§ 6.2-1001. (Effective October 1, 2010) Entities authorized to engage intrust business.
A. No entities, except (i) corporations duly chartered and already conductingtrust business in the Commonwealth under authority of the laws of theCommonwealth or the United States, (ii) banks hereafter incorporated underthe laws of the Commonwealth that are authorized to engage in the trustbusiness through a separate trust department pursuant to Article 3 (§ 6.2-819et seq.) of Chapter 8, (iii) corporations authorized to engage in the trustbusiness in the Commonwealth under the banking laws of the United States,(iv) trust companies authorized to establish and operate one or more trustoffices or engage in trust business in the Commonwealth under Article 2 (§6.2-1013 et seq.) of this chapter, (v) trust subsidiaries authorized toengage in trust business under Article 3 (§ 6.2-1047 et seq.) of thischapter, (vi) multistate trust institutions authorized to engage in trustbusiness under Article 4 (§ 6.2-1065 et seq.) of this chapter, (vii) privatetrust companies authorized to engage in trust business under Article 5 (§6.2-1074 et seq.) of this chapter, or (viii) savings institutions authorizedto engage in the trust business pursuant to Article 6 (§ 6.2-1081 et seq.) ofthis chapter, shall engage in the trust business in the Commonwealth. Noforeign corporation, except as permitted in Chapter 7 (§ 6.2-700 et seq.),shall engage in trust business in the Commonwealth.
B. Nothing in this chapter shall prevent:
1. A natural person from qualifying and acting as trustee, personalrepresentative, guardian, conservator, committee, or in any other fiduciarycapacity;
2. Any person from (i) lending money on real estate and personal security orcollateral, (ii) guaranteeing the payment of bonds, notes, bills and otherobligations, or (iii) purchasing or selling stocks and bonds;
3. Any bank or trust company organized under the laws of the Commonwealthfrom qualifying and acting in another state as trustee, personalrepresentative, guardian of a minor, conservator, or committee or in anyother fiduciary capacity, when permitted so to do by the laws of such otherstate; or
4. An incorporated association that is authorized to sell burial associationgroup life insurance certificates in the Commonwealth, as described in thedefinition of limited burial insurance authority in § 38.2-1800, theprincipal purpose of which is to assist its members in (i) financial planningfor their funerals and burials and (ii) obtaining insurance for the payment,in whole or in part, for funeral, burial, and related expenses, from servingas trustee of a trust established pursuant to § 54.1-2822.
C. Nothing in this section shall be construed:
1. To prevent any bank or trust company organized in the Commonwealth andchartered under the laws of the United States from transacting business inthe Commonwealth; or
2. To prevent a real estate broker as defined in § 54.1-2100 from owning oroperating a bank provided that the requirements of this chapter are met.
D. Except as permitted by this chapter or by Article 3 (§ 6.2-819 et seq.) ofChapter 8, or by federal law in the case of a national banking associationhaving its main office in the Commonwealth, no entity shall qualify or act(i) as a personal representative of a deceased person; (ii) as a guardian foran infant or an incapacitated person; (iii) as a committee; (iv) as aconservator for an incapacitated person; (v) as a testamentary trustee, ortrustee for any other trust if required by law to account to the commissionerof accounts of a circuit court in the Commonwealth; or (vi) in any otherfiduciary capacity required to account to the commissioner of accounts of acircuit court in the Commonwealth.
(Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1974, c. 286, § 6.1-32.5; 1985, c.544; 1995, c. 301; 1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007,c. 621; 2010, c. 794.)
§ 6.2-1001. (Effective October 1, 2010) Entities authorized to engage intrust business.
A. No entities, except (i) corporations duly chartered and already conductingtrust business in the Commonwealth under authority of the laws of theCommonwealth or the United States, (ii) banks hereafter incorporated underthe laws of the Commonwealth that are authorized to engage in the trustbusiness through a separate trust department pursuant to Article 3 (§ 6.2-819et seq.) of Chapter 8, (iii) corporations authorized to engage in the trustbusiness in the Commonwealth under the banking laws of the United States,(iv) trust companies authorized to establish and operate one or more trustoffices or engage in trust business in the Commonwealth under Article 2 (§6.2-1013 et seq.) of this chapter, (v) trust subsidiaries authorized toengage in trust business under Article 3 (§ 6.2-1047 et seq.) of thischapter, (vi) multistate trust institutions authorized to engage in trustbusiness under Article 4 (§ 6.2-1065 et seq.) of this chapter, (vii) privatetrust companies authorized to engage in trust business under Article 5 (§6.2-1074 et seq.) of this chapter, or (viii) savings institutions authorizedto engage in the trust business pursuant to Article 6 (§ 6.2-1081 et seq.) ofthis chapter, shall engage in the trust business in the Commonwealth. Noforeign corporation, except as permitted in Chapter 7 (§ 6.2-700 et seq.),shall engage in trust business in the Commonwealth.
B. Nothing in this chapter shall prevent:
1. A natural person from qualifying and acting as trustee, personalrepresentative, guardian, conservator, committee, or in any other fiduciarycapacity;
2. Any person from (i) lending money on real estate and personal security orcollateral, (ii) guaranteeing the payment of bonds, notes, bills and otherobligations, or (iii) purchasing or selling stocks and bonds;
3. Any bank or trust company organized under the laws of the Commonwealthfrom qualifying and acting in another state as trustee, personalrepresentative, guardian of a minor, conservator, or committee or in anyother fiduciary capacity, when permitted so to do by the laws of such otherstate; or
4. An incorporated association that is authorized to sell burial associationgroup life insurance certificates in the Commonwealth, as described in thedefinition of limited burial insurance authority in § 38.2-1800, theprincipal purpose of which is to assist its members in (i) financial planningfor their funerals and burials and (ii) obtaining insurance for the payment,in whole or in part, for funeral, burial, and related expenses, from servingas trustee of a trust established pursuant to § 54.1-2822.
C. Nothing in this section shall be construed:
1. To prevent any bank or trust company organized in the Commonwealth andchartered under the laws of the United States from transacting business inthe Commonwealth; or
2. To prevent a real estate broker as defined in § 54.1-2100 from owning oroperating a bank provided that the requirements of this chapter are met.
D. Except as permitted by this chapter or by Article 3 (§ 6.2-819 et seq.) ofChapter 8, or by federal law in the case of a national banking associationhaving its main office in the Commonwealth, no entity shall qualify or act(i) as a personal representative of a deceased person; (ii) as a guardian foran infant or an incapacitated person; (iii) as a committee; (iv) as aconservator for an incapacitated person; (v) as a testamentary trustee, ortrustee for any other trust if required by law to account to the commissionerof accounts of a circuit court in the Commonwealth; or (vi) in any otherfiduciary capacity required to account to the commissioner of accounts of acircuit court in the Commonwealth.
(Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1974, c. 286, § 6.1-32.5; 1985, c.544; 1995, c. 301; 1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007,c. 621; 2010, c. 794.)
§ 6.2-1001. (Effective October 1, 2010) Entities authorized to engage intrust business.
A. No entities, except (i) corporations duly chartered and already conductingtrust business in the Commonwealth under authority of the laws of theCommonwealth or the United States, (ii) banks hereafter incorporated underthe laws of the Commonwealth that are authorized to engage in the trustbusiness through a separate trust department pursuant to Article 3 (§ 6.2-819et seq.) of Chapter 8, (iii) corporations authorized to engage in the trustbusiness in the Commonwealth under the banking laws of the United States,(iv) trust companies authorized to establish and operate one or more trustoffices or engage in trust business in the Commonwealth under Article 2 (§6.2-1013 et seq.) of this chapter, (v) trust subsidiaries authorized toengage in trust business under Article 3 (§ 6.2-1047 et seq.) of thischapter, (vi) multistate trust institutions authorized to engage in trustbusiness under Article 4 (§ 6.2-1065 et seq.) of this chapter, (vii) privatetrust companies authorized to engage in trust business under Article 5 (§6.2-1074 et seq.) of this chapter, or (viii) savings institutions authorizedto engage in the trust business pursuant to Article 6 (§ 6.2-1081 et seq.) ofthis chapter, shall engage in the trust business in the Commonwealth. Noforeign corporation, except as permitted in Chapter 7 (§ 6.2-700 et seq.),shall engage in trust business in the Commonwealth.
B. Nothing in this chapter shall prevent:
1. A natural person from qualifying and acting as trustee, personalrepresentative, guardian, conservator, committee, or in any other fiduciarycapacity;
2. Any person from (i) lending money on real estate and personal security orcollateral, (ii) guaranteeing the payment of bonds, notes, bills and otherobligations, or (iii) purchasing or selling stocks and bonds;
3. Any bank or trust company organized under the laws of the Commonwealthfrom qualifying and acting in another state as trustee, personalrepresentative, guardian of a minor, conservator, or committee or in anyother fiduciary capacity, when permitted so to do by the laws of such otherstate; or
4. An incorporated association that is authorized to sell burial associationgroup life insurance certificates in the Commonwealth, as described in thedefinition of limited burial insurance authority in § 38.2-1800, theprincipal purpose of which is to assist its members in (i) financial planningfor their funerals and burials and (ii) obtaining insurance for the payment,in whole or in part, for funeral, burial, and related expenses, from servingas trustee of a trust established pursuant to § 54.1-2822.
C. Nothing in this section shall be construed:
1. To prevent any bank or trust company organized in the Commonwealth andchartered under the laws of the United States from transacting business inthe Commonwealth; or
2. To prevent a real estate broker as defined in § 54.1-2100 from owning oroperating a bank provided that the requirements of this chapter are met.
D. Except as permitted by this chapter or by Article 3 (§ 6.2-819 et seq.) ofChapter 8, or by federal law in the case of a national banking associationhaving its main office in the Commonwealth, no entity shall qualify or act(i) as a personal representative of a deceased person; (ii) as a guardian foran infant or an incapacitated person; (iii) as a committee; (iv) as aconservator for an incapacitated person; (v) as a testamentary trustee, ortrustee for any other trust if required by law to account to the commissionerof accounts of a circuit court in the Commonwealth; or (vi) in any otherfiduciary capacity required to account to the commissioner of accounts of acircuit court in the Commonwealth.
(Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1974, c. 286, § 6.1-32.5; 1985, c.544; 1995, c. 301; 1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910; 2007,c. 621; 2010, c. 794.)
