6.2-1077 - (Effective October 1, 2010) Reacquisition of shares or interests; dividends. - Virginia Statutes

§ 6.2-1077. (Effective October 1, 2010) Reacquisition of shares or interests;dividends.

A private trust company shall not purchase, redeem, or otherwise reacquireshares of stock or membership interests that the private trust company hasissued, or declare a dividend or other distribution to its stockholders,members, or holders of equity interests, to the extent that such purchase,redemption, reacquisition, dividend, or distribution shall cause the privatetrust company's paid-in capital, retained surplus and reserves to be reducedbelow $500,000.

(2003, c. 910, § 6.1-32.30:4; 2010, c. 794.)