<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>86157</law_id><section_number>6.2-1096</section_number><catch_line>Surrender of trust powers by association</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><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="6">Trust Powers of Savings Institutions</unit></structure><text>
						<section><p>Any association that has been granted the right to exercise trust powers and that desires to surrender such rights shall file with the <span class="dictionary">Commission</span> a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the <span class="dictionary">Commission</span> shall make an investigation. If the <span class="dictionary">Commission</span> is satisfied that the association has been properly discharged from all <span class="dictionary">fiduciary</span> duties that it has undertaken, the <span class="dictionary">Commission</span> shall <span class="dictionary">issue</span> a certificate to such association certifying that it is no longer authorized to exercise <span class="dictionary">fiduciary</span> powers. Upon issuance of such a certificate by the <span class="dictionary">Commission</span>, an association shall no longer be subject to the provisions of this article and shall not exercise thereafter any of the powers granted by this article without first applying for and obtaining a new authorization to exercise such powers.</p></section></text><history>1984, c. 303, &#xA7; 6.1-195.93; 2010, c. 794.</history><metadata></metadata></law>
