§ 6.1-32.2. Definitions
As used in this article, unless the context requires otherwise,
"Bank" has the meaning specified in § 6.1-4;
"Bank holding company" has the meaning specified in § 6.1-4;
"Bank under common ownership" means a bank of which eighty percent or more of its common stock is owned directly or indirectly through a subsidiary by the same Virginia bank holding company as owns directly or indirectly through a subsidiary at least eighty percent of the stock of the subsidiary bank substituted as fiduciary;
"Virginia bank holding company" means a bank holding company which directly or indirectly through a subsidiary owns or controls a bank whose main office is located in this Commonwealth;
"Subsidiary trust company" or "trust subsidiary" means a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1 or an association organized under the National Banking Act with its main office located in this Commonwealth, which is authorized to transact a trust business and business incidental thereto, but not to accept deposits except as incidental to such trust business;
"Affiliate bank" with respect to a trust subsidiary means a bank of which more than fifty percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a subsidiary all the shares (except directors' qualifying shares) of a trust subsidiary or a subsidiary bank, or a bank which owns some or all of the shares of a trust subsidiary or a subsidiary bank;
"Trust office" of a trust subsidiary or of a bank having trust powers is an office for trust purposes only, at which such trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business;
"Owning bank" means a bank owning ten percent or more of the shares of a trust subsidiary;
"Fiduciary capacity" means every capacity specified in § 6.1-17 and every other capacity in which a bank acts or may act through its trust department including, without limitation, trusteeship with respect to common trust funds;
"Main office" is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted;
"Subsidiary bank" means a bank authorized to exercise trust powers, at least eighty percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company.
(1974, c. 286; 1991, c. 282.)
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