§ 6.2-1068. (Effective October 1, 2010) Establishing or acquiring aninterstate trust office; additional trust offices; notice of closure.
A. An out-of-state trust institution that does not already maintain a trustoffice in the Commonwealth and that meets the requirements of this articlemay:
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 theCommonwealth under this article may establish or acquire additional trustoffices in the Commonwealth to the same extent that a state trust institutionmay establish or acquire additional offices in the Commonwealth, provided itfollows the procedures for establishing or acquiring such offices set forthin this article.
C. An out-of-state trust institution that maintains an office in theCommonwealth under this article shall give at least 30 days' prior writtennotice, or in the case of an emergency transaction, such shorter notice as isconsistent with applicable state or federal law, to the Commission of anymerger, consolidation, or other transaction involving the trust institutionthat would cause any trust office operated by the institution in this stateto be maintained by another trust institution or cause the operation of suchan 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.)
§ 6.2-1068. (Effective October 1, 2010) Establishing or acquiring aninterstate trust office; additional trust offices; notice of closure.
A. An out-of-state trust institution that does not already maintain a trustoffice in the Commonwealth and that meets the requirements of this articlemay:
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 theCommonwealth under this article may establish or acquire additional trustoffices in the Commonwealth to the same extent that a state trust institutionmay establish or acquire additional offices in the Commonwealth, provided itfollows the procedures for establishing or acquiring such offices set forthin this article.
C. An out-of-state trust institution that maintains an office in theCommonwealth under this article shall give at least 30 days' prior writtennotice, or in the case of an emergency transaction, such shorter notice as isconsistent with applicable state or federal law, to the Commission of anymerger, consolidation, or other transaction involving the trust institutionthat would cause any trust office operated by the institution in this stateto be maintained by another trust institution or cause the operation of suchan 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.)
§ 6.2-1068. (Effective October 1, 2010) Establishing or acquiring aninterstate trust office; additional trust offices; notice of closure.
A. An out-of-state trust institution that does not already maintain a trustoffice in the Commonwealth and that meets the requirements of this articlemay:
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 theCommonwealth under this article may establish or acquire additional trustoffices in the Commonwealth to the same extent that a state trust institutionmay establish or acquire additional offices in the Commonwealth, provided itfollows the procedures for establishing or acquiring such offices set forthin this article.
C. An out-of-state trust institution that maintains an office in theCommonwealth under this article shall give at least 30 days' prior writtennotice, or in the case of an emergency transaction, such shorter notice as isconsistent with applicable state or federal law, to the Commission of anymerger, consolidation, or other transaction involving the trust institutionthat would cause any trust office operated by the institution in this stateto be maintained by another trust institution or cause the operation of suchan 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.)
