                                 CODE OF VIRGINIA

COMMON TRUST AND COLLECTIVE INVESTMENT FUNDS (§ 6.2-1009)

A. As used in this section:
			&#8220;Common trust fund&#8221; means a common trust fund described under
&#xA7; 584 of the Internal Revenue Code of 1986, as amended, as well as any
other type of collective investment fund that is exempt from federal income
taxation under any other provision of the Internal Revenue Code or regulations
issued pursuant thereto.
			&#8220;Maintaining bank&#8221; means a trust institution that establishes and
maintains a common trust fund for the collective investment of qualified
employee benefit trusts or funds held in a fiduciary capacity by it, including
agency accounts under which the institution exercises investment discretion and
assumes fiduciary responsibilities.
			&#8220;Participating bank&#8221; means a trust institution duly authorized to
act as a fiduciary, wherever located, that is owned, controlled by, or
affiliated with (i) a maintaining bank or (ii) a bank holding company that also
owns, controls, or is affiliated with a maintaining bank.

B. Any trust institution may establish and maintain one or more common trust
funds for the collective investment of qualified employee benefit trusts or
funds held in a fiduciary capacity by it, including agency accounts under which
the institution exercises investment discretion and assumes fiduciary
responsibilities.

C. The maintaining bank may include, for the purposes of collective investment
in a common trust fund or funds established and maintained by it, funds held in
a fiduciary capacity by any participating bank.

D. A maintaining bank may invest the funds held by it in any fiduciary capacity
in one or more common trust funds, provided (i) such investment is not
prohibited by the instrument, judgment, decree, or order creating such fiduciary
relationship or amendment thereof; (ii) in the case of co-fiduciaries the
written consent of the co-fiduciary is obtained by the maintaining bank; and
(iii) the maintaining bank has no interest in the assets of the common trust
fund other than as a fiduciary.

E. Unless ordered by an appropriate court, the maintaining bank operating a
common trust fund shall not be required to render a court accounting with regard
to such fund; but, by application to an appropriate court, it may secure
approval of such an accounting on such conditions as the court may establish.
This section shall not affect the duties of the trustees of the participating
trusts under the common trust fund to render accounts of their several trusts.

F. All common trust funds shall be operated in conformity with the regulations
issued from time to time by the Commission, which regulations shall conform
substantially to the regulations of the Comptroller of the Currency governing
the operations of common trust funds.

HISTORY: 1983, c. 454, §§ 6.1-30.1, 6.1-30.2, 6.1-30.3; 1984, c. 299; 2010, c.
794.