6.1-22 - (Repealed effective October 1, 2010) Trust securities to be kept separate; custody thereof; federal securities and obligations.
§ 6.1-22. (Repealed effective October 1, 2010) Trust securities to be keptseparate; custody thereof; federal securities and obligations.
The securities and investments held in each trust shall be kept separate anddistinct from the securities owned by the bank, trust company or trustsubsidiary. The bank, trust company or trust subsidiary must at all timesshow upon its trust records the interests of each separate fiduciary accountand trust in each particular security or investment held by it in a fiduciarycapacity. Trust securities and investments shall be placed in the jointcustody or control of two or more officers or other employees designated bythe board of directors of the bank, trust company, or trust subsidiary andsuch joint custody shall be interpreted to mean that neither of such officersor employees shall have access alone at any time to such securities andinvestments, and all such officers and employees shall be bonded.
Securities and obligations of the United States and of agencies of the UnitedStates government may be held for the account of such bank, trust company ortrust subsidiary by a Federal Reserve Bank in a book-entry custody account,without the requirement of the bank, trust company or trust subsidiary havingphysical possession of such securities, provided at all times that therecords of the Federal Reserve Bank and the bank, trust company or trustsubsidiary shall at all times identify separately those securities held forthe account of the bank, trust company or trust subsidiary and those held bythe bank, trust company or trust subsidiary in a fiduciary capacity.
(Code 1950, § 6-100; 1966, c. 584; 1968, c. 59; 1974, cc. 75, 665.)