6.1-31.1 - (Repealed effective October 1, 2010) Voting of bank shares held by bank, trust company or trust subsidiary as fiduciary; when bank, trust company or trust subsidiary disqualified.
§ 6.1-31.1. (Repealed effective October 1, 2010) Voting of bank shares heldby bank, trust company or trust subsidiary as fiduciary; when bank, trustcompany or trust subsidiary disqualified.
When shares of a national banking association or of a banking corporationorganized under the laws of Virginia or another state are held by a bank,trust company or trust subsidiary which is serving as a personalrepresentative of a decedent, trustee, guardian of any infant, agent or inany other fiduciary capacity, such bank fiduciary, trust company or trustsubsidiary may not vote or participate in the voting of any voting securitiesof such bank if the securities held in such fiduciary capacity, together withall the other voting securities of such bank held in a fiduciary capacity,exceed twenty-five per centum of the outstanding voting securities of suchbank and may not vote such voting securities, if the voting securities ofsuch bank held as a personal representative of the decedent, together withall other voting securities of such bank held in a fiduciary capacity, exceedfive per centum, unless there has been a determination by the Board ofGovernors of the Federal Reserve System that the right to vote five percentum or more of the voting securities but less than twenty-five per centumthereof does not constitute control of the particular bank in question.
If there be any personal representative, trustee, guardian of any infant orother fiduciary in addition to the bank, trust company or trust subsidiary insuch fiduciary capacity, such other fiduciary, if not a director, officer oremployee of the bank fiduciary, trust company or trust subsidiary, may votesuch shares. If the bank, trust company or trust subsidiary is the solefiduciary, or if the bank, trust company or trust subsidiary is serving alongwith a director, officer or employee of the bank, trust company or trustsubsidiary, it may petition the court, as provided in § 6.1-31.2 for theappointment of a cofiduciary for the sole purpose of voting such bank shares.
A banking corporation as used herein and in § 6.1-31.2 shall include a bank,or a corporation or company which is a bank holding company under 12 U.S.C. §1841, as it may be amended from time to time.
(1972, c. 203; 1974, c. 665.)