§ 6.1-32.11. Definitions
As used in this article:
"Affiliated trust company" means a trust company that is controlled by a trust company holding company.
"Agent" shall have the same meaning assigned to that term in § 13.1-501 of the Virginia Securities Act (§ 13.1-501 et seq.).
"Broker-dealer" shall have the same meaning assigned to that term in § 13.1-501 of the Virginia Securities Act.
"Commission" means the State Corporation Commission of the Commonwealth of Virginia.
"Control" means ownership by a person of 25 percent or more of the voting stock of a trust company or entity; control as defined in the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.); or, as determined by the Commission, the exercise of a controlling influence over the management and policies of a trust company or entity.
"Fiduciary" means executor, administrator, conservator, guardian of a minor, committee, or trustee.
"Investment advisor" shall have the same meaning assigned to that term in § 13.1-501 of the Virginia Securities Act.
"Investment advisor representative" shall have the same meaning assigned to that term in § 13.1-501 of the Virginia Securities Act.
"Investment company" shall have the same meaning assigned to that term in the Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.).
"Operating plan" means a plan submitted by an applicant for a certificate of authority, which plan establishes the policies and procedures a trust company will have in effect when the institution opens for business and thereafter (i) to avoid or resolve conflicts of interests, (ii) to prevent improper influences from affecting the actions of the trustee, (iii) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct, and (iv) to assure compliance with applicable laws and regulations.
"Person" means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity or group of individuals, however organized.
"Principal" means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.
"Trust business" means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth of Virginia or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business.
"Trust company" means a corporation, including an affiliated trust company, authorized to engage in the trust business under this article with powers expressly restricted to the conduct of general trust business.
"Trust company holding company" means a corporation that controls a trust company. A trust company holding company shall not be deemed a financial institution holding company for any purpose under this title unless it controls a financial institution other than an affiliated trust company or another financial institution holding company.
(1993, c. 432; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2004, c. 781.)
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