6.1-32.5 - (Repealed effective October 1, 2010) Permissible business. - Virginia Statutes

§ 6.1-32.5. (Repealed effective October 1, 2010) Permissible business.

The permissible business of a trust subsidiary shall be to engage in suchtrust business and activities as may be engaged in by a bank under § 6.1-17,and business incidental thereto. Such trust subsidiary shall not acceptdeposits or conduct any other business except as may be incidental to thetrust business being conducted by it. No trust subsidiary, other than awholly owned subsidiary of a national banking association, shall engage insuch trust business without first obtaining a certificate of authority fromthe State Corporation Commission, or the Comptroller of the Currency if it isorganized as a national banking association. The Commission shall not grantsuch certificate unless the capital and surplus of the trust subsidiary equalor exceed $200,000 and the Commission is satisfied that the trust subsidiaryis capable of complying with the provisions of this chapter and that theofficers and directors have the moral fitness, and business qualificationsnecessary to manage the trust subsidiary. Except as permitted by thisarticle, or by § 6.1-16, or § 6.1-17 or by federal law in the case of anational banking association having its main office in Virginia, nocorporation, partnership or association shall qualify or act as a personalrepresentative of a deceased person; guardian for an infant or anincapacitated person; committee; conservator for an incapacitated person;testamentary trustee, or trustee for any other trust if required by law toaccount to the commissioner of accounts of a circuit court in Virginia; or inany other fiduciary capacity required so to account.

(1974, c. 286; 1997, c. 801.)