§ 6.2-1019. (Effective October 1, 2010) Issuance of shares; subscriptions tostock; stock option plans.
A. A trust company shall not issue no-par stock. The stock of a trust companyshall be paid for in money at not less than par value, and a trust companyshall not begin business until it has received payment in full of the amountsof initial capital specified in its certificate of authority.
B. Money received for subscriptions to or purchases of stock of a trustcompany before it opens for business shall be deposited in escrow in one ormore insured financial institutions or invested in United States governmentobligations. Such funds shall be under the joint control of at least twoorganizing directors of the trust company, each of whom shall be bonded foran amount not less than the total amount of money under their control. Suchfunds, together with any income thereon, less such organizational expenses ashave been approved by the trust company's board of directors, shall beremitted to the trust company on the day it opens for business.
C. If the trust company is denied a certificate of authority, or it isotherwise determined that the trust company will not open for business, suchfunds, after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders. The directors of the trust company, individually, jointly,and severally, shall be liable for any failure of the trust company to refundsuch funds to the subscribers or shareholders. This liability may be enforcedby a suit in equity instituted by one or more of the subscribers orstockholders on behalf of all subscribers or stockholders against the trustcompany and one or more of its directors.
D. The requirement that capital stock be paid for in money shall not beconstrued to prohibit the establishment, as otherwise authorized by law, ofstock option plans and stock purchase plans, or the issuance of stockpursuant to such plans. Such plans shall be established only after the trustcompany has opened for business and shall be approved by the shareholders ofthe company in accordance with applicable provisions of the Virginia StockCorporation Act (§ 13.1-601 et seq.).
§ 6.2-1019. (Effective October 1, 2010) Issuance of shares; subscriptions tostock; stock option plans.
A. A trust company shall not issue no-par stock. The stock of a trust companyshall be paid for in money at not less than par value, and a trust companyshall not begin business until it has received payment in full of the amountsof initial capital specified in its certificate of authority.
B. Money received for subscriptions to or purchases of stock of a trustcompany before it opens for business shall be deposited in escrow in one ormore insured financial institutions or invested in United States governmentobligations. Such funds shall be under the joint control of at least twoorganizing directors of the trust company, each of whom shall be bonded foran amount not less than the total amount of money under their control. Suchfunds, together with any income thereon, less such organizational expenses ashave been approved by the trust company's board of directors, shall beremitted to the trust company on the day it opens for business.
C. If the trust company is denied a certificate of authority, or it isotherwise determined that the trust company will not open for business, suchfunds, after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders. The directors of the trust company, individually, jointly,and severally, shall be liable for any failure of the trust company to refundsuch funds to the subscribers or shareholders. This liability may be enforcedby a suit in equity instituted by one or more of the subscribers orstockholders on behalf of all subscribers or stockholders against the trustcompany and one or more of its directors.
D. The requirement that capital stock be paid for in money shall not beconstrued to prohibit the establishment, as otherwise authorized by law, ofstock option plans and stock purchase plans, or the issuance of stockpursuant to such plans. Such plans shall be established only after the trustcompany has opened for business and shall be approved by the shareholders ofthe company in accordance with applicable provisions of the Virginia StockCorporation Act (§ 13.1-601 et seq.).
§ 6.2-1019. (Effective October 1, 2010) Issuance of shares; subscriptions tostock; stock option plans.
A. A trust company shall not issue no-par stock. The stock of a trust companyshall be paid for in money at not less than par value, and a trust companyshall not begin business until it has received payment in full of the amountsof initial capital specified in its certificate of authority.
B. Money received for subscriptions to or purchases of stock of a trustcompany before it opens for business shall be deposited in escrow in one ormore insured financial institutions or invested in United States governmentobligations. Such funds shall be under the joint control of at least twoorganizing directors of the trust company, each of whom shall be bonded foran amount not less than the total amount of money under their control. Suchfunds, together with any income thereon, less such organizational expenses ashave been approved by the trust company's board of directors, shall beremitted to the trust company on the day it opens for business.
C. If the trust company is denied a certificate of authority, or it isotherwise determined that the trust company will not open for business, suchfunds, after payment of any amount owing for expenses in connection with suchattempted organization, including reasonable consulting fees, attorney fees,salaries, filing fees, and other expenses, shall be refunded to subscribersor shareholders. The directors of the trust company, individually, jointly,and severally, shall be liable for any failure of the trust company to refundsuch funds to the subscribers or shareholders. This liability may be enforcedby a suit in equity instituted by one or more of the subscribers orstockholders on behalf of all subscribers or stockholders against the trustcompany and one or more of its directors.
D. The requirement that capital stock be paid for in money shall not beconstrued to prohibit the establishment, as otherwise authorized by law, ofstock option plans and stock purchase plans, or the issuance of stockpursuant to such plans. Such plans shall be established only after the trustcompany has opened for business and shall be approved by the shareholders ofthe company in accordance with applicable provisions of the Virginia StockCorporation Act (§ 13.1-601 et seq.).
