reglab/housing_qa huggingface dataset:
VA Code § 6.2-1078 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1078. Offices

A. The office at which a private trust company begins business shall be designated initially as its principal office. The board of directors or managers of a private trust company may thereafter redesignate as the principal office another authorized office of the private trust company in the Commonwealth.B. The board of directors or managers of a private trust company may designate, and from time to time redesignate, one additional office at which the private trust company may conduct business in the Commonwealth.C. The private trust company shall notify the Bureau of any such redesignation of its principal office or designation or redesignation of an additional office not later than 30 days before its effective date and shall confirm to the Bureau any such designation or redesignation within 10 days of its occurrence.2003, c. 910, § 6.1-32.30:5; 2010, c. 794.
VA Code § 6.2-1079 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1079. Directors or managers

The affairs of every private trust company shall be directed by a board of directors if a corporation, or managers if a limited liability company, consisting of not less than five nor more than 25 persons. At least one director or manager shall be a citizen of the Commonwealth.2003, c. 910, § 6.1-32.30:6; 2010, c. 794.
VA Code § 6.2-1080 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1080. Limitation on powers

A. In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.B. Without limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member's pecuniary benefit, unless:1. The exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member;2. The distribution is necessary for that family member's support, health, or education; or3. The instrument governing the administration of that trust clearly so provides.2003, c. 910, § 6.1-32.30:7; 2010, c. 794.
VA Code § 6.2-1082 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1082. Applications for permission to offer trust services

A. An association desiring to exercise fiduciary powers, either through a trust department or through an affiliate, shall file with the Commission an application indicating which trust services it wishes to offer and providing the information necessary to make the determinations required under subsection B.B. In addition to assessing any other facts or circumstances deemed proper, the Commission, in passing upon an application to exercise trust powers, shall not grant such application unless the Commission finds that:1. The association's capital structure is sufficiently strong to support such additional undertaking;2. The personnel who will direct the proposed trust department have adequate experience and training, and will devote sufficient time to its affairs to ensure compliance with the law and to protect the association against surcharge;3. The granting of trust powers to the association will be in the public interest; and4. The association has available legal counsel to advise and pass upon fiduciary matters wherever necessary.1984, c. 303, § 6.1-195.79; 2010, c. 794.
VA Code § 6.2-1084 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1084. Continuation of trust powers in the event of consolidation or merger of two or more associations

If an association consolidates or merges with another association or a bank and the association has, prior to such consolidation or merger, exercised trust powers under a certificate issued by the Commission, which certificate is in effect at the time of the consolidation or merger, the rights existing under such certificate shall pass to the resulting corporation. The resulting corporation may exercise such trust powers in the same manner and to the same extent as the association to which such certificate was originally issued. No new application to continue to exercise such powers is necessary. If the name of the resulting corporation differs from that of the association to which the right to exercise trust powers was originally granted, the Commission shall issue a certificate showing the right of such resulting corporation to exercise the trust powers theretofore granted to any of the associations participating in the consolidation or merger.1984, c. 303, § 6.1-195.81; 2010, c. 794.
VA Code § 6.2-1085 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1085. When security not required

No association with a minimum combined unimpaired capital and surplus of $50,000 or more shall be required by any officer or court of the Commonwealth to give security upon appointment to or acceptance of any fiduciary office which it may, by law, be authorized to execute, or to give security upon any bond given pursuant to § 19.2-386.6 or similar statute. No association shall qualify on an estate having a value in excess of its combined unimpaired capital and surplus without giving security for such excess on its bond, unless the giving of such security is waived under the terms of the governing instrument or by court order.1984, c. 303, § 6.1-195.82; 1993, c. 866; 2010, c. 794; 2012, cc. 283, 756.
VA Code § 6.2-1086 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1086. Association's operation and supervision of trust department

A. The board of directors of an association is responsible for the proper exercise of fiduciary powers by the association. All matters pertinent thereto, including the determination of policies, the investment and disposition of property held in a fiduciary capacity, and the direction and review of the actions of all officers, employees, and committees utilized by the association in the exercise of its fiduciary powers, are the responsibility of the board. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of such of the association's trust powers as it may consider proper to assign to such directors, officers, employees, or committees as it may designate.B. No fiduciary account shall be accepted without the approval of the directors, officers, or committees to whom the board may have assigned the performance of that responsibility. A written record shall be made of such acceptances and of the relinquishment or closing out of all fiduciary accounts.C. Upon the establishment of a trust account for which the association has investment authority, a prompt review of the assets of such account shall be made. The board of directors shall also ensure that at least once during every calendar year thereafter, and within 15 months of the last review, all the assets held in or held for each trust account for which the association has investment authority are reviewed to determine the advisability of retaining or disposing of such assets. The board of directors shall act to ensure that all investments have been made in accordance with the terms and purposes of the governing instrument and in accordance with applicable law.D. The trust department may utilize personnel and facilities of other departments of the association, and other departments of the association may utilize personnel and facilities of the trust department to the extent not otherwise prohibited by the law.E. Every association exercising trust powers shall adopt written policies and procedures to ensure that the securities laws of the United States and the Commonwealth are complied with in connection with any decision or recommendation to purchase or sell any security. Such policies and procedures, in particular, shall ensure that the association's trust department shall not use material inside information in connection with any decision or recommendation to purchase or sell any security.F. Every association exercising fiduciary powers shall designate, employ, or retain legal counsel who shall be readily available to pass upon fiduciary matters and to advise the association and its trust department.1984, c. 303, § 6.1-195.83; 2010, c. 794.
VA Code § 6.2-1087 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1087. Books and accounts

Every association exercising trust powers shall keep its fiduciary records separate and distinct from other records of the association. All fiduciary records shall be so kept and retained for such time as to enable the association to furnish such information or reports with respect thereto as may be required by the Commissioner. The fiduciary records shall contain full information relative to each account. Every association shall also keep an adequate record of all pending litigation to which the association is a party in connection with its exercise of trust powers.1984, c. 30, § 6.1-195.84; 2010, c. 794.
VA Code § 6.2-1088 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1088. Investment of funds and assets held as fiduciary

Funds and assets held by an association in a fiduciary capacity shall be invested in accordance with the provisions of the governing instrument. When such instrument does not specify the character or class of investments to be made and does not vest in the association, its directors, or its officers absolute and uncontrolled investment discretion in the matter, funds and assets held pursuant to such instrument shall be invested in any investment in which fiduciaries may invest under the provisions of Chapter 15 (§ 64.2-1500 et seq.) of Title 64.2. An association acting as fiduciary under appointment by a court may likewise invest in any investments in which fiduciaries may invest under the provisions of Chapter 15 (§ 64.2-1500 et seq.) of Title 64.2 unless otherwise provided by order of the appointing court. Unless the governing instrument or order establishing the fiduciary relationship provides otherwise, funds and assets held by an association in a fiduciary capacity may also be invested in common trust funds and collective investment funds pursuant to the provisions of § 6.2-1095.1984, c. 303, § 6.1-195.85; 2010, c. 794.
VA Code § 6.2-1089 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1089. Funds awaiting investment or distribution

A. Funds and assets held in a fiduciary capacity by an association awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the trust account.B. Funds and assets held in trust by an association, including managing agency accounts, awaiting investment or distribution, unless prohibited by the governing instrument, may be deposited in other departments of the association, provided that the association shall first set aside under the sole control of the trust department, as collateral security:1. Direct obligations of the United States, or other obligations fully guaranteed by the United States as to principal and interest;2. Readily marketable securities of the classes in which fiduciaries are authorized or permitted to invest trust funds, as set forth in § 64.2-1502; or3. Other readily marketable securities as may be authorized by the Commissioner.Such collateral securities, or securities substituted therefor as collateral, shall at all times be at least equal in face value to the amount of trust funds so deposited, but such security shall not be required to the extent that the funds so deposited are insured by the Federal Deposit Insurance Corporation or other federal insurance agency. The requirements of this subsection are met when qualifying assets of the association are pledged in such manner as to fully secure all trust account funds deposited by the trust department of the association in another department of the association.C. Any funds held by an association as fiduciary awaiting investment or distribution and deposited in other departments of the association shall be made productive.D. In the event of the failure or liquidation of an association, the owners of the funds held in trust and deposited in another department of the association shall have a first lien on the securities set apart as collateral for such funds, in addition to any other claim that such owners may have against the association.1984, c. 303, § 6.1-195.86; 1990, c. 3; 1992, c. 810; 2010, c. 794.
VA Code § 6.2-1091 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1091. Voting of financial institution stock held by association as fiduciary; when association disqualified from voting

A. When voting shares of a financial institution are held by an association in a trust account, the association may not vote or participate in the voting of any such shares if the securities held in such fiduciary capacity, together with all the other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed 25 percent of the outstanding voting securities of such financial institution. If the voting securities of any financial institution held by an association in a trust account, together with all other voting securities of such financial institution held in a fiduciary capacity by the association and its affiliates, exceed five percent of the outstanding voting securities of such financial institution, but less than 25 percent thereof, the association may not vote or participate in the voting of any such voting securities unless there has been a determination by the Commissioner that the right to vote such shares does not constitute control of the particular financial institution in question.B. If any person is acting as fiduciary, in addition to the association, for the trust account containing such voting securities, such other fiduciary, if not a director, officer, or employee of the association or its affiliates, may vote such shares. If the association is the sole fiduciary for the trust account, the association may petition an appropriate court for the appointment of a co-fiduciary for the sole purpose of voting such shares. Such appointment and qualification may be ex parte, and no prior notice to the beneficiaries of the trust account shall be required. The court at the time of such qualifications may relieve the co-fiduciary of any obligation for the giving of security on his bond. If the appointment of the co-fiduciary is limited to voting such shares, such order may provide that the co-fiduciary shall not be liable or accountable in the administration of the trust account, except for the breach of any fiduciary duty in voting or failing to vote such shares. No director, officer, or employee of the petitioning association or its affiliates shall be eligible to be named co-fiduciary under the provisions of this section.C. The provisions of this section shall also apply in the case of voting shares of a bank holding company, as defined in 12 U.S.C. § 1841, or a savings and loan holding company held by an association in a fiduciary capacity.1984, c. 303, § 6.1-195.88; 2010, c. 794.
VA Code § 6.2-1092 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1092. Transactions between trust accounts

A. An association may sell assets held by it as fiduciary in one trust account to itself as fiduciary in another trust account if the transaction is fair to both accounts and if such transaction is not prohibited by the terms of the governing instruments, court order, or the law of the Commonwealth.B. An association may make a loan to a trust account from the funds belonging to another such account, when the making of such loan to a designated trust account is authorized by the governing instrument creating the account from which such loans are made, or by court order, and the terms of the transaction are fair to all of the trust accounts involved.C. An association may make a loan to a trust account and may take as security therefor assets of the account, provided such transaction is fair to such account and is not otherwise prohibited by the governing instrument, by court order, or by the law of the Commonwealth.1984, c. 303, § 6.1-195.89; 2010, c. 794.
VA Code § 6.2-1093 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1093. Custody of assets and investments held in trust

A. The assets and investments of each trust account shall be kept separate from the assets of the association and shall be placed in the joint custody or control of not fewer than two of the officers or employees of the association designated for that purpose by the board of directors of the association. All such officers and employees shall be adequately bonded.B. The assets and investments of each trust account shall be either kept separate from those of all other trust accounts, except as provided in § 6.2-1095, or otherwise adequately identified as the property of the relevant account.1984, c. 303, § 6.1-195.90; 2010, c. 794.
VA Code § 6.2-1094 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1094. Establishment of common trust funds and collective investment funds; court accountings

A. Any association authorized by the Commission to offer fiduciary services may establish and maintain one or more common trust funds for the collective investment of funds held in a fiduciary capacity by it. The association may include, in such common trust fund or funds established and maintained by it, funds held in a fiduciary capacity by any affiliate of the association.B. An association may invest funds held by it in any fiduciary capacity in one or more common trust funds, provided (i) such investment is not prohibited by the governing instrument or court order creating such fiduciary relationship; (ii) in the case of co-fiduciaries, the written consent of the co-fiduciary is obtained by the association; and (iii) the association has no interest in the assets of the common trust fund other than as a fiduciary.C. Unless ordered by an appropriate court, an association operating a common trust fund or funds shall not be required to render a court accounting with regard to such fund or funds, but, by application to an appropriate court, such association may secure approval of such an accounting on such conditions as the court may establish. Nothing contained herein shall affect the duties of the fiduciaries of the trust accounts participating in the common trust fund to render accounts of their several trusts.1984, c. 303, § 6.1-195.91; 2010, c. 794.
VA Code § 6.2-1095 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1095. Compensation of association acting as fiduciary

A. If the amount of the compensation for acting in a fiduciary capacity is not provided for in the governing instrument or otherwise agreed to by the parties, an association acting in such capacity may charge or deduct reasonable compensation for its services. When the association is acting in a fiduciary capacity under appointment by a court, it shall receive such compensation as may be allowed or approved by that court.B. No association, except with the specific approval of its board of directors, shall permit any of its officers or employees, while serving as such, to retain any compensation for acting as a co-fiduciary with the association in the administration of any trust account undertaken by it.C. No association shall permit an officer or employee engaged in the operation of its trust department to accept a devise, bequest, or gift of trust account assets, unless the devise, bequest, or gift is directed or made by a relative of such officer or employee, or is approved by the board of directors of the association.1984, c. 303, § 6.1-195.92; 2010, c. 794.
VA Code § 6.2-1096 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1096. Surrender of trust powers by association

Any association that has been granted the right to exercise trust powers and that desires to surrender such rights shall file with the Commission a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the Commission shall make an investigation. If the Commission is satisfied that the association has been properly discharged from all fiduciary duties that it has undertaken, the Commission shall issue a certificate to such association certifying that it is no longer authorized to exercise fiduciary powers. Upon issuance of such a certificate by the Commission, an association shall no longer be subject to the provisions of this article and shall not exercise thereafter any of the powers granted by this article without first applying for and obtaining a new authorization to exercise such powers.1984, c. 303, § 6.1-195.93; 2010, c. 794.
VA Code § 6.2-1097 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association

A. If a receiver is appointed for an association, the receiver shall, pursuant to the orders of the Commission and of any court having jurisdiction, proceed to close such of the association's trust accounts as can be closed promptly and shall promptly transfer all other such accounts to substitute fiduciaries.B. If an association exercising trust powers commences a voluntary dissolution, the liquidating agent shall proceed at once to liquidate the affairs of the trust department as follows:1. All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the orders or instructions of such court;2. All other trust accounts which can be closed promptly shall be closed as soon as practicable and final accountings made therefor; and3. All remaining trust accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.1984, c. 303, § 6.1-195.94; 2010, c. 794.