                                 CODE OF VIRGINIA

ACQUISITION OF STOCK; APPLICATION (§ 6.2-1023)

A. Except as provided in this section, no person shall acquire, directly or
indirectly, 10 percent or more of the voting shares of a trust company unless
such person first:

   1. Files an application with the Commission in such form as the Commission may
   prescribe;

   2. Delivers such other information to the Commission as the Commission may
   require concerning the financial responsibility, background, experience, and
   activities of the applicant, its directors, senior officers, and principals
   and of any proposed new directors, senior officers, and principals of the
   trust company; and

   3. Pays such application fee as the Commission may prescribe.

B. Upon the filing and investigation of an application, the Commission shall
permit the acquisition, subject to &#xA7; 6.2-1024, if it finds that the
applicant and (i) its members if applicable, (ii) its directors, senior
officers, and principals, and (iii) any proposed new directors, senior officers,
and principals, have the financial responsibility, character, reputation,
experience, and general fitness to warrant belief that the business will be
operated efficiently and fairly, in the public interest, and in accordance with
law. The Commission shall grant or deny the application within 60 days from the
date a completed application, accompanied by the required fee, is filed, unless
the period is extended by order of the Commission reciting the reasons for the
extension. If the application is denied, the Commission shall notify the
applicant of the denial and the reasons for the denial.

C. The foregoing provisions of this section shall not apply to a person owning
51 percent or more of the capital stock of the trust company at the time of the
proposed acquisition; however, such person shall give the Commission 30 days
advance written notice of the proposed acquisition and provide such additional
information as the Commission may require.

HISTORY: 1993, c. 432, § 6.1-32.19; 1995, c. 140; 2004, c. 781; 2010, c. 794.