{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1091.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1091.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1091.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1091.html"}],"law_id":68482,"edition_id":1,"section_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","history":"1984, c. 303, \u00a7 6.1-195.88; 2010, c. 794.","full_text":"A\n\nWhen voting shares of a financial institution are held by an association in a trust account, the association may not vote or participate in the voting of any such shares if the securities held in such fiduciary capacity, together with all the other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed 25 percent of the outstanding voting securities of such financial institution. If the voting securities of any financial institution held by an association in a trust account, together with all other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed five percent of the outstanding voting securities of such financial institution, but less than 25 percent thereof, the association may not vote or participate in the voting of any such voting securities unless there has been a determination by the Commissioner that the right to vote such shares does not constitute control of the particular financial institution in question.B\n\nIf any person is acting as fiduciary, in addition to the association, for the trust account containing such voting securities, such other fiduciary, if not a director, officer, or employee of the association or its affiliates, may vote such shares. If the association is the sole fiduciary for the trust account, the association may petition an appropriate court for the appointment of a co-fiduciary for the sole purpose of voting such shares. Such appointment and qualification may be ex parte, and no prior notice to the beneficiaries of the trust account shall be required. The court at the time of such qualifications may relieve the co-fiduciary of any obligation for the giving of security on his bond. If the appointment of the co-fiduciary is limited to voting such shares, such order may provide that the co-fiduciary shall not be liable or accountable in the administration of the trust account, except for the breach of any fiduciary duty in voting or failing to vote such shares. No director, officer, or employee of the petitioning association or its affiliates shall be eligible to be named co-fiduciary under the provisions of this section.C\n\nThe provisions of this section shall also apply in the case of voting shares of a bank holding company, as defined in 12 U.S.C. § 1841, or a savings and loan holding company held by an association in a fiduciary capacity.","order_by":null,"text":{"0":{"id":247947,"text":"When voting shares of a financial institution are held by an association in a trust account, the association may not vote or participate in the voting of any such shares if the securities held in such fiduciary capacity, together with all the other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed 25 percent of the outstanding voting securities of such financial institution. If the voting securities of any financial institution held by an association in a trust account, together with all other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed five percent of the outstanding voting securities of such financial institution, but less than 25 percent thereof, the association may not vote or participate in the voting of any such voting securities unless there has been a determination by the Commissioner that the right to vote such shares does not constitute control of the particular financial institution in question.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":247948,"text":"If any person is acting as fiduciary, in addition to the association, for the trust account containing such voting securities, such other fiduciary, if not a director, officer, or employee of the association or its affiliates, may vote such shares. If the association is the sole fiduciary for the trust account, the association may petition an appropriate court for the appointment of a co-fiduciary for the sole purpose of voting such shares. Such appointment and qualification may be ex parte, and no prior notice to the beneficiaries of the trust account shall be required. The court at the time of such qualifications may relieve the co-fiduciary of any obligation for the giving of security on his bond. If the appointment of the co-fiduciary is limited to voting such shares, such order may provide that the co-fiduciary shall not be liable or accountable in the administration of the trust account, except for the breach of any fiduciary duty in voting or failing to vote such shares. No director, officer, or employee of the petitioning association or its affiliates shall be eligible to be named co-fiduciary under the provisions of this section.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":247949,"text":"The provisions of this section shall also apply in the case of voting shares of a bank holding company, as defined in 12 U.S.C. § 1841, or a savings and loan holding company held by an association in a fiduciary capacity.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1091\/","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":[{"id":68351,"section_number":"6.2-1090","catch_line":"Dealings with self or affiliates","order_by":null,"url":"\/6.2-1090\/"}],"refers_to":false,"permalink":{"id":264065,"object_type":"law","relational_id":68482,"identifier":"6.2-1091","token":"6.2\/II\/10\/6\/6.2-1091","url":"\/6.2-1091\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1091\/","token":"6.2\/II\/10\/6\/6.2-1091","dublin_core":{"Title":"Voting of financial institution stock held by association as fiduciary; when association disqualified from voting","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1091","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> When voting shares of a financial institution<\/span> are held by an association in a trust account<\/span>, the association may not vote or participate in the voting of any such shares if the securities held in such fiduciary<\/span> capacity, together with all the other voting securities of such financial institution<\/span> held in a fiduciary<\/span> capacity by the association and its affiliates, exceed 25 percent of the outstanding voting securities of such financial institution<\/span>. If the voting securities of any financial institution<\/span> held by an association in a trust account<\/span>, together with all other voting securities of such financial institution<\/span> held in a fiduciary<\/span> capacity by the association and its affiliates, exceed five percent of the outstanding voting securities of such financial institution<\/span>, but less than 25 percent thereof, the association may not vote or participate in the voting of any such voting securities unless there has been a determination by the Commissioner<\/span> that the right to vote such shares does not constitute control of the particular financial institution<\/span> in question. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If any person<\/span> is acting as fiduciary<\/span>, in addition to the association, for the trust account<\/span> containing such voting securities, such other fiduciary<\/span>, if not a director, officer, or employee of the association or its affiliates, may vote such shares. If the association is the sole fiduciary<\/span> for the trust account<\/span>, the association may petition<\/span> an appropriate court<\/span> for the appointment of a co-fiduciary<\/span> for the sole purpose of voting such shares. Such appointment and qualification may be ex parte<\/span>, and no prior notice to the beneficiaries of the trust account<\/span> shall be required. The court<\/span> at the time of such qualifications may relieve the co-fiduciary<\/span> of any obligation for the giving of security on his bond<\/span>. If the appointment of the co-fiduciary<\/span> is limited to voting such shares, such order<\/span> may provide that the co-fiduciary<\/span> shall not be liable or accountable in the administration of the trust account<\/span>, except for the breach of any fiduciary<\/span> duty in voting or failing to vote such shares. No director, officer, or employee of the petitioning association or its affiliates shall be eligible to be named co-fiduciary<\/span> under the provisions of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of this section shall also apply in the case of voting shares of a bank holding company, as defined in 12 U.S.C. § 1841, or a savings and loan holding company held by an association in a fiduciary<\/span> capacity. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVOTING OF FINANCIAL INSTITUTION STOCK HELD BY ASSOCIATION AS FIDUCIARY; WHEN\nASSOCIATION DISQUALIFIED FROM VOTING (\u00a7 6.2-1091)\n\nA. When voting shares of a financial institution are held by an association in a\ntrust account, the association may not vote or participate in the voting of any\nsuch shares if the securities held in such fiduciary capacity, together with all\nthe other voting securities of such financial institution held in a fiduciary\ncapacity by the association and its affiliates, exceed 25 percent of the\noutstanding voting securities of such financial institution. If the voting\nsecurities of any financial institution held by an association in a trust\naccount, together with all other voting securities of such financial institution\nheld in a fiduciary capacity by the association and its affiliates, exceed five\npercent of the outstanding voting securities of such financial institution, but\nless than 25 percent thereof, the association may not vote or participate in the\nvoting of any such voting securities unless there has been a determination by\nthe Commissioner that the right to vote such shares does not constitute control\nof the particular financial institution in question.\n\nB. If any person is acting as fiduciary, in addition to the association, for the\ntrust account containing such voting securities, such other fiduciary, if not a\ndirector, officer, or employee of the association or its affiliates, may vote\nsuch shares. If the association is the sole fiduciary for the trust account, the\nassociation may petition an appropriate court for the appointment of a\nco-fiduciary for the sole purpose of voting such shares. Such appointment and\nqualification may be ex parte, and no prior notice to the beneficiaries of the\ntrust account shall be required. The court at the time of such qualifications\nmay relieve the co-fiduciary of any obligation for the giving of security on his\nbond. If the appointment of the co-fiduciary is limited to voting such shares,\nsuch order may provide that the co-fiduciary shall not be liable or accountable\nin the administration of the trust account, except for the breach of any\nfiduciary duty in voting or failing to vote such shares. No director, officer,\nor employee of the petitioning association or its affiliates shall be eligible\nto be named co-fiduciary under the provisions of this section.\n\nC. The provisions of this section shall also apply in the case of voting shares\nof a bank holding company, as defined in 12 U.S.C. § 1841, or a savings and\nloan holding company held by an association in a fiduciary capacity.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.88; 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}}