                                 CODE OF VIRGINIA

CERTIFICATE REQUIRED (§ 6.2-1054)

No trust subsidiary, other than a wholly owned subsidiary of a national banking
association, shall engage in trust business without first obtaining a
certificate of authority from the Commission, or the Comptroller of the Currency
if it is organized as a national banking association. The Commission shall not
grant such certificate unless:

1. The capital and surplus of the trust subsidiary equal or exceed $200,000; and

2. The Commission is satisfied that (i) the trust subsidiary is capable of
complying with the provisions of this chapter and (ii) the officers and
directors have the moral fitness and business qualifications necessary to manage
the trust subsidiary.

HISTORY: 1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.