6.1-32.18:1 - (Repealed effective October 1, 2010) Par value of shares; payment of shares; reacquisition of share...
§ 6.1-32.18:1. (Repealed effective October 1, 2010) Par value of shares;payment of shares; reacquisition of shares; how subscriptions to stock to bepaid; disposition of money received before institution opens; stock optionplans.
A. A trust company shall not issue no-par stock. The stock of a trust companyshall be paid for in money at not less than par value, and a trust companyshall not begin business until it has received payment in full of the amountsof initial capital specified in its certificate of authority.
B. Money received for subscriptions to or purchases of stock of a trustcompany before it opens for business shall be deposited in escrow in one ormore insured financial institutions or invested in United States governmentobligations, under the joint control of at least two organizing directors ofthe trust company, each of whom shall be bonded for an amount not less thanthe total amount of money under their control. Such funds, together with anyincome thereon, less such organizational expenses as have been approved bythe company's board of directors, shall be remitted to the trust company onthe day it opens for business. In the event the trust company is denied acertificate of authority, or it is otherwise determined that the trustcompany will not open for business, such funds, after payment of any amountowing for expenses in connection with such attempted organization, includingreasonable consulting fees, attorneys' fees, salaries, filing fees and otherexpenses, shall be refunded to subscribers or shareholders. The directors ofthe trust company, individually, jointly and severally, shall be liable forany failure of the trust company to refund such funds to the subscribers orshareholders. This liability may be enforced by a suit in equity institutedby one or more of the subscribers or stockholders on behalf of allsubscribers or stockholders against the trust company and one or more of itsdirectors.
C. The requirement that capital stock be paid for in money shall not beconstrued to prohibit the establishment, as otherwise authorized by law, ofstock option plans and stock purchase plans, or the issuance of stockpursuant to such plans. Such plans shall be established only after the trustcompany has opened for business and shall be approved by the shareholders ofthe company in accordance with applicable provisions of the Virginia StockCorporation Act (§ 13.1-601 et seq.).
(1994, c. 5.)