6.2-1054 - (Effective October 1, 2010) Certificate required. - Virginia Statutes

§ 6.2-1054. (Effective October 1, 2010) Certificate required.

No trust subsidiary, other than a wholly owned subsidiary of a nationalbanking association, shall engage in trust business without first obtaining acertificate of authority from the Commission, or the Comptroller of theCurrency if it is organized as a national banking association. The Commissionshall not grant such certificate unless:

1. The capital and surplus of the trust subsidiary equal or exceed $200,000;and

2. The Commission is satisfied that (i) the trust subsidiary is capable ofcomplying with the provisions of this chapter and (ii) the officers anddirectors have the moral fitness and business qualifications necessary tomanage the trust subsidiary.

(1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.)