6.1-32.3 - (Repealed effective October 1, 2010) Organization of subsidiary trust companies. - Virginia Statutes

§ 6.1-32.3. (Repealed effective October 1, 2010) Organization of subsidiarytrust companies.

A subsidiary trust company may be incorporated and organized under Article 3(§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal lawsrelating to national banking associations for the purpose of conducting atrust business and business incidental thereto, as defined in § 6.1-32.5. Allthe outstanding voting shares of such subsidiary trust company (other thandirectors' qualifying shares) shall be owned directly or indirectly through asubsidiary by one or more Virginia bank holding companies, by one or morebanks authorized to have a main or parent office in Virginia, or both. Suchtrust subsidiary shall be subject to regular examination and supervision bythe State Corporation Commission or by the Comptroller of the Currency of theUnited States. If incorporated under Title 13.1, the trust subsidiary shallpay such examination fees as may be from time to time imposed upon trustdepartments of banks subject to examination by the State CorporationCommission.

(1974, c. 286; 1991, c. 282; 2004, c. 781.)