§ 6.1-31.1. Voting of bank shares held by bank, trust company or trust subsidiary as fiduciary; when bank, trus...
When shares of a national banking association or of a banking corporation organized under the laws of Virginia or another state are held by a bank, trust company or trust subsidiary which is serving as a personal representative of a decedent, trustee, guardian of any infant, agent or in any other fiduciary capacity, such bank fiduciary, trust company or trust subsidiary may not vote or participate in the voting of any voting securities of such bank if the securities held in such fiduciary capacity, together with all the other voting securities of such bank held in a fiduciary capacity, exceed twenty-five per centum of the outstanding voting securities of such bank and may not vote such voting securities, if the voting securities of such bank held as a personal representative of the decedent, together with all other voting securities of such bank held in a fiduciary capacity, exceed five per centum, unless there has been a determination by the Board of Governors of the Federal Reserve System that the right to vote five per centum or more of the voting securities but less than twenty-five per centum thereof does not constitute control of the particular bank in question.
If there be any personal representative, trustee, guardian of any infant or other fiduciary in addition to the bank, trust company or trust subsidiary in such fiduciary capacity, such other fiduciary, if not a director, officer or employee of the bank fiduciary, trust company or trust subsidiary, may vote such shares. If the bank, trust company or trust subsidiary is the sole fiduciary, or if the bank, trust company or trust subsidiary is serving along with a director, officer or employee of the bank, trust company or trust subsidiary, it may petition the court, as provided in § 6.1-31.2 for the appointment of a cofiduciary for the sole purpose of voting such bank shares.
A banking corporation as used herein and in § 6.1-31.2 shall include a bank, or a corporation or company which is a bank holding company under 12 U.S.C. § 1841, as it may be amended from time to time.
(1972, c. 203; 1974, c. 665.)
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