§ 6.1-32.17. Bond required
A. No corporation shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.
B. In no event shall the amount of the surety bond be less than one million dollars.
C. The surety bond required by this section shall be for the benefit of:
1. Any person damaged as a result of a violation of the provisions of, or any regulation or rule promulgated pursuant to, this chapter;
2. Any person damaged by the negligence, fraud or embezzlement of a trust company organized under this article or its directors, officers or employees; and
3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers or employees.
D. The Commission may revoke the certificate of any trust company which the Commission finds has failed to maintain a bond as required by this section.
(1993, c. 432.)
Sections: Previous 6.1-32.12 6.1-32.13 6.1-32.14 6.1-32.14:1 6.1-32.14:2 6.1-32.15 6.1-32.16 6.1-32.17 6.1-32.18 6.1-32.18:1 6.1-32.18:2 6.1-32.18:3 6.1-32.19 6.1-32.20 6.1-32.21 NextLast modified: April 2, 2009