§ 6.1-20. Separation of banking and trust functions
Every state bank which obtains permission from the State Corporation Commission to do a trust business, and every trust company chartered prior to January 1, 1993, which is permitted to do commercial banking, shall establish a separate trust department. Such department shall be established before such institution undertakes to act in any fiduciary capacity and shall be placed under the management of an officer or officers whose duties shall be prescribed by the board of directors of the institution or by either an amendment to the bylaws of the institution or by a resolution duly entered in the minutes of the board of directors.
(Code 1950, § 6-97; 1966, c. 584; 1993, c. 432.)
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