6.2-1048 - (Effective October 1, 2010) Organization of subsidiary trust companies. - Virginia Statutes

§ 6.2-1048. (Effective October 1, 2010) Organization of subsidiary trustcompanies.

A. A subsidiary trust company may be incorporated and organized under Article3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal lawsrelating to national banking associations for the purpose of conducting atrust business and other activities and business incidental thereto in whicha trust subsidiary is permitted to engage as provided in § 6.2-1049.

B. All the outstanding voting shares of a subsidiary trust company, otherthan directors' qualifying shares, shall be owned directly or indirectlythrough a subsidiary by (i) one or more Virginia bank holding companies, (ii)one or more banks authorized to have a main or parent office in Virginia, or(iii) both.

C. A trust subsidiary shall be subject to regular examination and supervisionby the Commission or by the Comptroller of the Currency of the United States.

D. If incorporated under Title 13.1, a trust subsidiary shall pay suchexamination fees as may be from time to time imposed upon trust departmentsof banks that are subject to examination by the Commission.

(1974, c. 286, § 6.1-32.3; 1991, c. 282; 2004, c. 781; 2010, c. 794.)