6.1-195.79 - (Repealed effective October 1, 2010) Applications for permission to offer trust services. - Virginia Statutes

§ 6.1-195.79. (Repealed effective October 1, 2010) Applications forpermission to offer trust services.

A. An association desiring to exercise fiduciary powers, either through atrust department or through an affiliate, shall file with the Commission anapplication indicating which trust services it wishes to offer and providingthe information necessary to make the determinations required undersubsection B of this section.

B. In addition to assessing any other facts or circumstances deemed proper,the Commission, in passing upon an application to exercise trust powers,shall not grant such application unless the Commission finds that:

1. The association's capital structure is sufficiently strong to support suchadditional undertaking;

2. The personnel who will direct the proposed trust department have adequateexperience and training, and will devote sufficient time to its affairs toensure compliance with the law and to protect the association againstsurcharge;

3. The granting of trust powers to the association will be in the publicinterest; and

4. The association has available legal counsel to advise and pass uponfiduciary matters wherever necessary.

(1984, c. 303.)