§ 6.1-32.20. Restrictions on control, officers and directors
A. None of the following individuals or entities shall acquire control of any trust company under § 6.1-32.19:
1. An agent;
2. A broker-dealer;
3. An investment advisor;
4. An investment advisor representative;
5. An investment company; or
6. Any corporation, limited liability company, partnership, business trust, association, or similar organization.
B. Nothing in this section shall prohibit (i) the formation of a trust company holding company by a trust company, (ii) any officer, director or employee of a trust company holding company or a subsidiary of a trust company holding company from owning, indirectly, five percent or more of any class of capital stock of an affiliated trust company, or (iii) the acquisition of a trust company pursuant to § 6.1-32.19 by a bank holding company as defined in 12 U.S.C. § 1841, or by a corporation that controls a subsidiary authorized to engage in the trust business under federal law or the laws of any state.
(1993, c. 432; 1994, c. 524; 1995, c. 140; 2004, c. 781.)
Sections: Previous 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 6.1-32.22 6.1-32.23 6.1-32.24 6.1-32.25 6.1-32.26 6.1-32.27 NextLast modified: April 16, 2009