6.1-32.7 - (Repealed effective October 1, 2010) When security not required of trust subsidiaries.
§ 6.1-32.7. (Repealed effective October 1, 2010) When security not requiredof trust subsidiaries.
No trust subsidiary with combined unimpaired capital stock and surplus of$200,000 or more shall be required by any officer or court of thisCommonwealth to give security upon appointment to or acceptance of any officeor trust which it may, by law, be authorized to execute; provided that notrust subsidiary shall qualify in a fiduciary capacity on an estate having avalue in excess of its combined unimpaired capital and surplus, withoutgiving security for such excess, unless waived by the person creating suchfiduciary relationship or unless there is compliance with the furtherprovisions of this section.
(a) A Virginia bank holding company or a bank owning directly or indirectlythrough a subsidiary bank 100 percent of the stock, exclusive of directors'qualifying shares, of such trust subsidiary may file with the StateCorporation Commission and with the circuit court for the jurisdiction inwhich the main office of such bank holding company or bank is located anundertaking to be fully responsible for the existing and future fiduciaryacts and omissions of its trust subsidiary. If such undertaking is filed, atrust subsidiary may qualify in a fiduciary capacity without giving securityif the assets it is to receive in such capacity have a value not greater thanthe combined and unimpaired capital and surplus of the parent Virginia bankholding company or parent bank which shall have undertaken to be responsiblefor the acts of such trust subsidiary. If no such undertaking shall have beenfiled, and corporate surety is provided, the premium thereof shall be borneby the trust subsidiary and not the fiduciary estate.
(b) If an affiliate bank shall already have qualified in any fiduciarycapacity and given bond, without security, and the trust subsidiary orsubsidiary bank shall qualify as successor fiduciary, then if the order ofsubstitution shall so provide, but only with the consent of the fiduciary forwhich there is to be substitution, the predecessor fiduciary shall remainliable on its bond for the acts of its named successor, and no security shallbe required of the successor fiduciary, if the bond of the fiduciary forwhich there is to be substitution is otherwise sufficient.
(1974, c. 286.)