{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1094.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1094.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1094.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1094.html"}],"law_id":64599,"edition_id":1,"section_id":64599,"structure_id":13492,"section_number":"6.2-1094","catch_line":"Establishment of common trust funds and collective investment funds; court accountings","history":"1984, c. 303, \u00a7 6.1-195.91; 2010, c. 794.","full_text":"A\n\nAny association authorized by the Commission to offer fiduciary services may establish and maintain one or more common trust funds for the collective investment of funds held in a fiduciary capacity by it. The association may include, in such common trust fund or funds established and maintained by it, funds held in a fiduciary capacity by any affiliate of the association.B\n\nAn association may invest funds held by it in any fiduciary capacity in one or more common trust funds, provided (i) such investment is not prohibited by the governing instrument or court order creating such fiduciary relationship; (ii) in the case of co-fiduciaries, the written consent of the co-fiduciary is obtained by the association; and (iii) the association has no interest in the assets of the common trust fund other than as a fiduciary.C\n\nUnless ordered by an appropriate court, an association operating a common trust fund or funds shall not be required to render a court accounting with regard to such fund or funds, but, by application to an appropriate court, such association may secure approval of such an accounting on such conditions as the court may establish. Nothing contained herein shall affect the duties of the fiduciaries of the trust accounts participating in the common trust fund to render accounts of their several trusts.","order_by":null,"text":{"0":{"id":235142,"text":"Any association authorized by the Commission to offer fiduciary services may establish and maintain one or more common trust funds for the collective investment of funds held in a fiduciary capacity by it. The association may include, in such common trust fund or funds established and maintained by it, funds held in a fiduciary capacity by any affiliate of the association.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":235143,"text":"An association may invest funds held by it in any fiduciary capacity in one or more common trust funds, provided (i) such investment is not prohibited by the governing instrument or court order creating such fiduciary relationship; (ii) in the case of co-fiduciaries, the written consent of the co-fiduciary is obtained by the association; and (iii) the association has no interest in the assets of the common trust fund other than as a fiduciary.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":235144,"text":"Unless ordered by an appropriate court, an association operating a common trust fund or funds shall not be required to render a court accounting with regard to such fund or funds, but, by application to an appropriate court, such association may secure approval of such an accounting on such conditions as the court may establish. Nothing contained herein shall affect the duties of the fiduciaries of the trust accounts participating in the common trust fund to render accounts of their several trusts.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1094\/","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":264077,"object_type":"law","relational_id":64599,"identifier":"6.2-1094","token":"6.2\/II\/10\/6\/6.2-1094","url":"\/6.2-1094\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1094\/","token":"6.2\/II\/10\/6\/6.2-1094","dublin_core":{"Title":"Establishment of common trust funds and collective investment funds; court accountings","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1094","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any association authorized by the Commission<\/span> to offer fiduciary<\/span> services may establish and maintain one or more common trust funds<\/span> for the collective investment of funds held in a fiduciary<\/span> capacity by it. The association may include, in such common trust fund or funds established and maintained by it, funds held in a fiduciary<\/span> capacity by any affiliate of the association. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An association may invest funds held by it in any fiduciary<\/span> capacity in one or more common trust funds<\/span>, provided (i) such investment is not prohibited by the governing instrument<\/span> or court order<\/span> creating such fiduciary<\/span> relationship; (ii) in the case of co-fiduciaries, the written consent of the co-fiduciary<\/span> is obtained by the association; and (iii) the association has no interest in the assets<\/span> of the common trust fund other than as a fiduciary<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Unless ordered by an appropriate court, an association operating a common trust fund or funds shall not be required to render a court accounting with regard to such fund or funds, but, by application to an appropriate court, such association may secure approval of such an accounting on such conditions as the court may establish. Nothing contained herein shall affect the duties of the fiduciaries of the trust accounts<\/span> participating in the common trust fund to render accounts of their several trusts. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESTABLISHMENT OF COMMON TRUST FUNDS AND COLLECTIVE INVESTMENT FUNDS; COURT\nACCOUNTINGS (\u00a7 6.2-1094)\n\nA. Any association authorized by the Commission to offer fiduciary services may\nestablish and maintain one or more common trust funds for the collective\ninvestment of funds held in a fiduciary capacity by it. The association may\ninclude, in such common trust fund or funds established and maintained by it,\nfunds held in a fiduciary capacity by any affiliate of the association.\n\nB. An association may invest funds held by it in any fiduciary capacity in one\nor more common trust funds, provided (i) such investment is not prohibited by\nthe governing instrument or court order creating such fiduciary relationship;\n(ii) in the case of co-fiduciaries, the written consent of the co-fiduciary is\nobtained by the association; and (iii) the association has no interest in the\nassets of the common trust fund other than as a fiduciary.\n\nC. Unless ordered by an appropriate court, an association operating a common\ntrust fund or funds shall not be required to render a court accounting with\nregard to such fund or funds, but, by application to an appropriate court, such\nassociation may secure approval of such an accounting on such conditions as the\ncourt may establish. Nothing contained herein shall affect the duties of the\nfiduciaries of the trust accounts participating in the common trust fund to\nrender accounts of their several trusts.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.91; 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}}