§ 6.1-32.32. Definitions
As used in this article, unless the context requires otherwise:
"Acquisition of a trust office" means the acquisition of a trust office located in a host state, without acquiring the trust institution of such office.
"Bank" has the meaning set forth in 12 U.S.C. § 1813 (h).
"Bank supervisory agency" means: (i) any agency of another state with primary responsibility for chartering and supervising a trust institution and (ii) the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System and any successor to these agencies.
"Commission" means the State Corporation Commission of the Commonwealth of Virginia.
"Company" includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust.
"Home state" means (i) with respect to a federally chartered trust institution, the state in which such institution maintains its principal office and (ii) with respect to any other trust institution, the state which chartered such institution.
"Home state regulator" means the bank supervisory agency with primary responsibility for chartering and supervising an out-of-state trust institution.
"Host state" means a state, other than the home state of a trust institution, in which the trust institution maintains or seeks to acquire or establish an office.
"New trust office" means a trust office located in a host state which (i) is originally established by the trust institution as a trust office and (ii) does not become a trust office of the trust institution as a result of (a) the acquisition of another trust institution or trust office of another trust institution or (b) a merger, consolidation, or conversion involving any such trust institution or trust office.
"Office" with respect to a trust institution means the principal office or a trust office, but not a branch.
"Out-of-state bank" means a bank chartered to act as a fiduciary whose home state is a state other than Virginia.
"Out-of-state trust company" means a trust company whose home state is a state other than Virginia.
"Out-of-state trust institution" means a trust institution whose home state is a state other than Virginia.
"Principal office" with respect to (i) a state trust company, means a location so designated by such trust company pursuant to § 6.1-32.21 of the Virginia Trust Company Act or § 6.1-32.2 of the Virginia Trust Subsidiary Act or (ii) a trust institution other than a state trust company, means its principal place of business in the United States.
"State" means any of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands.
"State bank" or "Virginia state bank" means a bank chartered under the laws of Virginia and permitted to engage in the trust business pursuant to § 6.1-16 of the Virginia Banking Act.
"State trust company" means a corporation organized or reorganized under the Virginia Trust Subsidiary Act (§ 6.1-32.1 et seq.) or the Virginia Trust Company Act (§ 6.1-32.11 et seq.).
"State trust institution" means a trust institution having its principal office in this Commonwealth.
"Trust business" shall have the same meaning assigned to that term in §§ 6.1-32.11 and 6.1-32.12 of the Virginia Trust Company Act.
"Trust company" means a state trust company or any other company chartered to act as a fiduciary that is not a bank.
"Trust institution" means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency.
"Trust office" means an office at which a trust institution engages in a trust business and not in the banking business.
(1999, c. 835.)
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