                                 CODE OF VIRGINIA

CUSTODY OF TRUST SECURITIES TO BE KEPT SEPARATE; FEDERAL SECURITIES AND
OBLIGATIONS (§ 6.2-1006)

A. The securities and investments held in each trust shall be kept separate and
distinct from the securities owned by the trust institution. The trust
institution shall at all times show upon its trust records the interests of each
separate fiduciary account and trust in each particular security or investment
held by it in a fiduciary capacity. Trust securities and investments shall be
placed in the joint custody or control of two or more officers or other
employees designated by the board of directors of the trust institution. Such
joint custody shall be interpreted to mean that neither of such officers or
employees shall have access alone at any time to such securities and
investments. All such officers and employees shall be bonded.

B. Securities and obligations of the United States and of agencies of the United
States government may be held for the account of the trust institution by a
Federal Reserve Bank in a book-entry custody account, without the requirement of
the trust institution having physical possession of such securities, provided at
all times that the records of the Federal Reserve Bank and the trust institution
shall at all times identify separately those securities held for the account of
the trust institution and those held by the trust institution in a fiduciary
capacity.

HISTORY: Code 1950, § 6-100; 1966, c. 584, § 6.1-22; 1968, c. 59; 1974, cc.
75, 665; 2010, c. 794.