Code of Virginia - Title 6.1 Banking And Finance - Chapter 3.2 Virginia Savings And Loan Trust Powers Act

• 6.1-195.77 Short title
  The short title of the law embraced in this chapter is the "Virginia Savings and Loan Trust Powers Act." (1984, c. 303.) ...
• 6.1-195.78 Definitions
  In addition to those definitions contained in § 6.1-194.2, the following definitions shall apply to this chapter, unless a different meaning is required by the ...
• 6.1-195.79 Applications for permission to offer trust services
  A. An association desiring to exercise fiduciary powers, either through a trust department or through an affiliate, shall file with the Commission an application indicating ...
• 6.1-195.80 Commission to issue certificate; powers of associations authorized to offer trust service...
  A. Upon granting the application of an association to exercise trust powers, the Commission shall issue a certificate authorizing the association or affiliate to exercise ...
• 6.1-195.81 Continuation of trust powers in the event of consolidation or merger of two or more association...
  Where an association consolidates or merges with another association or a bank and such association has, prior to such consolidation or merger, exercised trust powers ...
• 6.1-195.82 When security not required
  No association with a minimum combined unimpaired capital and surplus of $50,000 or more shall be required by any officer or court of this Commonwealth ...
• 6.1-195.83 Association's operation and supervision of trust department
  A. The board of directors of an association is responsible for the proper exercise of fiduciary powers by the association. All matters pertinent thereto, including ...
• 6.1-195.84 Books and accounts
  Every association exercising trust powers shall keep its fiduciary records separate and distinct from other records of the association. All fiduciary records shall be so ...
• 6.1-195.85 Investment of funds and assets held as fiduciary
  Funds and assets held by an association in a fiduciary capacity shall be invested in accordance with the provisions of the governing instrument. When such ...
• 6.1-195.86 Funds awaiting investment or distribution
  A. Funds and assets held in a fiduciary capacity by an association awaiting investment or distribution shall not be held uninvested or undistributed any longer ...
• 6.1-195.87 Dealings with self or affiliates
  A. Unless authorized by the governing instrument or by court order, funds held by an association as fiduciary shall not be invested in stock or ...
• 6.1-195.88 Voting of financial institution stock held by association as fiduciary; when association disqualifi...
  A. When voting shares of a financial institution are held by an association in a trust account, such association may not vote or participate in ...
• 6.1-195.89 Transactions between trust accounts
  A. An association may sell assets held by it as fiduciary in one trust account to itself as fiduciary in another trust account if the ...
• 6.1-195.90 Custody of assets and investments held in trust
  The assets and investments of each trust account shall be kept separate from the assets of the association, and shall be placed in the joint ...
• 6.1-195.91 Establishment of common trust funds and collective investment funds; court accountings
  A. Any association authorized by the Commission to offer fiduciary services may establish and maintain one or more common trust funds for the collective investment ...
• 6.1-195.92 Compensation of association acting as fiduciary
  If the amount of the compensation for acting in a fiduciary capacity is not provided for in the governing instrument or otherwise agreed to by ...
• 6.1-195.93 Surrender of trust powers by association
  Any association which has been granted the right to exercise trust powers and which desires to surrender such rights shall file with the Commission a ...
• 6.1-195.94 Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of ...
  A. Whenever a receiver is appointed for an association, such receiver shall, pursuant to the orders of the Commission and of any court having jurisdiction, ...
• 6.1-195.95 Revocation of trust powers
  If, in the opinion of the Commission, an association is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a ...

Last modified: April 2, 2009