                                 CODE OF VIRGINIA

INVESTMENT OF TRUST FUNDS (§ 6.2-1007)

A. Funds received or held by a trust institution awaiting investment or
distribution shall be invested or distributed as soon as practicable and shall
not be held uninvested by the trust institution any longer than is reasonably
necessary.

B. If the instrument creating the trust does not specify the character or class
of investments to be made, and does not expressly grant to the trust
institution, its officers or directors discretion in the matter of investments,
funds held in trust shall be invested in any securities in which corporate or
individual fiduciaries may lawfully invest.

C. If the instrument under which a trust institution is serving as fiduciary or
cofiduciary does authorize it to retain:

   1. Its own stock or securities, it shall be authorized to retain in like
   manner the stock or securities of a bank holding company of which it is a
   subsidiary; or

   2. The stock or securities of a bank or trust company to the business of which
   the fiduciary has succeeded, or the stock or securities of a bank or trust
   company which has become a subsidiary of a bank holding company, such
   fiduciary shall be authorized in like manner to retain the stock of the
   successor bank or trust company or bank holding company.

HISTORY: Code 1950, §§ 6-98, 6-101; 1966, c. 584, § 6.1-23; 1972, c. 740;
1974, c. 665; 1993, c. 432; 2010, c. 794.