shall be accepted without the approval of the directors,\nofficers, or committees to whom the board may have assigned the performance of\nthat responsibility. A written record shall be made of such acceptances and of\nthe relinquishment or closing out of all fiduciary accounts.\n\nC. Upon the establishment of a trust account for which the association has\ninvestment authority, a prompt review of the assets of such account shall be\nmade. The board of directors shall also ensure that at least once during every\ncalendar year thereafter, and within 15 months of the last review, all the\nassets held in or held for each trust account for which the association has\ninvestment authority are reviewed to determine the advisability of retaining or\ndisposing of such assets. The board of directors shall act to ensure that all\ninvestments have been made in accordance with the terms and purposes of the\ngoverning instrument and in accordance with applicable law.\n\nD. The trust department may utilize personnel and facilities of other\ndepartments of the association, and other departments of the association may\nutilize personnel and facilities of the trust department to the extent not\notherwise prohibited by the law.\n\nE. Every association exercising trust powers shall adopt written policies and\nprocedures to ensure that the securities laws of the United States and the\nCommonwealth are complied with in connection with any decision or recommendation\nto purchase or sell any security. Such policies and procedures, in particular,\nshall ensure that the association’s trust department shall not use\nmaterial inside information in connection with any decision or recommendation to\npurchase or sell any security.\n\nF. Every association exercising fiduciary powers shall designate, employ, or\nretain legal counsel who shall be readily available to pass upon fiduciary\nmatters and to advise the association and its trust department.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.83; 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}}