A. No person other than a corporation or limited liability company organizedunder the laws of the Commonwealth to engage exclusively in the private trustbusiness shall act as a private trust company.
B. No person may act as a private trust company unless and until familymembers have subscribed for capital stock or interests, surplus, and areserve for operation in an amount equal to or in excess of $500,000.
C. No person shall engage in business as a private trust company withoutfirst giving written notice to the Bureau. The notice shall identify (i) thedesignated relative whose relationship to other individuals determineswhether the individuals are family members and (ii) the location of theprincipal office and additional office, if any, within the Commonwealth. Thenotice shall be accompanied by an operating plan and such other books,records, documents, or information as the Commissioner may require. Thenotice shall also certify that (a) all provisions of law have been compliedwith; (b) the private trust company is formed for no other reason than toengage in the private trust business; and (c) family members have subscribedfor capital stock, surplus, and a reserve for operation in an amount equal toor in excess of $500,000.
D. All of the capital stock, membership interests, or other equity interestsof a private trust company shall be and shall remain owned by, and under thevoting control of, family members, including any spouses, trusts, stockcorporations, limited partnerships, limited liability companies, or estatesqualifying under subdivision 2, 3, 4, or 5 of the definition of "familymember" set forth in § 6.2-1074, of one or more families.
A. No person other than a corporation or limited liability company organizedunder the laws of the Commonwealth to engage exclusively in the private trustbusiness shall act as a private trust company.
B. No person may act as a private trust company unless and until familymembers have subscribed for capital stock or interests, surplus, and areserve for operation in an amount equal to or in excess of $500,000.
C. No person shall engage in business as a private trust company withoutfirst giving written notice to the Bureau. The notice shall identify (i) thedesignated relative whose relationship to other individuals determineswhether the individuals are family members and (ii) the location of theprincipal office and additional office, if any, within the Commonwealth. Thenotice shall be accompanied by an operating plan and such other books,records, documents, or information as the Commissioner may require. Thenotice shall also certify that (a) all provisions of law have been compliedwith; (b) the private trust company is formed for no other reason than toengage in the private trust business; and (c) family members have subscribedfor capital stock, surplus, and a reserve for operation in an amount equal toor in excess of $500,000.
D. All of the capital stock, membership interests, or other equity interestsof a private trust company shall be and shall remain owned by, and under thevoting control of, family members, including any spouses, trusts, stockcorporations, limited partnerships, limited liability companies, or estatesqualifying under subdivision 2, 3, 4, or 5 of the definition of "familymember" set forth in § 6.2-1074, of one or more families.
A. No person other than a corporation or limited liability company organizedunder the laws of the Commonwealth to engage exclusively in the private trustbusiness shall act as a private trust company.
B. No person may act as a private trust company unless and until familymembers have subscribed for capital stock or interests, surplus, and areserve for operation in an amount equal to or in excess of $500,000.
C. No person shall engage in business as a private trust company withoutfirst giving written notice to the Bureau. The notice shall identify (i) thedesignated relative whose relationship to other individuals determineswhether the individuals are family members and (ii) the location of theprincipal office and additional office, if any, within the Commonwealth. Thenotice shall be accompanied by an operating plan and such other books,records, documents, or information as the Commissioner may require. Thenotice shall also certify that (a) all provisions of law have been compliedwith; (b) the private trust company is formed for no other reason than toengage in the private trust business; and (c) family members have subscribedfor capital stock, surplus, and a reserve for operation in an amount equal toor in excess of $500,000.
D. All of the capital stock, membership interests, or other equity interestsof a private trust company shall be and shall remain owned by, and under thevoting control of, family members, including any spouses, trusts, stockcorporations, limited partnerships, limited liability companies, or estatesqualifying under subdivision 2, 3, 4, or 5 of the definition of "familymember" set forth in § 6.2-1074, of one or more families.
