                                 CODE OF VIRGINIA

ORGANIZATION; MINIMUM CAPITAL; NOTICE TO BUREAU; CONTROL (§ 6.2-1075)

A. No person other than a corporation or limited liability company organized
under the laws of the Commonwealth to engage exclusively in the private trust
business shall act as a private trust company.

B. No person may act as a private trust company unless and until family members
have subscribed for capital stock or interests, surplus, and a reserve for
operation in an amount equal to or in excess of $500,000.

C. No person shall engage in business as a private trust company without first
giving written notice to the Bureau. The notice shall identify (i) the
designated relative whose relationship to other individuals determines whether
the individuals are family members and (ii) the location of the principal office
and additional office, if any, within the Commonwealth. The notice shall be
accompanied by an operating plan and such other books, records, documents, or
information as the Commissioner may require. The notice shall also certify that
(a) all provisions of law have been complied with; (b) the private trust company
is formed for no other reason than to engage in the private trust business; and
(c) family members have subscribed for capital stock, surplus, and a reserve for
operation in an amount equal to or in excess of $500,000.

D. All of the capital stock, membership interests, or other equity interests of
a private trust company shall be and shall remain owned by, and under the voting
control of, family members, including any spouses, trusts, stock corporations,
limited partnerships, limited liability companies, or estates qualifying under
subdivision 2, 3, 4, or 5 of the definition of &#8220;family member&#8221; set
forth in &#xA7; 6.2-1074, of one or more families.

HISTORY: 2003, c. 910, § 6.1-32.30:2; 2010, c. 794.