6.1-32.2 - (Repealed effective October 1, 2010) Definitions.
§ 6.1-32.2. (Repealed effective October 1, 2010) Definitions.
As used in this article, unless the context requires otherwise,
"Bank" has the meaning specified in § 6.1-4;
"Bank holding company" has the meaning specified in § 6.1-4;
"Bank under common ownership" means a bank of which eighty percent or moreof its common stock is owned directly or indirectly through a subsidiary bythe same Virginia bank holding company as owns directly or indirectly througha subsidiary at least eighty percent of the stock of the subsidiary banksubstituted as fiduciary;
"Virginia bank holding company" means a bank holding company which directlyor indirectly through a subsidiary owns or controls a bank whose main officeis located in this Commonwealth;
"Subsidiary trust company" or "trust subsidiary" means a corporationorganized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1 or anassociation organized under the National Banking Act with its main officelocated in this Commonwealth, which is authorized to transact a trustbusiness and business incidental thereto, but not to accept deposits exceptas incidental to such trust business;
"Affiliate bank" with respect to a trust subsidiary means a bank of whichmore than fifty percent of the shares are owned directly or indirectlythrough a subsidiary by the same Virginia bank holding company that ownsdirectly or indirectly through a subsidiary all the shares (except directors'qualifying shares) of a trust subsidiary or a subsidiary bank, or a bankwhich owns some or all of the shares of a trust subsidiary or a subsidiarybank;
"Trust office" of a trust subsidiary or of a bank having trust powers is anoffice for trust purposes only, at which such trust subsidiary or bank holdsitself out as dealing with the public in the solicitation and conduct of itstrust business;
"Owning bank" means a bank owning ten percent or more of the shares of atrust subsidiary;
"Fiduciary capacity" means every capacity specified in § 6.1-17 and everyother capacity in which a bank acts or may act through its trust departmentincluding, without limitation, trusteeship with respect to common trust funds;
"Main office" is the place designated in the articles of incorporation orarticles of association as the main office of the bank or trust subsidiary atwhich the principal functions of the bank or trust subsidiary are to beconducted;
"Subsidiary bank" means a bank authorized to exercise trust powers, atleast eighty percent of the outstanding shares of which are owned directly orindirectly through a subsidiary by a Virginia bank holding company.
(1974, c. 286; 1991, c. 282.)