§ 6.1-32.5. Permissible business
The permissible business of a trust subsidiary shall be to engage in such trust business and activities as may be engaged in by a bank under § 6.1-17, and business incidental thereto. Such trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it. No trust subsidiary, other than a wholly owned subsidiary of a national banking association, shall engage in such trust business without first obtaining a certificate of authority from the State Corporation Commission, or the Comptroller of the Currency if it is organized as a national banking association. The Commission shall not grant such certificate unless the capital and surplus of the trust subsidiary equal or exceed $200,000 and the Commission is satisfied that the trust subsidiary is capable of complying with the provisions of this chapter and that the officers and directors have the moral fitness, and business qualifications necessary to manage the trust subsidiary. Except as permitted by this article, or by § 6.1-16, or § 6.1-17 or by federal law in the case of a national banking association having its main office in Virginia, no corporation, partnership or association shall qualify or act as a personal representative of a deceased person; guardian for an infant or an incapacitated person; committee; conservator for an incapacitated person; testamentary trustee, or trustee for any other trust if required by law to account to the commissioner of accounts of a circuit court in Virginia; or in any other fiduciary capacity required so to account.
(1974, c. 286; 1997, c. 801.)
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