                                 CODE OF VIRGINIA

APPLICATIONS FOR PERMISSION TO OFFER TRUST SERVICES (§ 6.2-1082)

A. An association desiring to exercise fiduciary powers, either through a trust
department or through an affiliate, shall file with the Commission an
application indicating which trust services it wishes to offer and providing the
information necessary to make the determinations required under subsection B.

B. In addition to assessing any other facts or circumstances deemed proper, the
Commission, in passing upon an application to exercise trust powers, shall not
grant such application unless the Commission finds that:

   1. The association&#8217;s capital structure is sufficiently strong to support
   such additional undertaking;

   2. The personnel who will direct the proposed trust department have adequate
   experience and training, and will devote sufficient time to its affairs to
   ensure compliance with the law and to protect the association against
   surcharge;

   3. The granting of trust powers to the association will be in the public
   interest; and

   4. The association has available legal counsel to advise and pass upon
   fiduciary matters wherever necessary.

HISTORY: 1984, c. 303, § 6.1-195.79; 2010, c. 794.