Code of Virginia § 6.2-1067. Trust business of out-of-state trust institution.
179 words·~1 min read·
/va/title-6-2/chapter-10/6-2-1067·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An out-of-state trust institution that establishes or maintains one or more offices in the Commonwealth under this article may conduct any activity at each such office that would be authorized under the laws of the Commonwealth for a state trust institution to conduct at such an office.
B. An out-of-state trust institution may engage in a trust business in the Commonwealth if it
(i)maintains
(a)a trust office in the Commonwealth as permitted by this article or
(b)a branch in the Commonwealth, or
(ii)is a national bank or federal savings bank, with or without an office or a branch in the Commonwealth, that is supervised and regulated by the federal Comptroller of the Currency and is authorized to serve as trustee, as executor, as administrator, or in another fiduciary capacity pursuant to § 92a of the National Bank Act (12 U.S.C. § 21 et seq.) or § 5(n) of the Home Owners' Loan Act (12 U.S.C. § 1461 et seq.).
1999, c. 835 , §§ 6.1-32.34, 6.1-32.35; 2010, c. 794 ; 2012, c. 608 .