A trust subsidiary shall be permitted to engage in trust business and activities that may be engaged in by a bank pursuant to § 6.2-1002, and business incidental thereto. A trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it.

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Terms Used In Virginia Code 6.2-1049

  • Bank: has the meaning assigned to it in § Virginia Code 6.2-1047
  • Trust business: means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. See Virginia Code 6.2-1000

1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.

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