6.1-32.11 - (Repealed effective October 1, 2010) Definitions.
§ 6.1-32.11. (Repealed effective October 1, 2010) Definitions.
As used in this article:
"Affiliated trust company" means a trust company that is controlled by atrust company holding company.
"Agent" shall have the same meaning assigned to that term in § 13.1-501 ofthe Virginia Securities Act (§ 13.1-501 et seq.).
"Broker-dealer" shall have the same meaning assigned to that term in §13.1-501 of the Virginia Securities Act.
"Commission" means the State Corporation Commission of the Commonwealth ofVirginia.
"Control" means ownership by a person of 25 percent or more of the votingstock of a trust company or entity; control as defined in the Bank HoldingCompany Act of 1956 (12 U.S.C. § 1841 et seq.); or, as determined by theCommission, the exercise of a controlling influence over the management andpolicies of a trust company or entity.
"Fiduciary" means executor, administrator, conservator, guardian of aminor, committee, or trustee.
"Investment advisor" shall have the same meaning assigned to that term in §13.1-501 of the Virginia Securities Act.
"Investment advisor representative" shall have the same meaning assigned tothat term in § 13.1-501 of the Virginia Securities Act.
"Investment company" shall have the same meaning assigned to that term inthe Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.).
"Operating plan" means a plan submitted by an applicant for a certificateof authority, which plan establishes the policies and procedures a trustcompany will have in effect when the institution opens for business andthereafter (i) to avoid or resolve conflicts of interests, (ii) to preventimproper influences from affecting the actions of the trustee, (iii) toensure that trust accounts are handled in accordance with recognizedstandards of fiduciary conduct, and (iv) to assure compliance with applicablelaws and regulations.
"Person" means any individual, firm, corporation, partnership, association,trust, or legal or commercial entity or group of individuals, howeverorganized.
"Principal" means any person who, directly or indirectly, owns or controls(i) 10 percent or more of the outstanding stock of a stock corporation or(ii) a 10 percent or greater interest in a nonstock corporation or a limitedliability company.
"Trust business" means the holding out by a person or legal entity to thepublic at large by advertising, solicitation or other means that the personor legal entity is available to act as a fiduciary in the Commonwealth ofVirginia or is accepting and undertaking to perform the duties of a fiduciaryin the regular course of its business.
"Trust company" means a corporation, including an affiliated trust company,authorized to engage in the trust business under this article with powersexpressly restricted to the conduct of general trust business.
"Trust company holding company" means a corporation that controls a trustcompany. A trust company holding company shall not be deemed a financialinstitution holding company for any purpose under this title unless itcontrols a financial institution other than an affiliated trust company oranother financial institution holding company.
(1993, c. 432; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2004, c. 781.)