                                 CODE OF VIRGINIA

AUTHORITY TO ENGAGE IN TRUST BUSINESS; PERMISSION OF COMMISSION REQUIRED (§
6.2-819)

A. A bank shall not engage in the trust business unless its articles of
incorporation state that one of its purposes is to engage in the trust business.

B. A bank shall not commence to engage in the trust business without first
obtaining permission from the Commission. The Commission shall not grant such
permission unless it finds that:

   1. The bank&#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
   insure compliance with the law and to protect the bank against surcharge; and

   3. The granting of trust powers to the bank will be in the public interest.

C. Notwithstanding the provisions of subsection B, any bank actively engaged in
the trust business on January 1, 1966, may continue in the trust business
without the Commission&#8217;s permission.

D. A bank authorized to do a trust business shall conduct such business in
accordance with the applicable provisions of Chapter 10 (&#xA7; 6.2-1000 et
seq.).

HISTORY: Code 1950, § 6-91; 1958, c. 139; 1966, c. 584, § 6.1-16; 1976, c.
658; 2010, c. 794.