State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-3-2 > 6-1-195-93§ 6.1-195.93. (Repealed effective October 1, 2010) Surrender of trust powersby association.
Any association which has been granted the right to exercise trust powers andwhich desires to surrender such rights shall file with the Commission acertified copy of the resolution of its board of directors signifying suchdesire. Upon receipt of such resolution, the Commission shall make aninvestigation, and if it is satisfied that the association has been properlydischarged from all fiduciary duties which it has undertaken, the Commissionshall issue a certificate to such association certifying that it is no longerauthorized to exercise fiduciary powers. Upon issuance of such a certificateby the Commission, an association shall no longer be subject to theprovisions of this article and shall not exercise thereafter any of thepowers granted by this article without first applying for and obtaining a newauthorization to exercise such powers.
(1984, c. 303.)
