6.1-32.17 - (Repealed effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.1-32.17. (Repealed effective October 1, 2010) Bond required.

A. No corporation shall obtain a certificate without filing with theCommission, and maintaining continuously thereafter, a surety bond in suchamount as the Commission may from time to time require.

B. In no event shall the amount of the surety bond be less than one milliondollars.

C. The surety bond required by this section shall be for the benefit of:

1. Any person damaged as a result of a violation of the provisions of, or anyregulation or rule promulgated pursuant to, this chapter;

2. Any person damaged by the negligence, fraud or embezzlement of a trustcompany organized under this article or its directors, officers or employees;and

3. Any person damaged by any other breach of trust of any trust companyorganized under this article or its directors, officers or employees.

D. The Commission may revoke the certificate of any trust company which theCommission finds has failed to maintain a bond as required by this section.

(1993, c. 432.)