6.1-31.2 - (Repealed effective October 1, 2010) Same; appointment of cofiduciary for purpose of voting.
§ 6.1-31.2. (Repealed effective October 1, 2010) Same; appointment ofcofiduciary for purpose of voting.
When a bank, trust company or trust subsidiary has qualified or is servingunder the laws of this Commonwealth as personal representative of a decedent,trustee, guardian of any infant, or in any other fiduciary capacity, and insuch estate or trust, there are shares of stock of a national bankingassociation or other banking corporation described in § 6.1-31.1, and thebank, trust company or trust subsidiary is disqualified under such sectionfrom voting such shares, such bank fiduciary, trust company or trustsubsidiary or any interested party may petition the court in which the bankqualified or is capable to qualify to appoint a cofiduciary for the solepurpose of voting the shares of the banking association or bankingcorporation held by the estate or trust, which the bank fiduciary, trustcompany or trust subsidiary is disqualified from voting. Such appointment andqualification may be ex parte, and no prior notice to the beneficiary shallbe required. The court at the time of such qualification may relieve thecofiduciary of any obligation for the giving of surety on his bond, and ifthe appointment of the cofiduciary is limited to voting of the bank stock,such order may provide that the cofiduciary shall not be liable oraccountable as a fiduciary in the administration of such estate or trustexcept for the breach of any fiduciary duty in voting or failing to vote suchbank stock. No director, officer or employee of a bank fiduciary, trustcompany or trust subsidiary shall be eligible to be named cofiduciary underthe provisions of this section.
(1972, c. 203; 1974, c. 665.)