§ 6.2-1047. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate bank" with respect to a trust subsidiary means (i) a bank ofwhich more than 50 percent of the shares are owned directly or indirectlythrough a subsidiary by the same Virginia bank holding company that ownsdirectly or indirectly through a subsidiary all the shares, except directors'qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bankthat owns some or all of the shares of a trust subsidiary or a subsidiarybank.
"Bank" has the meaning assigned to it in § 6.2-800.
"Bank holding company" has the meaning assigned to it in § 6.2-800.
"Bank under common ownership" means a bank of which 80 percent or more ofits common stock is owned, directly or indirectly through a subsidiary, bythe same Virginia bank holding company as owns, directly or indirectlythrough a subsidiary, at least 80 percent of the stock of the subsidiary banksubstituted as fiduciary.
"Fiduciary capacity" means every capacity in which a trust institution isgranted the right to act pursuant to § 6.2-1002 and every other capacity inwhich a bank acts, or may act, through its trust department, including,without limitation, trusteeship with respect to common trust funds.
"Main office" is the place designated in the articles of incorporation orarticles of association as the main office of the bank or trust subsidiary atwhich the principal functions of the bank or trust subsidiary are to beconducted.
"Owning bank" means a bank owning 10 percent or more of the shares of atrust subsidiary.
"Subsidiary bank" means a bank authorized to exercise trust powers, atleast 80 percent of the outstanding shares of which are owned directly orindirectly through a subsidiary by a Virginia bank holding company.
"Trust office" means, with regard to a trust subsidiary or a bank havingtrust powers, an office for trust purposes only, at which the trustsubsidiary or bank holds itself out as dealing with the public in thesolicitation and conduct of its trust business.
"Virginia bank holding company" means a bank holding company that, directlyor indirectly through a subsidiary, owns or controls a bank the main officeof which is located in the Commonwealth.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794.)
§ 6.2-1047. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate bank" with respect to a trust subsidiary means (i) a bank ofwhich more than 50 percent of the shares are owned directly or indirectlythrough a subsidiary by the same Virginia bank holding company that ownsdirectly or indirectly through a subsidiary all the shares, except directors'qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bankthat owns some or all of the shares of a trust subsidiary or a subsidiarybank.
"Bank" has the meaning assigned to it in § 6.2-800.
"Bank holding company" has the meaning assigned to it in § 6.2-800.
"Bank under common ownership" means a bank of which 80 percent or more ofits common stock is owned, directly or indirectly through a subsidiary, bythe same Virginia bank holding company as owns, directly or indirectlythrough a subsidiary, at least 80 percent of the stock of the subsidiary banksubstituted as fiduciary.
"Fiduciary capacity" means every capacity in which a trust institution isgranted the right to act pursuant to § 6.2-1002 and every other capacity inwhich a bank acts, or may act, through its trust department, including,without limitation, trusteeship with respect to common trust funds.
"Main office" is the place designated in the articles of incorporation orarticles of association as the main office of the bank or trust subsidiary atwhich the principal functions of the bank or trust subsidiary are to beconducted.
"Owning bank" means a bank owning 10 percent or more of the shares of atrust subsidiary.
"Subsidiary bank" means a bank authorized to exercise trust powers, atleast 80 percent of the outstanding shares of which are owned directly orindirectly through a subsidiary by a Virginia bank holding company.
"Trust office" means, with regard to a trust subsidiary or a bank havingtrust powers, an office for trust purposes only, at which the trustsubsidiary or bank holds itself out as dealing with the public in thesolicitation and conduct of its trust business.
"Virginia bank holding company" means a bank holding company that, directlyor indirectly through a subsidiary, owns or controls a bank the main officeof which is located in the Commonwealth.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794.)
§ 6.2-1047. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate bank" with respect to a trust subsidiary means (i) a bank ofwhich more than 50 percent of the shares are owned directly or indirectlythrough a subsidiary by the same Virginia bank holding company that ownsdirectly or indirectly through a subsidiary all the shares, except directors'qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bankthat owns some or all of the shares of a trust subsidiary or a subsidiarybank.
"Bank" has the meaning assigned to it in § 6.2-800.
"Bank holding company" has the meaning assigned to it in § 6.2-800.
"Bank under common ownership" means a bank of which 80 percent or more ofits common stock is owned, directly or indirectly through a subsidiary, bythe same Virginia bank holding company as owns, directly or indirectlythrough a subsidiary, at least 80 percent of the stock of the subsidiary banksubstituted as fiduciary.
"Fiduciary capacity" means every capacity in which a trust institution isgranted the right to act pursuant to § 6.2-1002 and every other capacity inwhich a bank acts, or may act, through its trust department, including,without limitation, trusteeship with respect to common trust funds.
"Main office" is the place designated in the articles of incorporation orarticles of association as the main office of the bank or trust subsidiary atwhich the principal functions of the bank or trust subsidiary are to beconducted.
"Owning bank" means a bank owning 10 percent or more of the shares of atrust subsidiary.
"Subsidiary bank" means a bank authorized to exercise trust powers, atleast 80 percent of the outstanding shares of which are owned directly orindirectly through a subsidiary by a Virginia bank holding company.
"Trust office" means, with regard to a trust subsidiary or a bank havingtrust powers, an office for trust purposes only, at which the trustsubsidiary or bank holds itself out as dealing with the public in thesolicitation and conduct of its trust business.
"Virginia bank holding company" means a bank holding company that, directlyor indirectly through a subsidiary, owns or controls a bank the main officeof which is located in the Commonwealth.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794.)
