6.2-1024 - (Effective October 1, 2010) Restrictions on control, officers and directors.
§ 6.2-1024. (Effective October 1, 2010) Restrictions on control, officers anddirectors.
A. None of the following individuals or entities shall acquire control of anytrust company under § 6.2-1023:
1. An agent;
2. A broker-dealer;
3. An investment advisor;
4. An investment advisor representative;
5. An investment company; or
6. Any corporation, limited liability company, partnership, business trust,association, or similar organization.
B. Nothing in this section shall prohibit (i) the formation of a trustcompany holding company by a trust company, (ii) any officer, director, oremployee of a trust company holding company or a subsidiary of a trustcompany holding company from owning, indirectly, five percent or more of anyclass of capital stock of an affiliated trust company, or (iii) theacquisition of a trust company pursuant to § 6.2-1023 by a bank holdingcompany as defined in 12 U.S.C. § 1841 or by a corporation that controls asubsidiary authorized to engage in the trust business under federal law orthe laws of any state.
(1993, c. 432, § 6.1-32.20; 1994, c. 524; 1995, c. 140; 2004, c. 781; 2010,c. 794.)