6.1-32.19 - (Repealed effective October 1, 2010) Acquisition of stock; application.
§ 6.1-32.19. (Repealed effective October 1, 2010) Acquisition of stock;application.
A. Except as provided in this section, no person shall acquire directly orindirectly 10 percent or more of the voting shares of a trust company unlesssuch person first:
1. Files an application with the Commission in such form as the Commissionmay prescribe;
2. Delivers such other information to the Commission as the Commission mayrequire concerning the financial responsibility, background, experience, andactivities of the applicant, its directors, senior officers and principalsand of any proposed new directors, senior officers and principals of thetrust company; and
3. Pays such application fee as the Commission may prescribe.
B. Upon the filing and investigation of an application, the Commission shallpermit the acquisition, subject to § 6.1-32.20, if it finds that theapplicant and its members if applicable, its directors, senior officers andprincipals and any proposed new directors, senior officers and principalshave the financial responsibility, character, reputation, experience andgeneral fitness to warrant belief that the business will be operatedefficiently and fairly, in the public interest, and in accordance with law.The Commission shall grant or deny the application within 60 days from thedate a completed application accompanied by the required fee is filed unlessthe period is extended by order of the Commission reciting the reasons forthe extension. If the application is denied, the Commission shall notify theapplicant of the denial and the reasons for the denial.
C. The foregoing provisions of this section shall not apply to a personowning 51 percent or more of the capital stock of the trust company at thetime of the proposed acquisition; however, such person shall give theCommission 30 days advance written notice of the proposed acquisition andprovide such additional information as the Commission may require.
(1993, c. 432; 1995, c. 140; 2004, c. 781.)