26-40.2 - Investments in municipal bonds by banks or trust companies. - Virginia Statutes

§ 26-40.2. Investments in municipal bonds by banks or trust companies.

Subject to Article 2 (§ 26-45.3) and the common law duties of a fiduciary,unless the governing instrument or a court order specifically directsotherwise, a bank or trust company serving as personal representative,trustee, guardian, agent or in any other fiduciary capacity, may purchaseduring the existence of any underwriting or selling syndicate any state ormunicipal security otherwise authorized by this title in spite of the factthat such fiduciary, or an affiliate thereof under common ownership,participates or has participated as a member of a syndicate underwriting suchsecurity, if the fiduciary purchases the security from another syndicatemember or from an affiliate thereof, and not from itself or any of itsaffiliates.

(1988, c. 347; 1999, c. 772.)