                                 CODE OF VIRGINIA

SURRENDER OF TRUST POWERS BY ASSOCIATION (§ 6.2-1096)

Any association that has been granted the right to exercise trust powers and
that desires to surrender such rights shall file with the Commission a certified
copy of the resolution of its board of directors signifying such desire. Upon
receipt of such resolution, the Commission shall make an investigation. If the
Commission is satisfied that the association has been properly discharged from
all fiduciary duties that it has undertaken, the Commission shall issue a
certificate to such association certifying that it is no longer authorized to
exercise fiduciary powers. Upon issuance of such a certificate by the
Commission, an association shall no longer be subject to the provisions of this
article and shall not exercise thereafter any of the powers granted by this
article without first applying for and obtaining a new authorization to exercise
such powers.

HISTORY: 1984, c. 303, § 6.1-195.93; 2010, c. 794.