                                 CODE OF VIRGINIA

COMMISSION TO ISSUE CERTIFICATE; POWERS OF ASSOCIATIONS AUTHORIZED TO OFFER
TRUST SERVICES (§ 6.2-1083)

A. Upon granting the application of an association to exercise trust powers, the
Commission shall issue a certificate authorizing the association or affiliate to
exercise trust powers and offer fiduciary services. Unless such certificate
otherwise provides, such association shall have the following rights, powers,
and privileges, and shall be subject to the following regulations and
restrictions:

   1. To act as agent for any person, including any locality or state, for the
   collection or disbursement of interest, or income or principal of securities;

   2. To act as the fiscal or transfer agent of any state, locality, or other
   body public or corporate, and in such capacity to receive and disburse money,
   to transfer, register and countersign certificates of stock, bonds, or other
   evidences of indebtedness;

   3. To act as agent of any corporation, foreign or domestic, for any lawful
   purpose;

   4. To act as trustee under any deed of trust, mortgage, or bond issued by an
   individual, municipality, or body politic or corporate, and to accept and
   execute any other municipal or corporate trust not inconsistent with the laws
   of the Commonwealth;

   5. To act as a guardian, conservator, as a custodian under the Uniform
   Transfers to Minors Act (&#xA7; 64.2-1900 et seq.), and as depository of any
   money paid into court, whether for the benefit of a person under a disability
   or other person;

   6. To take, accept, and execute any and all trusts and powers, of whatever
   nature and description, as may be conferred upon or entrusted or committed to
   it by any person, or any body politic or corporate, or by other authority, by
   grant, assignment, transfer, devise, bequest, or otherwise or as may be
   entrusted or committed or transferred to it or vested in it by order of any
   circuit court, judge, or clerk; to receive and hold any property or estate,
   real or personal, which may be the subject of any such trust; and to be
   accountable to all parties in interest for the faithful discharge of every
   such trust, duty, or power which it may so accept; and

   7. To act as executor under the last will and testament, or administrator of
   the estate, of any deceased person, under appointment of any circuit court,
   judge, or clerk thereof, having jurisdiction of the estate of such deceased
   person.

B. Nothing in this chapter shall be construed as authorizing the creation of a
trust not lawful as between individuals, nor to prohibit the deposit of funds by
courts and fiduciaries in savings and loan associations and savings banks.

C. All rights, powers, and privileges, and all regulations, restrictions, and
limitations, granted to or made applicable to associations by the provisions of
this chapter shall likewise apply to any affiliate of an association which is
authorized by the Commission to exercise trust powers. Any such affiliate shall
be organized and operated solely for the purpose of offering trust services
pursuant to the provisions of this chapter.

D. All federal savings and loan associations and federal savings banks, that
have been, or hereafter may be, permitted by law to act in any fiduciary
capacity, shall have the rights, powers, privileges, and immunities conferred by
this chapter to the extent permitted by federal law.

HISTORY: 1984, c. 303, § 6.1-195.80; 1997, c. 801; 2010, c. 794.