                                 CODE OF VIRGINIA

HOLDING STOCK OR OTHER SECURITIES AS FIDUCIARY (§ 6.2-1010)

A. A trust institution holding stock or other securities as fiduciary may hold
it in the name of a nominee without mention of the trust in the stock
certificate or stock registry book or other book in which such securities are
registered. A fiduciary registering stock or other securities in the name of a
nominee as herein permitted, shall (i) clearly show upon its trust records the
ownership of the stock or other securities by the fiduciary and the facts
regarding its holding and (ii) provide that the nominee shall not have
possession of the stock certificate or other securities nor access thereto
except under the immediate supervision of the fiduciary. The fiduciary shall be
personally liable for any loss to the trust resulting from any act of such
nominee in connection with stock or other securities so held. Any individual
serving as cofiduciary with a trust institution may consent to the trust
institution holding such stock or other securities in the name of a nominee as
herein provided; however, in such case the trust institution shall forthwith
upon demand of the individual cofiduciary cause the stock or other securities to
be transferred into the name of the fiduciaries in their fiduciary capacity.

B. Notwithstanding the provision relating to possession of the nominee, the
trust institution may permit such certificates or other securities to remain in
the possession of the nominee or a clearing corporation as defined in &#xA7;
8.8A-102, within or without the Commonwealth, if the trust institution obtains
adequate protection, through insurance or otherwise, against loss of such
certificates or securities due to lack of possession by the fiduciary or
possession thereof by the nominee or a clearing corporation.

C. The Commissioner or other appropriate regulatory official may review in
advance and approve the protection through insurance or otherwise against loss
due to lack of possession of these certificates or securities by the fiduciary.

HISTORY: Code 1950, § 6-103.1; 1958, c. 283; 1966, c. 584, § 6.1-31; 1972, c.
739; 1974, c. 665; 1978, c. 14; 2010, c. 794.