Code of Virginia § 6.2-1024. Restrictions on control, officers and directors.

180 words·~1 min read·/va/title-6-2/chapter-10/6-2-1024

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. None of the following individuals or entities shall acquire control of any trust company under § 6.2-1023 :

1. An agent;

2. A broker-dealer;

3. An investment advisor;

4. An investment advisor representative;

5. An investment company; or

6. Any corporation, limited liability company, partnership, business trust, association, or similar organization.

B. Nothing in this section shall prohibit

(i)the formation of a trust company holding company by a trust company,

(ii)any officer, director, or employee of a trust company holding company or a subsidiary of a trust company holding company from owning, indirectly, five percent or more of any class of capital stock of an affiliated trust company, or

(iii)the acquisition of a trust company pursuant to § 6.2-1023 by a bank holding company as defined in 12 U.S.C. § 1841 or by a corporation that controls a subsidiary authorized to engage in the trust business under federal law or the laws of any state.

1993, c. 432, § 6.1-32.20; 1994, c. 524 ; 1995, c. 140 ; 2004, c. 781 ; 2010, c. 794 .