6.2-1017 - (Effective October 1, 2010) Procedure for granting or denying certificate. - Virginia Statutes

§ 6.2-1017. (Effective October 1, 2010) Procedure for granting or denyingcertificate.

Before any trust company shall begin business, it shall obtain from theCommission a certificate of authority authorizing it to do so. Prior to theissuance of such a certificate to a trust company or affiliated trustcompany, the Commission shall ascertain that:

1. All of the provisions of law have been complied with;

2. The applicant is formed as a trust company for no other reason than toengage in legitimate trust business;

3. Financially responsible persons have subscribed for capital stock,surplus, and a reserve for operation in an amount deemed by the Commission tobe sufficient to warrant successful operation, but the capital stock shallnot be less than $500,000;

4. Each principal of an applicant has the financial responsibility,character, reputation, and general fitness to warrant belief that thebusiness will be operated efficiently and fairly, in the public interest, andin accordance with law;

5. Oaths of all the directors have been taken and filed in accordance with §6.2-1029;

6. The moral fitness, financial responsibility, and business qualificationsof those named as officers and directors of the applicant are such as tocommand the confidence of the community in which the trust company isproposed to be located;

7. If the applicant is an affiliated trust company, the trust company holdingcompany of the applicant is qualified by virtue of its business record,experience, and financial responsibility to control a trust company;

8. In its opinion, the public interest will be served by the formation of atrust company in the community where it is proposed. Authorizing theapplicant to engage in the trust business as a trust company shall be deemedin the public interest if, based on all relevant evidence and information,advantages such as, but not limited to, increased competition, additionalconvenience, or gains in efficiency outweigh possible adverse effects suchas, but not limited to, diminished or unfair competition, undue concentrationof resources, conflicts of interests, or unsafe or unsound practices;

9. The operating plan and any other relevant evidence and information warrantbelief that the applicant will conduct its business in accordance withgenerally accepted fiduciary standards;

10. The applicant has provided a bond as required by § 6.2-1016;

11. The applicant is not in violation of § 6.2-1021; and

12. Anything else deemed pertinent.

(1993, c. 432, § 6.1-32.18; 1994, c. 524; 1995, c. 140; 2010, c. 794.)