                                 CODE OF VIRGINIA

REPORTS; INVESTIGATIONS AND EXAMINATIONS; CIVIL PENALTIES (§ 6.2-1061)

A. Each trust subsidiary shall file statements of condition and other reports
with the Commission in accordance with the requirements established by
regulation.

B. The Commission may, by its designated officers and employees, as often as it
deems necessary, investigate and examine the affairs, business, premises, and
records of any trust subsidiary. Examinations of such trust subsidiaries shall
be conducted at least twice in each three-year period.

C. In the course of such investigations and examination, the principals,
officers, directors, and employees of such trust subsidiary being investigated
or examined shall, upon demand of the person making such investigation or
examination, afford full access to all premises, books, records, and information
that the person making such investigation or examination deems necessary. For
the foregoing purposes, the person making the investigation or examination shall
have authority to administer oaths, examine under oath all the aforementioned
persons, and compel the production of papers and objects of all kinds.

D. Any trust subsidiary that fails to comply with the provisions of subsection
A, for a period of longer than 30 days, after being called upon by the
Commission for a statement, or to do such other act as is therein provided,
shall be subject to assessment by the Commission of a civil penalty of not less
than $100 nor more than $1,000 per day for each day of noncompliance.

E. Any officer of any trust subsidiary being investigated or examined by the
Commission who shall refuse to give any examiner the information or refuse to be
sworn, as required by subsections B and C, shall be subject to assessment by the
Commission of a civil penalty of not less than $25 nor more than $100 per day
for each day of noncompliance.

HISTORY: Code 1950, § 6-128; 1966, c. 584, § 6.1-114; 1974, c. 665; 1976, c.
658; 1988, c. 555; 1997, c. 142; 2010, c. 794.