§ 6.2-1081. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate" means, with respect to an association, a bank holding company,as defined in 12 U.S.C. § 1841, or savings and loan holding company of whichthe association is a subsidiary, a corporation that is also a subsidiary of abank holding company or savings and loan holding company of which theassociation is a subsidiary, a corporation with respect to which theassociation owns 25 percent or more of the outstanding voting shares of suchcorporation, or any other corporation that the Commissioner determines is, infact, controlled by the association.
"Association" has the meaning assigned to it in § 6.2-1100.
"Common trust funds" means common trust funds that are described under §584 of the Internal Revenue Code of 1954, as well as any other type ofcollective investment fund that is exempt from federal income taxation underany other provision of the Internal Revenue Code or regulations issuedpursuant thereto.
"Fiduciary" means the status resulting from an association's undertakingto act alone, through an affiliate, or jointly with others, primarily for thebenefit of another, and includes an association's acting as trustee,executor, administrator, committee, guardian, conservator, receiver, managingagent, registrar of stocks and bonds, escrow, transfer, or paying agent,trustee of employee pension, welfare and profit sharing trusts, and in anyother similar capacity.
"Fiduciary records" means all matters which are written, transcribed,recorded, received, or otherwise come into the possession of an associationand are necessary to preserve information concerning the actions and eventsrelevant to the fiduciary activities of an association.
"Governing instrument" means the written document or documents pursuant towhich an association undertakes to act in a fiduciary capacity, and includesa will, codicil, deed of trust, trust deed, and other similar instruments.
"Investment authority" means the responsibility conferred by action of lawor a provision of a governing instrument to make, select, or changeinvestments, review investment decisions made by others, or to provideinvestment advice or counsel to others.
"Managing agent" means the fiduciary relationship assumed by anassociation upon the creation of an account that names the association asagent and confers investment authority upon the association.
"Savings institution holding company" has the meaning assigned to it in §6.2-1100.
"Trust account" means the account established pursuant to a trust, estate,or other fiduciary relationship that has been established with an association.
"Trust department" means that group or groups of officers and employees ofan association, or of an affiliate of an association, to whom are assignedthe performance of fiduciary services by the association.
"Uniform Transfers to Minors Act" means Chapter 6 (§ 31-37 et seq.) ofTitle 31 or any comparable act in effect in any other state.
(1984, c. 303, § 6.1-195.78; 1997, c. 801; 2010, c. 794.)
§ 6.2-1081. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate" means, with respect to an association, a bank holding company,as defined in 12 U.S.C. § 1841, or savings and loan holding company of whichthe association is a subsidiary, a corporation that is also a subsidiary of abank holding company or savings and loan holding company of which theassociation is a subsidiary, a corporation with respect to which theassociation owns 25 percent or more of the outstanding voting shares of suchcorporation, or any other corporation that the Commissioner determines is, infact, controlled by the association.
"Association" has the meaning assigned to it in § 6.2-1100.
"Common trust funds" means common trust funds that are described under §584 of the Internal Revenue Code of 1954, as well as any other type ofcollective investment fund that is exempt from federal income taxation underany other provision of the Internal Revenue Code or regulations issuedpursuant thereto.
"Fiduciary" means the status resulting from an association's undertakingto act alone, through an affiliate, or jointly with others, primarily for thebenefit of another, and includes an association's acting as trustee,executor, administrator, committee, guardian, conservator, receiver, managingagent, registrar of stocks and bonds, escrow, transfer, or paying agent,trustee of employee pension, welfare and profit sharing trusts, and in anyother similar capacity.
"Fiduciary records" means all matters which are written, transcribed,recorded, received, or otherwise come into the possession of an associationand are necessary to preserve information concerning the actions and eventsrelevant to the fiduciary activities of an association.
"Governing instrument" means the written document or documents pursuant towhich an association undertakes to act in a fiduciary capacity, and includesa will, codicil, deed of trust, trust deed, and other similar instruments.
"Investment authority" means the responsibility conferred by action of lawor a provision of a governing instrument to make, select, or changeinvestments, review investment decisions made by others, or to provideinvestment advice or counsel to others.
"Managing agent" means the fiduciary relationship assumed by anassociation upon the creation of an account that names the association asagent and confers investment authority upon the association.
"Savings institution holding company" has the meaning assigned to it in §6.2-1100.
"Trust account" means the account established pursuant to a trust, estate,or other fiduciary relationship that has been established with an association.
"Trust department" means that group or groups of officers and employees ofan association, or of an affiliate of an association, to whom are assignedthe performance of fiduciary services by the association.
"Uniform Transfers to Minors Act" means Chapter 6 (§ 31-37 et seq.) ofTitle 31 or any comparable act in effect in any other state.
(1984, c. 303, § 6.1-195.78; 1997, c. 801; 2010, c. 794.)
§ 6.2-1081. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Affiliate" means, with respect to an association, a bank holding company,as defined in 12 U.S.C. § 1841, or savings and loan holding company of whichthe association is a subsidiary, a corporation that is also a subsidiary of abank holding company or savings and loan holding company of which theassociation is a subsidiary, a corporation with respect to which theassociation owns 25 percent or more of the outstanding voting shares of suchcorporation, or any other corporation that the Commissioner determines is, infact, controlled by the association.
"Association" has the meaning assigned to it in § 6.2-1100.
"Common trust funds" means common trust funds that are described under §584 of the Internal Revenue Code of 1954, as well as any other type ofcollective investment fund that is exempt from federal income taxation underany other provision of the Internal Revenue Code or regulations issuedpursuant thereto.
"Fiduciary" means the status resulting from an association's undertakingto act alone, through an affiliate, or jointly with others, primarily for thebenefit of another, and includes an association's acting as trustee,executor, administrator, committee, guardian, conservator, receiver, managingagent, registrar of stocks and bonds, escrow, transfer, or paying agent,trustee of employee pension, welfare and profit sharing trusts, and in anyother similar capacity.
"Fiduciary records" means all matters which are written, transcribed,recorded, received, or otherwise come into the possession of an associationand are necessary to preserve information concerning the actions and eventsrelevant to the fiduciary activities of an association.
"Governing instrument" means the written document or documents pursuant towhich an association undertakes to act in a fiduciary capacity, and includesa will, codicil, deed of trust, trust deed, and other similar instruments.
"Investment authority" means the responsibility conferred by action of lawor a provision of a governing instrument to make, select, or changeinvestments, review investment decisions made by others, or to provideinvestment advice or counsel to others.
"Managing agent" means the fiduciary relationship assumed by anassociation upon the creation of an account that names the association asagent and confers investment authority upon the association.
"Savings institution holding company" has the meaning assigned to it in §6.2-1100.
"Trust account" means the account established pursuant to a trust, estate,or other fiduciary relationship that has been established with an association.
"Trust department" means that group or groups of officers and employees ofan association, or of an affiliate of an association, to whom are assignedthe performance of fiduciary services by the association.
"Uniform Transfers to Minors Act" means Chapter 6 (§ 31-37 et seq.) ofTitle 31 or any comparable act in effect in any other state.
(1984, c. 303, § 6.1-195.78; 1997, c. 801; 2010, c. 794.)
