6.1-195.78 - (Repealed effective October 1, 2010) Definitions.
§ 6.1-195.78. (Repealed effective October 1, 2010) Definitions.
In addition to those definitions contained in § 6.1-194.2, the followingdefinitions shall apply to this chapter, unless a different meaning isrequired by the context:
"Affiliate" means, with respect to an association, a bank holding company,as defined in 12 U.S.C. § 1841, or savings and loan holding company, asdefined in § 6.1-194.87, of which the association is a subsidiary, acorporation which is also a subsidiary of a bank holding company or savingsand loan holding company of which the association is a subsidiary, acorporation with respect to which the association owns twenty-five percent ormore of the outstanding voting shares of such corporation, or any othercorporation which the Commissioner determines is, in fact, controlled by theassociation.
"Fiduciary" means the status resulting from an association's undertaking toact alone, through an affiliate, or jointly with others, primarily for thebenefit of another, and includes an association's acting as trustee,executor, administrator, committee, guardian, conservator, receiver, managingagent, registrar of stocks and bonds, escrow, transfer, or paying agent,trustee of employee pension, welfare and profit sharing trusts, and in anyother similar capacity.
"Fiduciary records" means all matters which are written, transcribed,recorded, received or otherwise come into the possession of an associationand are necessary to preserve information concerning the actions and eventsrelevant to the fiduciary activities of an association.
"Governing instrument" means the written document or documents pursuant towhich an association undertakes to act in a fiduciary capacity, and includesa will, codicil, deed of trust, trust deed and other similar instruments.
"Investment authority" means the responsibility conferred by action of lawor a provision of a governing instrument to make, select or changeinvestments, review investment decisions made by others, or to provideinvestment advice or counsel to others.
"Managing agent" means the fiduciary relationship assumed by an associationupon the creation of an account which names the association as agent andconfers investment authority upon the association.
"Trust account" means the account established pursuant to a trust, estateor other fiduciary relationship which has been established with anassociation.
"Trust department" means that group or groups of officers and employees ofan association, or of an affiliate of an association, to whom are assignedthe performance of fiduciary services by the association.
"Uniform Transfers to Minors Act" means Chapter 6 (§ 31-37 et seq.) ofTitle 31 or any comparable act in effect in any other state or territory ofthe United States or the District of Columbia.
(1984, c. 303; 1997, c. 801.)