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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>65489</law_id><section_number>6.2-1047</section_number><catch_line>Definitions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-501</reference><reference>13.1-514</reference><reference>23.1-1015</reference><reference>6.2-1001</reference><reference>6.2-1065</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="10">Entities Conducting Trust Business</unit><unit label="article" level="4" order_by="1" identifier="3">Trust Subsidiaries</unit></structure><text>
						<section><p>As used in this article, unless the context requires a different meaning:
		&#x201C;<span class="dictionary">Affiliate bank</span>&#x201D; with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same <span class="dictionary">Virginia bank holding company</span> that owns directly or indirectly through a subsidiary all the shares, except directors&#x2019; qualifying shares, of a trust subsidiary or a <span class="dictionary">subsidiary bank</span> or (ii) a bank that owns some or all of the shares of a trust subsidiary or a <span class="dictionary">subsidiary bank</span>.
		&#x201C;Bank&#x201D; has the meaning assigned to it in &#xA7;&#xA0;<a class="law" title="Definitions" href="/6.2-800/">6.2-800</a>.
		&#x201C;Bank holding company&#x201D; has the meaning assigned to it in &#xA7;&#xA0;<a class="law" title="Definitions" href="/6.2-800/">6.2-800</a>.
		&#x201C;<span class="dictionary">Bank under common ownership</span>&#x201D; means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same <span class="dictionary">Virginia bank holding company</span> as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the <span class="dictionary">subsidiary bank</span> substituted as fiduciary.
		&#x201C;<span class="dictionary">Fiduciary capacity</span>&#x201D; means every capacity in which a <span class="dictionary">trust institution</span> is granted the right to act pursuant to &#xA7;&#xA0;<a class="law" title="Powers of trust institutions" href="/6.2-1002/">6.2-1002</a> and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds.
		&#x201C;Main office&#x201D; is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted.
		&#x201C;<span class="dictionary">Owning bank</span>&#x201D; means a bank owning 10 percent or more of the shares of a trust subsidiary.
		&#x201C;<span class="dictionary">Subsidiary bank</span>&#x201D; means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a <span class="dictionary">Virginia bank holding company</span>.
		&#x201C;Trust office&#x201D; means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its <span class="dictionary">trust business</span>.
		&#x201C;<span class="dictionary">Trust subsidiary under common ownership</span>&#x201D; means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same <span class="dictionary">Virginia bank holding company</span> as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the <span class="dictionary">subsidiary bank</span> substituted as fiduciary.
		&#x201C;<span class="dictionary">Virginia bank holding company</span>&#x201D; means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.</p></section></text><history>1974, c. 286, &#xA7; 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.</history><metadata></metadata></law>
