§ 6.1-16. What banks may engage in trust business; permission of State Corporation Commission require...
A bank shall not engage in the trust business unless its articles of incorporation state that one of its purposes is to engage in the trust business. It shall not commence to engage in the trust business without first obtaining permission from the State Corporation Commission. The Commission shall not grant such permission unless it finds: that the bank's capital structure is sufficiently strong to support such additional undertaking, that the personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to insure compliance with the law and to protect the bank against surcharge, and that the granting of trust powers to the bank will be in the public interest. But any bank actively engaged in the trust business on January 1, 1966, may continue in the trust business without such permission.
(Code 1950, § 6-91; 1958, c. 139; 1966, c. 584; 1976, c. 658.)
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