Virginia Code 6.2-1068: Establishing or acquiring an interstate trust office; additional trust offices; notice of closure.
A. An out-of-state trust institution that does not already maintain a trust office in the Commonwealth and that meets the requirements of this article may:
Terms Used In Virginia Code 6.2-1068
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- New trust office: means a trust office located in a host state that (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. See Virginia Code 6.2-1065
- Out-of-state trust institution: means a trust institution whose home state is a state other than the Commonwealth. See Virginia Code 6.2-1065
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- State trust institution: means a trust institution having its principal office in the Commonwealth. See Virginia Code 6.2-1065
- Trust institution: means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency. See Virginia Code 6.2-1065
- Trust office: means an office at which a trust institution engages in a trust business and not in the banking business. See Virginia Code 6.2-1065
1. Establish and maintain a new trust office in the Commonwealth; or
2. Acquire and maintain a trust office in the Commonwealth.
B. An out-of-state trust institution that maintains a trust office in the Commonwealth under this article may establish or acquire additional trust offices in the Commonwealth to the same extent that a state trust institution may establish or acquire additional offices in the Commonwealth, provided it follows the procedures for establishing or acquiring such offices set forth in this article.
C. An out-of-state trust institution that maintains an office in the Commonwealth under this article shall give at least 30 days’ prior written notice, or in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Commission of any merger, consolidation, or other transaction involving the trust institution that would cause any trust office operated by the institution in this state to be maintained by another trust institution or cause the operation of such an office to cease.
1999, c. 835, §§ 6.1-32.36, 6.1-32.37, 6.1-32.42, 6.1-32.44; 2010, c. 794.