6.1-195.92 - (Repealed effective October 1, 2010) Compensation of association acting as fiduciary. - Virginia Statutes

§ 6.1-195.92. (Repealed effective October 1, 2010) Compensation ofassociation acting as fiduciary.

If the amount of the compensation for acting in a fiduciary capacity is notprovided for in the governing instrument or otherwise agreed to by theparties, an association acting in such capacity may charge or deductreasonable compensation for its services. When the association is acting in afiduciary capacity under appointment by a court, it shall receive suchcompensation as may be allowed or approved by that court.

No association shall, except with the specific approval of its board ofdirectors, permit any of its officers or employees, while serving as such, toretain any compensation for acting as a co-fiduciary with the association inthe administration of any trust account undertaken by it. No associationshall permit an officer or employee engaged in the operation of its trustdepartment to accept a devise, bequest or gift of trust account assets,unless the devise, bequest or gift is directed or made by a relative of suchofficer or employee, or is approved by the board of directors of theassociation.

(1984, c. 303.)