                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1047)

As used in this article, unless the context requires a different meaning:
		&#8220;Affiliate bank&#8221; with respect to a trust subsidiary means (i) a
bank of which more than 50 percent of the shares are owned directly or
indirectly through a subsidiary by the same Virginia bank holding company that
owns directly or indirectly through a subsidiary all the shares, except
directors&#8217; qualifying shares, of a trust subsidiary or a subsidiary bank
or (ii) a bank that owns some or all of the shares of a trust subsidiary or a
subsidiary bank.
		&#8220;Bank&#8221; has the meaning assigned to it in § 6.2-800.
		&#8220;Bank holding company&#8221; has the meaning assigned to it in §
6.2-800.
		&#8220;Bank under common ownership&#8221; means a bank of which 80 percent or
more of its common stock is owned, directly or indirectly through a subsidiary,
by the same Virginia bank holding company as owns, directly or indirectly
through a subsidiary, at least 80 percent of the stock of the subsidiary bank
substituted as fiduciary.
		&#8220;Fiduciary capacity&#8221; means every capacity in which a trust
institution is granted the right to act pursuant to § 6.2-1002 and every other
capacity in which a bank acts, or may act, through its trust department,
including, without limitation, trusteeship with respect to common trust funds.
		&#8220;Main office&#8221; is the place designated in the articles of
incorporation or articles of association as the main office of the bank or trust
subsidiary at which the principal functions of the bank or trust subsidiary are
to be conducted.
		&#8220;Owning bank&#8221; means a bank owning 10 percent or more of the shares
of a trust subsidiary.
		&#8220;Subsidiary bank&#8221; means a bank authorized to exercise trust
powers, at least 80 percent of the outstanding shares of which are owned
directly or indirectly through a subsidiary by a Virginia bank holding company.
		&#8220;Trust office&#8221; means, with regard to a trust subsidiary or a bank
having trust powers, an office for trust purposes only, at which the trust
subsidiary or bank holds itself out as dealing with the public in the
solicitation and conduct of its trust business.
		&#8220;Trust subsidiary under common ownership&#8221; means a trust subsidiary
at least 80 percent or more of which is owned, directly or indirectly through a
subsidiary, by the same Virginia bank holding company as owns, directly or
indirectly through a subsidiary, at least 80 percent of the stock of the
subsidiary bank substituted as fiduciary.
		&#8220;Virginia bank holding company&#8221; means a bank holding company that,
directly or indirectly through a subsidiary, owns or controls a bank the main
office of which is located in the Commonwealth.

HISTORY: 1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.