Code of Virginia § 6.2-1054. Certificate required.
118 words·~1 min read·
/va/title-6-2/chapter-10/6-2-1054A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No trust subsidiary, other than a wholly owned subsidiary of a national banking association, shall engage in trust business without first obtaining a certificate of authority from the Commission, or the Comptroller of the Currency if it is organized as a national banking association. The Commission shall 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 of complying with the provisions of this chapter and
(ii)the officers and directors have the moral fitness and business qualifications necessary to manage the trust subsidiary.
1974, c. 286, § 6.1-32.5; 1997, c. 801 ; 2010, c. 794 .