§ 6.2-1091. (Effective October 1, 2010) Voting of financial institution stockheld by association as fiduciary; when association disqualified from voting.
A. When voting shares of a financial institution are held by an associationin a trust account, the association may not vote or participate in the votingof any such shares if the securities held in such fiduciary capacity,together with all the other voting securities of such financial institutionheld in a fiduciary capacity by the association and its affiliates, exceed 25percent of the outstanding voting securities of such financial institution.If the voting securities of any financial institution held by an associationin a trust account, together with all other voting securities of suchfinancial institution held in a fiduciary capacity by the association and itsaffiliates, exceed five percent of the outstanding voting securities of suchfinancial institution, but less than 25 percent thereof, the association maynot vote or participate in the voting of any such voting securities unlessthere has been a determination by the Commissioner that the right to votesuch shares does not constitute control of the particular financialinstitution in question.
B. If any person is acting as fiduciary, in addition to the association, forthe trust account containing such voting securities, such other fiduciary, ifnot a director, officer, or employee of the association or its affiliates,may vote such shares. If the association is the sole fiduciary for the trustaccount, the association may petition an appropriate court for theappointment of a co-fiduciary for the sole purpose of voting such shares.Such appointment and qualification may be ex parte, and no prior notice tothe beneficiaries of the trust account shall be required. The court at thetime of such qualifications may relieve the co-fiduciary of any obligationfor the giving of security on his bond. If the appointment of theco-fiduciary is limited to voting such shares, such order may provide thatthe co-fiduciary shall not be liable or accountable in the administration ofthe trust account, except for the breach of any fiduciary duty in voting orfailing to vote such shares. No director, officer, or employee of thepetitioning association or its affiliates shall be eligible to be namedco-fiduciary under the provisions of this section.
C. The provisions of this section shall also apply in the case of votingshares of a bank holding company, as defined in 12 U.S.C. § 1841, or asavings and loan holding company held by an association in a fiduciarycapacity.
§ 6.2-1091. (Effective October 1, 2010) Voting of financial institution stockheld by association as fiduciary; when association disqualified from voting.
A. When voting shares of a financial institution are held by an associationin a trust account, the association may not vote or participate in the votingof any such shares if the securities held in such fiduciary capacity,together with all the other voting securities of such financial institutionheld in a fiduciary capacity by the association and its affiliates, exceed 25percent of the outstanding voting securities of such financial institution.If the voting securities of any financial institution held by an associationin a trust account, together with all other voting securities of suchfinancial institution held in a fiduciary capacity by the association and itsaffiliates, exceed five percent of the outstanding voting securities of suchfinancial institution, but less than 25 percent thereof, the association maynot vote or participate in the voting of any such voting securities unlessthere has been a determination by the Commissioner that the right to votesuch shares does not constitute control of the particular financialinstitution in question.
B. If any person is acting as fiduciary, in addition to the association, forthe trust account containing such voting securities, such other fiduciary, ifnot a director, officer, or employee of the association or its affiliates,may vote such shares. If the association is the sole fiduciary for the trustaccount, the association may petition an appropriate court for theappointment of a co-fiduciary for the sole purpose of voting such shares.Such appointment and qualification may be ex parte, and no prior notice tothe beneficiaries of the trust account shall be required. The court at thetime of such qualifications may relieve the co-fiduciary of any obligationfor the giving of security on his bond. If the appointment of theco-fiduciary is limited to voting such shares, such order may provide thatthe co-fiduciary shall not be liable or accountable in the administration ofthe trust account, except for the breach of any fiduciary duty in voting orfailing to vote such shares. No director, officer, or employee of thepetitioning association or its affiliates shall be eligible to be namedco-fiduciary under the provisions of this section.
C. The provisions of this section shall also apply in the case of votingshares of a bank holding company, as defined in 12 U.S.C. § 1841, or asavings and loan holding company held by an association in a fiduciarycapacity.
§ 6.2-1091. (Effective October 1, 2010) Voting of financial institution stockheld by association as fiduciary; when association disqualified from voting.
A. When voting shares of a financial institution are held by an associationin a trust account, the association may not vote or participate in the votingof any such shares if the securities held in such fiduciary capacity,together with all the other voting securities of such financial institutionheld in a fiduciary capacity by the association and its affiliates, exceed 25percent of the outstanding voting securities of such financial institution.If the voting securities of any financial institution held by an associationin a trust account, together with all other voting securities of suchfinancial institution held in a fiduciary capacity by the association and itsaffiliates, exceed five percent of the outstanding voting securities of suchfinancial institution, but less than 25 percent thereof, the association maynot vote or participate in the voting of any such voting securities unlessthere has been a determination by the Commissioner that the right to votesuch shares does not constitute control of the particular financialinstitution in question.
B. If any person is acting as fiduciary, in addition to the association, forthe trust account containing such voting securities, such other fiduciary, ifnot a director, officer, or employee of the association or its affiliates,may vote such shares. If the association is the sole fiduciary for the trustaccount, the association may petition an appropriate court for theappointment of a co-fiduciary for the sole purpose of voting such shares.Such appointment and qualification may be ex parte, and no prior notice tothe beneficiaries of the trust account shall be required. The court at thetime of such qualifications may relieve the co-fiduciary of any obligationfor the giving of security on his bond. If the appointment of theco-fiduciary is limited to voting such shares, such order may provide thatthe co-fiduciary shall not be liable or accountable in the administration ofthe trust account, except for the breach of any fiduciary duty in voting orfailing to vote such shares. No director, officer, or employee of thepetitioning association or its affiliates shall be eligible to be namedco-fiduciary under the provisions of this section.
C. The provisions of this section shall also apply in the case of votingshares of a bank holding company, as defined in 12 U.S.C. § 1841, or asavings and loan holding company held by an association in a fiduciarycapacity.
