§ 6.1-195.80. Commission to issue certificate; powers of associations authorized to offer trust service...
A. Upon granting the application of an association to exercise trust powers, the Commission shall issue a certificate authorizing the association or affiliate to exercise trust powers and offer fiduciary services. Unless such certificate otherwise provides, such association shall have the following rights, powers and privileges, and shall be subject to the following regulations and restrictions:
1. To act as agent for any person, corporation, municipality or state for the collection or disbursement of interest, or income or principal of securities;
2. To act as the fiscal or transfer agent of any state, municipality, or body public or corporate, and in such capacity to receive and disburse money, to transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness, and to act as agent of any corporation, foreign or domestic, for any lawful purpose;
3. To act as trustee under any deed of trust, mortgage or bond issued by an individual, municipality, or body politic or corporate, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of this Commonwealth;
4. To accept trusts from and execute trusts for married women, in respect to their separate property, and to be their agent in the management of such property, and to transact any business in relation thereto;
5. To act as a guardian, conservator, as a custodian under the Uniform Transfers to Minors Act (§ 31-37 et seq.), and as depository of any money paid into court, whether for the benefit of a person under a disability or other person, corporation or party;
6. To take, accept and execute any and all trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person or persons, or any body politic or corporate, or by other authority, by grant, assignment, transfer, devise, bequest or otherwise or as may be entrusted or committed or transferred to it or vested in it by order of any court of record, judge or clerk; to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and to be accountable to all parties in interest for the faithful discharge of every such trust, duty or power which it may so accept; and
7. To act as executor under the last will and testament, or administrator of the estate, of any deceased person, under appointment of any court of record, judge or clerk thereof, having jurisdiction of the estate of such deceased person.
B. Nothing in this chapter shall be construed as authorizing the creation of a trust not lawful as between individuals, nor to prohibit the deposit of funds by courts and fiduciaries in savings and loan associations and savings banks.
C. All rights, powers and privileges, and all regulations, restrictions and limitations, granted to or made applicable to associations by the provisions of this chapter shall likewise apply to any affiliate of an association which is authorized by the Commission to exercise trust powers. However, any such affiliate shall be organized and operated solely for the purpose of offering trust services pursuant to the provisions of this chapter.
D. All federal savings and loan associations and federal savings banks, which have been, or hereafter may be, permitted by law to act in any fiduciary capacity, shall have the rights, powers, privileges, and immunities conferred by this chapter to the extent permitted by federal law.
(1984, c. 303; 1997, c. 801.)
Sections: Previous 6.1-195.77 6.1-195.78 6.1-195.79 6.1-195.80 6.1-195.81 6.1-195.82 6.1-195.83 6.1-195.84 6.1-195.85 6.1-195.86 6.1-195.87 6.1-195.88 6.1-195.89 6.1-195.90 6.1-195.91 NextLast modified: April 16, 2009