6.2-1096 - (Effective October 1, 2010) Surrender of trust powers by association. - Virginia Statutes

§ 6.2-1096. (Effective October 1, 2010) Surrender of trust powers byassociation.

Any association that has been granted the right to exercise trust powers andthat desires to surrender such rights shall file with the Commission acertified copy of the resolution of its board of directors signifying suchdesire. Upon receipt of such resolution, the Commission shall make aninvestigation. If the Commission is satisfied that the association has beenproperly discharged from all fiduciary duties that it has undertaken, theCommission shall issue a certificate to such association certifying that itis no longer authorized to exercise fiduciary powers. Upon issuance of such acertificate by the Commission, an association shall no longer be subject tothe provisions of this article and shall not exercise thereafter any of thepowers granted by this article without first applying for and obtaining a newauthorization to exercise such powers.

(1984, c. 303, § 6.1-195.93; 2010, c. 794.)