6.2-1070 - (Effective October 1, 2010) Conditions for approval. - Virginia Statutes

§ 6.2-1070. (Effective October 1, 2010) Conditions for approval.

A trust office of an out-of-state trust institution shall not be acquired orestablished under this article unless:

1. In the case of a new trust office, the laws of the home state of theout-of-state trust institution permit state trust institutions to establishand maintain new trust offices in that state under substantially the sameterms as set forth in this article.

2. In the case of a trust office to be established through the acquisition ofa trust office, the laws of the home state of the out-of-state trustinstitution permit state trust institutions to establish and maintain trustoffices in that state through the acquisition of trust offices undersubstantially the same terms as set forth in this article.

(1999, c. 835, § 6.1-32.39; 2010, c. 794.)