Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-31.2 Same; appointment of cofiduciary for purpose of voting

§ 6.1-31.2. Same; appointment of cofiduciary for purpose of voting

When a bank, trust company or trust subsidiary has qualified or is serving under the laws of this Commonwealth as personal representative of a decedent, trustee, guardian of any infant, or in any other fiduciary capacity, and in such estate or trust, there are shares of stock of a national banking association or other banking corporation described in § 6.1-31.1, and the bank, trust company or trust subsidiary is disqualified under such section from voting such shares, such bank fiduciary, trust company or trust subsidiary or any interested party may petition the court in which the bank qualified or is capable to qualify to appoint a cofiduciary for the sole purpose of voting the shares of the banking association or banking corporation held by the estate or trust, which the bank fiduciary, trust company or trust subsidiary is disqualified from voting. Such appointment and qualification may be ex parte, and no prior notice to the beneficiary shall be required. The court at the time of such qualification may relieve the cofiduciary of any obligation for the giving of surety on his bond, and if the appointment of the cofiduciary is limited to voting of the bank stock, such order may provide that the cofiduciary shall not be liable or accountable as a fiduciary in the administration of such estate or trust except for the breach of any fiduciary duty in voting or failing to vote such bank stock. No director, officer or employee of a bank fiduciary, trust company or trust subsidiary shall be eligible to be named cofiduciary under the provisions of this section.

(1972, c. 203; 1974, c. 665.)

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Last modified: April 16, 2009