                                 CODE OF VIRGINIA

REACQUISITION OF SHARES; DIVIDENDS (§ 6.2-1022)

A. A trust company may not purchase, redeem or otherwise reacquire shares of
stock it has issued, except that the Commission, upon the petition of a trust
company, may permit the company to reacquire its own stock if the Commission
finds that the proposed reacquisition will not jeopardize the safety and
soundness of the trust company and will not be contrary to the public interest.

B. The board of directors of any trust company may declare a dividend of so much
as it finds expedient of the net undivided profits of the trust company, after
providing for all expenses, losses, interest, and taxes owed by the trust
company. However, before any dividend is declared, capital funds originally paid
in shall have been restored by earnings to their initial level, and no dividend
shall be declared or paid by the trust company that would impair the paid-in
capital of the trust company. Notwithstanding the foregoing provisions of this
section, the Commission may limit the payment of dividends by a trust company
when it is determined that the limitation is in the public interest and is
necessary to ensure the financial soundness of the trust company.

HISTORY: 1994, c. 5, § 6.1-32.18:3; 2010, c. 794.