6.1-32.18 - (Repealed effective October 1, 2010) Procedure for granting or denying certificate.
§ 6.1-32.18. (Repealed effective October 1, 2010) Procedure for granting ordenying certificate.
Before any trust company shall begin business, it shall obtain from theCommission a certificate of authority authorizing it to do so. Prior to theissuance of such a certificate to a trust company or affiliated trustcompany, the Commission shall ascertain that:
1. All of the provisions of law have been complied with;
2. The trust company is formed for no other reason than a legitimate trustbusiness;
3. Financially responsible persons have subscribed for capital stock, surplusand a reserve for operation in an amount deemed by the Commission to besufficient to warrant successful operation, but the capital stock shall notbe less than $500,000. The Commission shall also ascertain that eachprincipal of an applicant has the financial responsibility, character,reputation, and general fitness to warrant belief that the business will beoperated efficiently and fairly, in the public interest, and in accordancewith law;
4. Oaths of all the directors have been taken and filed in accordance with §6.1-32.22;
5. The moral fitness, financial responsibility and business qualifications ofthose named as officers and directors of the proposed trust company are suchas to command the confidence of the community in which the trust company isproposed to be located. If the applicant is an affiliated trust company, theCommission shall also determine that the trust company holding company of theapplicant is qualified by virtue of its business record, experience, andfinancial responsibility to control a trust company;
6. In its opinion, the public interest will be served by the formation of atrust company in the community where it is proposed. The addition of suchtrust company shall be deemed in the public interest if, based on allrelevant evidence and information, advantages such as, but not limited to,increased competition, additional convenience, or gains in efficiencyoutweigh possible adverse effects such as, but not limited to, diminished orunfair competition, undue concentration of resources, conflicts of interests,or unsafe or unsound practices;
7. The operating plan and any other relevant evidence and information warrantbelief that the trust company will conduct its business in accordance withgenerally accepted fiduciary standards; and
8. Any other facts deemed pertinent are present.
(1993, c. 432; 1994, c. 524; 1995, c. 140.)