                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1081)

As used in this article, unless the context requires a different meaning:
		&#8220;Affiliate&#8221; means, with respect to an association, a bank holding
company, as defined in 12 U.S.C. § 1841, or savings and loan holding company of
which the association is a subsidiary, a corporation that is also a subsidiary
of a bank holding company or savings and loan holding company of which the
association is a subsidiary, a corporation with respect to which the association
owns 25 percent or more of the outstanding voting shares of such corporation, or
any other corporation that the Commissioner determines is, in fact, controlled
by the association.
		&#8220;Association&#8221; has the meaning assigned to it in § 6.2-1100.
		&#8220;Common trust funds&#8221; means common trust funds that are described
under § 584 of the Internal Revenue Code of 1954, as well as any other type of
collective investment fund that is exempt from federal income taxation under any
other provision of the Internal Revenue Code or regulations issued pursuant
thereto.
		&#8220;Fiduciary&#8221; means the status resulting from an association&#8217;s
undertaking to act alone, through an affiliate, or jointly with others,
primarily for the benefit of another, and includes an association&#8217;s acting
as trustee, executor, administrator, committee, guardian, conservator, receiver,
managing agent, registrar of stocks and bonds, escrow, transfer, or paying
agent, trustee of employee pension, welfare and profit sharing trusts, and in
any other similar capacity.
		&#8220;Fiduciary records&#8221; means all matters which are written,
transcribed, recorded, received, or otherwise come into the possession of an
association and are necessary to preserve information concerning the actions and
events relevant to the fiduciary activities of an association.
		&#8220;Governing instrument&#8221; means the written document or documents
pursuant to which an association undertakes to act in a fiduciary capacity, and
includes a will, codicil, deed of trust, trust deed, and other similar
instruments.
		&#8220;Investment authority&#8221; means the responsibility conferred by
action of law or a provision of a governing instrument to make, select, or
change investments, review investment decisions made by others, or to provide
investment advice or counsel to others.
		&#8220;Managing agent&#8221; means the fiduciary relationship assumed by an
association upon the creation of an account that names the association as agent
and confers investment authority upon the association.
		&#8220;Savings institution holding company&#8221; has the meaning assigned to
it in § 6.2-1100.
		&#8220;Trust account&#8221; means the account established pursuant to a trust,
estate, or other fiduciary relationship that has been established with an
association.
		&#8220;Trust department&#8221; means that group or groups of officers and
employees of an association, or of an affiliate of an association, to whom are
assigned the performance of fiduciary services by the association.
		&#8220;Uniform Transfers to Minors Act&#8221; means Chapter 19 (§ 64.2-1900
et seq.) of Title 64.2 or any comparable act in effect in any other state.

HISTORY: 1984, c. 303, § 6.1-195.78; 1997, c. 801; 2010, c. 794.