§ 6.1-32.3. Organization of subsidiary trust companies
A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the purpose of conducting a trust business and business incidental thereto, as defined in § 6.1-32.5. All the outstanding voting shares of such subsidiary trust company (other than directors' qualifying shares) shall be owned directly or indirectly through a subsidiary by one or more Virginia bank holding companies, by one or more banks authorized to have a main or parent office in Virginia, or both. Such trust subsidiary shall be subject to regular examination and supervision by the State Corporation Commission or by the Comptroller of the Currency of the United States. If incorporated under Title 13.1, the trust subsidiary shall pay such examination fees as may be from time to time imposed upon trust departments of banks subject to examination by the State Corporation Commission.
(1974, c. 286; 1991, c. 282; 2004, c. 781.)
Sections: Previous 6.1-30.3 6.1-31 6.1-31.1 6.1-31.2 6.1-32 6.1-32.1 6.1-32.2 6.1-32.3 6.1-32.4 6.1-32.5 6.1-32.6 6.1-32.7 6.1-32.8 6.1-32.9 6.1-32.10 NextLast modified: April 16, 2009