reglab/housing_qa huggingface dataset:
VA Code § 6.2-1057 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1057. Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks

A. Funds received or held by a trust subsidiary or subsidiary bank while awaiting investment or distribution shall not be used by an affiliate bank or owning bank in the conduct of its business or deposited in such bank, unless the bank first delivers to its trust department or to the trust subsidiary or subsidiary bank, as collateral security therefor, securities of any of the classes described in subdivision B 1, B 2, or B 3 of § 6.2-1005, in an amount described in subsection B.B. The securities deposited as collateral as required by subsection A shall be owned by the bank and shall at all times be at least equal in market value to the amount of trust funds held on deposit by such trust subsidiary or subsidiary bank, less such amount thereof as are insured by the Federal Deposit Insurance Corporation.C. In the event of the failure or liquidation of such bank, the trust subsidiary or subsidiary bank and the owners of the beneficial interest in such trust funds shall have a lien on the bonds or other securities so set apart, in addition to their claims against the estate of the bank.1974, c. 286, § 6.1-32.8; 1991, c. 282; 2010, c. 794.
VA Code § 6.2-1060 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1060. Trust subsidiaries to have same powers and restrictions as bank trust departments

Wherever there is granted to or imposed upon a bank having and exercising trust powers any further powers in the nature of trust powers or any restriction upon any such powers, whether under this title or otherwise, it is intended that such grant to or restriction upon a bank in its trust powers shall be equally applicable to a trust subsidiary, unless context shall otherwise require or unless this chapter or Chapter 8 (§ 6.2-800 et seq.) specifically covers such situation or provides otherwise.1974, c. 286, § 6.1-32.10; 2010, c. 794.
VA Code § 6.2-1061 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1061. Reports; investigations and examinations; civil penalties

A. Each trust subsidiary shall file statements of condition and other reports with the Commission in accordance with the requirements established by regulation.B. The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any trust subsidiary. Examinations of such trust subsidiaries shall be conducted at least twice in each three-year period.C. In the course of such investigations and examination, the principals, officers, directors, and employees of such trust subsidiary being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary. For the foregoing purposes, the person making the investigation or examination shall have authority to administer oaths, examine under oath all the aforementioned persons, and compel the production of papers and objects of all kinds.D. Any trust subsidiary that fails to comply with the provisions of subsection A, for a period of longer than 30 days, after being called upon by the Commission for a statement, or to do such other act as is therein provided, shall be subject to assessment by the Commission of a civil penalty of not less than $100 nor more than $1,000 per day for each day of noncompliance.E. Any officer of any trust subsidiary being investigated or examined by the Commission who shall refuse to give any examiner the information or refuse to be sworn, as required by subsections B and C, shall be subject to assessment by the Commission of a civil penalty of not less than $25 nor more than $100 per day for each day of noncompliance.Code 1950, § 6-128; 1966, c. 584, § 6.1-114; 1974, c. 665; 1976, c. 658; 1988, c. 555; 1997, c. 142; 2010, c. 794.
VA Code § 6.2-1062 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1062. Offenses by officer, director, agent or employee of trust subsidiary; penalties

A. Any officer, director, agent, or employee of any trust subsidiary who embezzles, abstracts, or willfully misapplies any of the moneys, funds or credits of, or in the possession or control of the trust subsidiary is guilty of larceny and subject to the penalties provided in § 18.2-95 or 18.2-96.B. Any officer, director, agent or employee of any trust subsidiary who (i) issues or puts forth any certificate of deposit, (ii) draws any order or bill of exchange, (iii) makes any acceptance, (iv) assigns any note, bond, draft, bill of exchange, mortgage, judgment, decree or other instrument in writing, or (v) makes any false entry in any book, report or statement of such trust subsidiary with intent in any case to injure or defraud the trust subsidiary, or any other individual or entity, or to deceive any officer of the trust subsidiary or the Commission, or any agent or examiner authorized to examine the affairs of the trust subsidiary, and any person, who, with like intent, aids or abets any such officer, director, agent or employee of such trust subsidiary in any act described in clauses (i) through (v), is guilty of a Class 5 felony.C. Any officer of a trust subsidiary who knowingly makes a false statement of the condition of any trust subsidiary is guilty of a Class 5 felony.Code 1950, §§ 6-128, 6-138; 1966, c. 584, § 6.1-122; 1974, c. 665; 2010, c. 794.
VA Code § 6.2-1063 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1063. Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected

Any officer, director, agent, or employee of any trust subsidiary who knowingly violates or who knowingly causes any trust subsidiary to violate any provision of this chapter, or knowingly participates or knowingly acquiesces in any such violation, unless other punishment is provided for the offense of such officer, agent, or employee, is guilty of a Class 1 misdemeanor. The provisions of this section shall not affect the civil liability of any such officer, director, agent or employee.Code 1950, § 6-139; 1966, c. 584, § 6.1-123; 1974, c. 665; 2010, c. 794.
VA Code § 6.2-1064 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1064. Civil penalties for violation of Commission's orders

A. The Commission may impose, enter judgment for, and enforce by its process, a civil penalty not exceeding $10,000 upon any trust subsidiary or against any of its directors, officers, or employees, who it determines, in proceedings commenced in accordance with the Commission's Rules, has violated any lawful order of the Commission.B. The Commission may remove from office any director or officer of a trust subsidiary for a second or subsequent violation by him of any such order.C. In all cases the defendant shall have an opportunity to be heard and to introduce evidence, and the right to appeal as provided by law.1968, c. 791, § 6.1-125; 1974, c. 665; 1976, c. 658; 2010, c. 794.
VA Code § 6.2-1066 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1066. Interstate trust offices by Virginia state banks

A. With the prior approval of the Commission, any Virginia state bank or state trust company may establish a new trust office or acquire a trust office in a state other than the Commonwealth.B. A Virginia state bank or state trust company desiring to establish and maintain a trust office in another state under this section shall file an application or notice on a form prescribed by the Commission and pay the branch application fee set forth in subdivision B 3 of § 6.2-908. If the Commission finds that the applicant has the financial resources sufficient to undertake the proposed expansion without adversely affecting its soundness and that the laws of the host state permit the establishment of the trust office, it may approve the application. In acting on the application, the Commission shall consider the views of the state bank supervisor of the host state where the trust office is proposed to be located.1999, c. 835, § 6.1-32.33; 2010, c. 794.
VA Code § 6.2-1067 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1067. Trust business of out-of-state trust institution

A. An out-of-state trust institution that establishes or maintains one or more offices in the Commonwealth under this article may conduct any activity at each such office that would be authorized under the laws of the Commonwealth for a state trust institution to conduct at such an office.B. An out-of-state trust institution may engage in a trust business in the Commonwealth if it (i) maintains (a) a trust office in the Commonwealth as permitted by this article or (b) a branch in the Commonwealth, or (ii) is a national bank or federal savings bank, with or without an office or a branch in the Commonwealth, that is supervised and regulated by the federal Comptroller of the Currency and is authorized to serve as trustee, as executor, as administrator, or in another fiduciary capacity pursuant to § 92a of the National Bank Act (12 U.S.C. § 21 et seq.) or § 5(n) of the Home Owners' Loan Act (12 U.S.C. § 1461 et seq.).1999, c. 835, §§ 6.1-32.34, 6.1-32.35; 2010, c. 794; 2012, c. 608.
VA Code § 6.2-1068 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1068. Establishing or acquiring an interstate trust office; additional trust offices; notice of closure

A. An out-of-state trust institution that does not already maintain a trust office in the Commonwealth and that meets the requirements of this article may:1. Establish and maintain a new trust office in the Commonwealth; or2. Acquire and maintain a trust office in the Commonwealth.B. An out-of-state trust institution that maintains a trust office in the Commonwealth under this article may establish or acquire additional trust offices in the Commonwealth to the same extent that a state trust institution may establish or acquire additional offices in the Commonwealth, provided it follows the procedures for establishing or acquiring such offices set forth in this article.C. An out-of-state trust institution that maintains an office in the Commonwealth under this article shall give at least 30 days' prior written notice, or in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Commission of any merger, consolidation, or other transaction involving the trust institution that would cause any trust office operated by the institution in this state to be maintained by another trust institution or cause the operation of such an office to cease.1999, c. 835, §§ 6.1-32.36, 6.1-32.37, 6.1-32.42, 6.1-32.44; 2010, c. 794.
VA Code § 6.2-1069 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1069. Filing requirements

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in the Commonwealth pursuant to this article shall submit to the Commission a copy of the application or notice it files with its home state regulator or the responsible federal bank supervisory agency to establish or acquire such office. Such submission shall be made at the same time the application or notice is filed by the out-of-state trust institution with such home state regulator or responsible federal bank supervisory agency. The out-of-state trust institution shall also comply with the requirements of Article 17 (§ 13.1-757 et seq.) of the Virginia Stock Corporation Act and pay any filing fee required by the Commission.1999, c. 835, § 6.1-32.38; 2010, c. 794.
VA Code § 6.2-1070 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1070. Conditions for approval

A trust office of an out-of-state trust institution shall not be acquired or established under this article unless:1. In the case of a new trust office, the laws of the home state of the out-of-state trust institution permit state trust institutions to establish and maintain new trust offices in that state under substantially the same terms as set forth in this article.2. In the case of a trust office to be established through the acquisition of a trust office, the laws of the home state of the out-of-state trust institution permit state trust institutions to establish and maintain trust offices in that state through the acquisition of trust offices under substantially the same terms as set forth in this article.1999, c. 835, § 6.1-32.39; 2010, c. 794.
VA Code § 6.2-1071 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1071. Examinations; periodic reports; cooperative agreements; assessment of fees

A. The Commission may make such examinations of any office established and maintained in the Commonwealth pursuant to this article by an out-of-state trust institution as the Commission may deem necessary to determine whether the office is operating in compliance with the laws of the Commonwealth and to ensure the office is being operated in a safe and sound manner. The provisions of § 6.2-901 that apply to examinations of banks shall apply to examinations of an office conducted under this section. The Commission shall also have authority to examine the principal office of an out-of-state trust institution, as necessary. When any such examination is conducted outside the Commonwealth, the out-of-state trust institution shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of such examination, or shall pay for such examination at a reasonable per diem rate approved by the Commission.B. The Commission may require periodic reports from any out-of-state trust institution that maintains an office in the Commonwealth to the extent such reporting requirements (i) apply equally to similarly situated trust institutions having Virginia as their home state and (ii) are not preempted by federal laws. Such reports shall be filed under oath with such frequency and in such scope and detail as may be appropriate for the purpose of assuring continuing compliance with the provisions of this article.C. The Commission may enter into cooperative agreements with the appropriate state bank supervisors and federal bank regulatory agencies for the examination of any trust office in the Commonwealth of an out-of-state trust institution or any office of a state trust institution in any host state, and may accept such agency's report of examination and report of investigation in lieu of conducting its own examinations or investigations. The Commission may enter into joint actions with other state bank supervisors and federal banking agencies having concurrent jurisdiction over any office maintained in this state by an out-of-state trust institution or any office established and maintained by a state trust institution in any host state; however, the Commission may take such actions independently to carry out its responsibilities under this article and to assure compliance with the laws of the Commonwealth.D. Out-of-state trust institutions may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of the Commonwealth and regulations of the Commission. Such fees may be shared with other state and federal bank supervisory agencies in accordance with agreements between them and the Commission.1999, c. 835, § 6.1-32.40; 2010, c. 794.
VA Code § 6.2-1072 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1072. Enforcement

If the Commission determines that there is any violation of any applicable law or regulation in the operation of an out-of-state trust institution engaged in business in this state or that a trust office of such an institution in this state is being operated in an unsafe and unsound manner, the Commission shall have authority to undertake such enforcement actions as it would be permitted to take if the office were a Virginia state bank or state trust company.1999, c. 835, § 6.1-32.41; 2010, c. 794.
VA Code § 6.2-1073 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1073. Regulations; fees

The Commission may adopt such regulations, and may provide for the payment of such reasonable application and administration fees, as it finds necessary and appropriate in order to implement the provisions of this article.1999, c. 835, § 6.1-32.43; 2010, c. 794.
VA Code § 6.2-1074 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1074. Definitions

As used in this article, unless the context requires a different meaning:"Degrees of kinship" means, with respect to two persons, (i) degrees of lineal kinship computed by counting one degree for each person in the line of ascent or descent, exclusive of the person from whom the computing begins and (ii) degrees of collateral kinship computed by commencing with one of the persons and ascending from that person to a common ancestor, descending from that ancestor to the other person, and counting one degree for each person in the line of ascent and in the line of descent, exclusive of the person from whom the computation begins, the total to represent the degree of such kinship."Designated relative" means the individual to or through whom the family members are related."Family" means a designated relative and family members of that designated relative."Family member" means the designated relative and:1. Any individual within (i) the fifth degree of lineal kinship to the designated relative or (ii) the ninth degree of collateral kinship to the designated relative, for which purposes only a legally adopted individual shall be treated as a natural child of the adoptive parents;2. The present or past spouse of the designated relative and of any individual qualifying as a family member under subdivision 1;3. A trust established (i) by a family member or (ii) exclusively for the benefit of one or more family members;4. A stock corporation, limited partnership or limited liability company, all of the capital stock, partnership interests, membership interests, or other equity interests of which are owned by one or more family members, their spouses qualifying under subdivision 2, their trusts qualifying under subdivision 3, or their estates qualifying under subdivision 5;5. The estate of a family member; or6. A charitable foundation or other charitable entity created by a family member."Fiduciary" means executor, administrator, conservator, guardian, committee, or trustee."Operating plan" means a plan that establishes the policies and procedures a private trust company will have in effect when the institution opens for business and thereafter (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct and (ii) to assure compliance with applicable laws and regulations."Private trust business" means acting as or performing the duties of a fiduciary in the regular course of its business for family members."Private trust company" means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public."Tax" includes, but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax.2003, c. 910, §§ 6.1-32.30:1; 6.1-32.30:7; 2010, c. 794.
VA Code § 6.2-1075 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1075. Organization; minimum capital; notice to Bureau; control

A. No person other than a corporation or limited liability company organized under the laws of the Commonwealth to engage exclusively in the private trust business shall act as a private trust company.B. No person may act as a private trust company unless and until family members have subscribed for capital stock or interests, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.C. No person shall engage in business as a private trust company without first giving written notice to the Bureau. The notice shall identify (i) the designated relative whose relationship to other individuals determines whether the individuals are family members and (ii) the location of the principal office and additional office, if any, within the Commonwealth. The notice shall be accompanied by an operating plan and such other books, records, documents, or information as the Commissioner may require. The notice shall also certify that (a) all provisions of law have been complied with; (b) the private trust company is formed for no other reason than to engage in the private trust business; and (c) family members have subscribed for capital stock, surplus, and a reserve for operation in an amount equal to or in excess of $500,000.D. All of the capital stock, membership interests, or other equity interests of a private trust company shall be and shall remain owned by, and under the voting control of, family members, including any spouses, trusts, stock corporations, limited partnerships, limited liability companies, or estates qualifying under subdivision 2, 3, 4, or 5 of the definition of "family member" set forth in § 6.2-1074, of one or more families.2003, c. 910, § 6.1-32.30:2; 2010, c. 794.
VA Code § 6.2-1076 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1076. Operation and powers

Every private trust company shall have and shall conduct its business in accordance with an operating plan and in accordance with generally accepted fiduciary standards. A private trust company when engaging in a private trust business shall have the same rights, powers, and privileges as a trust institution pursuant to § 6.2-1002, including the power to act as executor under the last will and testament or administrator of the estate of any deceased family member.2003, c. 910, § 6.1-32.30:3; 2010, c. 794.
VA Code § 6.2-1077 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1077. Reacquisition of shares or interests; dividends

A private trust company shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or declare a dividend or other distribution to its stockholders, members, or holders of equity interests, to the extent that such purchase, redemption, reacquisition, dividend, or distribution shall cause the private trust company's paid-in capital, retained surplus and reserves to be reduced below $500,000.2003, c. 910, § 6.1-32.30:4; 2010, c. 794.