{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-819.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-819.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-819.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-819.html"}],"law_id":85620,"edition_id":1,"section_id":85620,"structure_id":15779,"section_number":"6.2-819","catch_line":"Authority to engage in trust business; permission of Commission required","history":"Code 1950, \u00a7 6-91; 1958, c. 139; 1966, c. 584, \u00a7 6.1-16; 1976, c. 658; 2010, c. 794.","full_text":"A\n\nA bank shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the trust business.B\n\nA bank shall not commence to engage in the trust business without first obtaining permission from the Commission. The Commission shall not grant such permission unless it finds that:1\n\nThe bank’s capital structure is sufficiently strong to support such additional undertaking;2\n\nThe personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to insure compliance with the law and to protect the bank against surcharge; and3\n\nThe granting of trust powers to the bank will be in the public interest.C\n\nNotwithstanding the provisions of subsection B, any bank actively engaged in the trust business on January 1, 1966, may continue in the trust business without the Commission’s permission.D\n\nA bank authorized to do a trust business shall conduct such business in accordance with the applicable provisions of Chapter 10 (§ 6.2-1000 et seq.).","order_by":null,"text":{"0":{"id":306684,"text":"A bank shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the trust business.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":306685,"text":"A bank shall not commence to engage in the trust business without first obtaining permission from the Commission. The Commission shall not grant such permission unless it finds that:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":306686,"text":"The bank’s capital structure is sufficiently strong to support such additional undertaking;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":306687,"text":"The personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to insure compliance with the law and to protect the bank against surcharge; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":306688,"text":"The granting of trust powers to the bank will be in the public interest.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":306689,"text":"Notwithstanding the provisions of subsection B, any bank actively engaged in the trust business on January 1, 1966, may continue in the trust business without the Commission’s permission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"6":{"id":306690,"text":"A bank authorized to do a trust business shall conduct such business in accordance with the applicable provisions of Chapter 10 (§ 6.2-1000 et seq.).","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15779,"edition_id":1,"name":"Conduct of Trust Business by Banks","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:59:26","date_modified":"2026-06-26 03:59:26","permalink":{"id":265427,"object_type":"structure","relational_id":15779,"identifier":"3","token":"6.2\/II\/8\/3","url":"\/6.2\/II\/8\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":85620,"structure_id":15779,"section_number":"6.2-819","catch_line":"Authority to engage in trust business; permission of Commission required","url":"\/6.2-819\/","token":"6.2\/II\/8\/3\/6.2-819","metadata":false},{"id":60766,"structure_id":15779,"section_number":"6.2-820","catch_line":"Powers of national banks as fiduciaries","url":"\/6.2-820\/","token":"6.2\/II\/8\/3\/6.2-820","metadata":false},{"id":62734,"structure_id":15779,"section_number":"6.2-821","catch_line":"Separation of banking and trust functions; establishment of trust department","url":"\/6.2-821\/","token":"6.2\/II\/8\/3\/6.2-821","metadata":false}],"next_section":{"id":60766,"structure_id":15779,"section_number":"6.2-820","catch_line":"Powers of national banks as fiduciaries","url":"\/6.2-820\/","token":"6.2\/II\/8\/3\/6.2-820","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-819\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1958, chapter 139; in 1966, chapter 584; in 1976, chapter 658; 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\/"},{"id":70604,"section_number":"6.2-1065","catch_line":"Definitions","order_by":null,"url":"\/6.2-1065\/"},{"id":72786,"section_number":"6.2-816","catch_line":"Banks to obtain certificate of authority","order_by":null,"url":"\/6.2-816\/"},{"id":60477,"section_number":"6.2-818.1","catch_line":"Virtual currency custody services by banks","order_by":null,"url":"\/6.2-818.1\/"}],"refers_to":[{"id":61391,"section_number":"6.2-1000","catch_line":"Definitions","order_by":null,"url":"\/6.2-1000\/"}],"permalink":{"id":265429,"object_type":"law","relational_id":85620,"identifier":"6.2-819","token":"6.2\/II\/8\/3\/6.2-819","url":"\/6.2-819\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-819\/","token":"6.2\/II\/8\/3\/6.2-819","dublin_core":{"Title":"Authority to engage in trust business; permission of Commission required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-819","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A bank<\/span> shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the trust business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A bank<\/span> shall not commence to engage in the trust business without first obtaining permission from the Commission<\/span>. The Commission<\/span> shall not grant such permission unless it finds that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The bank<\/span>’s capital structure is sufficiently strong to support such additional undertaking; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to insure compliance with the law<\/span> and to protect the bank<\/span> against surcharge; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The granting of trust powers to the bank<\/span> will be in the public interest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of subsection B, any bank<\/span> actively engaged in the trust business on January 1, 1966, may continue in the trust business without the Commission<\/span>’s permission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A bank<\/span> authorized to do a trust business shall conduct such business in accordance with the applicable provisions of Chapter 10 (§ 6.2-1000<\/a> et seq.). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY TO ENGAGE IN TRUST BUSINESS; PERMISSION OF COMMISSION REQUIRED (\u00a7\n6.2-819)\n\nA. A bank shall not engage in the trust business unless its articles of\nincorporation state that one of its purposes is to engage in the trust business.\n\nB. A bank shall not commence to engage in the trust business without first\nobtaining permission from the Commission. The Commission shall not grant such\npermission unless it finds that:\n\n 1. The bank’s capital structure is sufficiently strong to support such\n additional undertaking;\n\n 2. The personnel who will direct the proposed trust department have adequate\n experience and training, and will devote sufficient time to its affairs to\n insure compliance with the law and to protect the bank against surcharge; and\n\n 3. The granting of trust powers to the bank will be in the public interest.\n\nC. Notwithstanding the provisions of subsection B, any bank actively engaged in\nthe trust business on January 1, 1966, may continue in the trust business\nwithout the Commission’s permission.\n\nD. A bank authorized to do a trust business shall conduct such business in\naccordance with the applicable provisions of Chapter 10 (§ 6.2-1000 et\nseq.).\n\nHISTORY: Code 1950, \u00a7 6-91; 1958, c. 139; 1966, c. 584, \u00a7 6.1-16; 1976, c.\n658; 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}}