6.1-32.30:2 - (Repealed effective October 1, 2010) Organization; minimum capital; notice to Bureau of Financial I... - Virginia Statutes

§ 6.1-32.30:2. (Repealed effective October 1, 2010) Organization; minimumcapital; notice to Bureau of Financial Institutions; control.

A. No person other than a corporation or limited liability company organizedunder the laws of this Commonwealth to engage exclusively in the privatetrust business shall act as a private trust company.

B. No person may act as a private trust company unless and until familymembers have subscribed for capital stock or interests, surplus and a reservefor operation in an amount equal to or in excess of $500,000.

C. No person shall engage in business as a private trust company withoutfirst giving written notice to the Commission's Bureau of FinancialInstitutions. The notice shall identify (i) the designated relative whoserelationship to other individuals determines whether the individuals arefamily members and (ii) the location of the principal office and additionaloffice, if any, within the Commonwealth. The notice shall be accompanied byan operating plan and such other books, records, documents, or information asthe Commissioner of Financial Institutions may require. The notice shall alsocertify that (a) all provisions of law have been complied with; (b) theprivate trust company is formed for no other reason than to engage in theprivate trust business; and (c) family members have subscribed for capitalstock, surplus and a reserve for operation in an amount equal to or in excessof $500,000.

D. All of the capital stock, membership interests, or other equity interestsof a private trust company shall be and shall remain owned by, and under thevoting control of, family members, including any spouses, trusts, stockcorporations, limited partnerships, limited liability companies or estatesqualifying under subdivisions 2, 3, 4 or 5 of the definition of "familymember" set forth in § 6.1-32.30:1, of one or more families.

(2003, c. 910.)