6.2-1021 - (Effective October 1, 2010) Commissions or fees for sale of stock not permitted. - Virginia Statutes

§ 6.2-1021. (Effective October 1, 2010) Commissions or fees for sale of stocknot permitted.

The Commission shall not issue a certificate of authority to a trust companyif any commissions, fees, brokerage, or other compensation by whatever namehave been paid or contracted to be paid by the trust company, or by anyone inits behalf, directly or indirectly, to any person for the sale of stock insuch trust company. Nothing herein shall be construed to prohibit a trustcompany that has been issued a certificate of authority and is conductingoperations from paying or contracting to pay such commissions or fees inconnection with the issue or reissue of shares of stock of the trust company.

(1994, c. 5, § 6.1-32.18:2; 2010, c. 794.)