6.1-16 - (Repealed effective October 1, 2010) What banks may engage in trust business; permission of State Corporation Commission required.
§ 6.1-16. (Repealed effective October 1, 2010) What banks may engage in trustbusiness; permission of State Corporation Commission required.
A bank shall not engage in the trust business unless its articles ofincorporation state that one of its purposes is to engage in the trustbusiness. It shall not commence to engage in the trust business without firstobtaining permission from the State Corporation Commission. The Commissionshall not grant such permission unless it finds: that the bank's capitalstructure is sufficiently strong to support such additional undertaking, thatthe personnel who will direct the proposed trust department have adequateexperience and training, and will devote sufficient time to its affairs toinsure compliance with the law and to protect the bank against surcharge, andthat the granting of trust powers to the bank will be in the public interest.But any bank actively engaged in the trust business on January 1, 1966, maycontinue in the trust business without such permission.
(Code 1950, § 6-91; 1958, c. 139; 1966, c. 584; 1976, c. 658.)