                                 CODE OF VIRGINIA

COMPENSATION OF ASSOCIATION ACTING AS FIDUCIARY (§ 6.2-1095)

A. If the amount of the compensation for acting in a fiduciary capacity is not
provided for in the governing instrument or otherwise agreed to by the parties,
an association acting in such capacity may charge or deduct reasonable
compensation for its services. When the association is acting in a fiduciary
capacity under appointment by a court, it shall receive such compensation as may
be allowed or approved by that court.

B. No association, except with the specific approval of its board of directors,
shall permit any of its officers or employees, while serving as such, to retain
any compensation for acting as a co-fiduciary with the association in the
administration of any trust account undertaken by it.

C. No association shall permit an officer or employee engaged in the operation
of its trust department to accept a devise, bequest, or gift of trust account
assets, unless the devise, bequest, or gift is directed or made by a relative of
such officer or employee, or is approved by the board of directors of the
association.

HISTORY: 1984, c. 303, § 6.1-195.92; 2010, c. 794.