6.1-20 - (Repealed effective October 1, 2010) Separation of banking and trust functions. - Virginia Statutes

§ 6.1-20. (Repealed effective October 1, 2010) Separation of banking andtrust functions.

Every state bank which obtains permission from the State CorporationCommission to do a trust business, and every trust company chartered prior toJanuary 1, 1993, which is permitted to do commercial banking, shall establisha separate trust department. Such department shall be established beforesuch institution undertakes to act in any fiduciary capacity and shall beplaced under the management of an officer or officers whose duties shall beprescribed by the board of directors of the institution or by either anamendment to the bylaws of the institution or by a resolution duly entered inthe minutes of the board of directors.

(Code 1950, § 6-97; 1966, c. 584; 1993, c. 432.)