                                 CODE OF VIRGINIA

POWERS OF TRUST INSTITUTIONS (§ 6.2-1002)

A. All banks that are authorized to do a trust business and all trust companies
shall have the following rights, powers, and privileges, and shall be subject to
the following regulations and restrictions:

   1. To act as agent for any person, corporation, municipality, or state, for
   the collection or disbursement of interest, or income or principal of
   securities;

   2. To act as the fiscal or transfer agent of any state, municipality, or body
   politic or corporate, and in such capacity to receive and disburse money; to
   transfer, register, and countersign certificates of stock, bonds, or other
   evidences of indebtedness;

   3. To act as agent of any corporation, foreign or domestic, for any lawful
   purpose;

   4. To act as trustee under any mortgage or bond issued by an individual,
   municipality, or body politic or corporate, and to accept and execute any
   other municipal or corporate trust not inconsistent with the laws of the
   Commonwealth;

   5. To act as guardian, receiver, or trustee of the estate of any minor and as
   depository of any money paid into court, whether for the benefit of any minor
   or other person;

   6. To take, accept, and execute any and all such lawful trusts, duties, and
   powers in regard to the holding and management and disposition of any estate,
   real and personal, and the rents and profits thereof, or the sale or lease
   thereof, as may be granted or confided to it by any circuit court, judge, or
   clerk, or by any person, corporation, municipality, or other authority, and it
   shall be accountable to all parties in interest for the faithful discharge of
   every such trust, duty, or power which it may so accept;

   7. To take, accept, and execute any and all such trusts and powers, of
   whatever nature and description, as may be conferred upon or entrusted or
   committed to it by any person, including any body politic or corporate or
   other authority, by grant, assignment, transfer, devise, bequest, or otherwise
   or as may be entrusted or committed or transferred to it or vested in it by
   order of any circuit court, judge, or clerk, and to receive and hold any
   property or estate, real or personal, which may be the subject of any such
   trust; and

   8. To act as:
   				a. Executor under the last will and testament or administrator of the
   estate of any deceased person, under appointment of any circuit court, judge,
   or clerk thereof, having jurisdiction of the estate of such deceased person;
   				b. Guardian of the person or of the estate of any infant, guardian or
   conservator of any incapacitated person, habitual drunkard, or person who by
   reason of advanced age or impaired health or physical disability has become
   mentally or physically incapable of taking proper care of his person or
   properly handling and managing his estate, under appointment of any circuit
   court, judge, or clerk thereof, having jurisdiction of the estate of such
   person; or
   				c. Trustee or committee for any convict in the penitentiary, under
   appointment of any circuit court, judge, or clerk thereof, having jurisdiction
   of the estate of such person.

B. Nothing in this section shall ever be construed as authorizing the creation
of a trust not lawful as between individuals nor to prohibit the deposit of
funds by court and fiduciaries in banks of deposit and discount and savings
banks.

C. Every trust company doing business in the Commonwealth is authorized
temporarily to suspend its usual business during a period of actual or
threatened enemy attack, civil insurrection, or riot, affecting the community in
which such institution is doing business or other emergency justifying temporary
closing, such as fire, flood, or hurricane.

HISTORY: Code 1950, §§ 6-30, 6-94, 6-104; 1966, c. 584, §§ 6.1-12, 6.1-17;
1970, c. 15; 1974, c. 286, § 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c.
801; 2010, c. 794.