6.2-1016 - (Effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.2-1016. (Effective October 1, 2010) Bond required.

A. No applicant shall obtain a certificate without filing with theCommission, and maintaining continuously thereafter, a surety bond in suchamount as the Commission may from time to time require.

B. In no event shall the amount of the surety bond be less than $1 million.

C. The surety bond required by this section shall be for the benefit of:

1. Any person damaged as a result of a violation of the provisions of, or anyregulation adopted pursuant to, this chapter;

2. Any person damaged by the negligence, fraud, or embezzlement of a trustcompany organized under this article or its directors, officers, oremployees; and

3. Any person damaged by any other breach of trust of any trust companyorganized under this article or its directors, officers, or employees.

D. The Commission may revoke the certificate of any trust company that theCommission finds has failed to maintain a bond as required by this section.

(1993, c. 432, § 6.1-32.17; 2010, c. 794.)