reglab/housing_qa huggingface dataset:
VA Code § 6.2-1033 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1033. Fees

A. In order to defray the costs of their examination, supervision, and regulation, every trust company shall pay a fee of $330 per day per examiner during examinations.B. Each trust company and each trust company holding company shall also pay to the Commission:1. Such additional or special costs as the Commission may incur in connection with its examination;2. For investigating an application for authority to establish a branch office pursuant to § 6.2-1028, a fee of $1,800;3. For investigating an application to change the location of a principal office or branch office, a fee of $1,000; and4. For investigating an application made pursuant to § 6.2-1023, a fee of $7,000.1993, c. 432, § 6.1-32.25; 1994, c. 6; 1995, c. 140; 2010, c. 794.
VA Code § 6.2-1034 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1034. Regulations

The Commission may adopt such regulations as it deems appropriate to effect the purposes of this article. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard in accordance with the Commission's Rules. In adopting regulations applicable to affiliated trust companies, the Commission shall be guided, where appropriate, by those standards and requirements concerning self-dealing and conflicts of interests that apply to banks, bank holding companies, and their subsidiaries when engaged in both trust and securities activities.1993, c. 432, § 6.1-32.26; 1995, c. 140; 2010, c. 794.
VA Code § 6.2-1035 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1035. Audits

The Commission may require trust companies or trust company holding companies to have audits made of their books, records, and methods of operation annually. The Commission may require such audits to be conducted at any other time that it appears to the Commission that (i) the internal controls of a trust company or trust company holding company are not adequate, (ii) it is engaging in unsound practices, or (iii) its financial condition makes such audit necessary.1993, c. 432, § 6.1-32.27; 1995, c. 140; 2010, c. 794.
VA Code § 6.2-1037 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1037. Effect of surrender or revocation of certificate

If a trust company surrenders its certificate or its certificate is revoked, the trust company, its assets, and the assets it holds in trust shall nevertheless continue to be subject to the provisions of this article, including the provisions of § 6.2-1036.1993, c. 432, § 6.1-32.29; 2010, c. 794.
VA Code § 6.2-1038 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1038. Appointment of receiver

A. When in the judgment of the Commission it is necessary for the protection of the interests of the Commonwealth or of the creditors of any trust company doing business in the Commonwealth, the Commission shall apply to any court in the Commonwealth having jurisdiction to appoint receivers for the appointment of a receiver to take charge of the business affairs and assets and to wind up the affairs and business of any such trust company failing to comply with the requirements of the Commission, or found upon examination to be insolvent or unable to meet its obligations and the legal demands made upon it in the ordinary course and conduct of its business.B. Reference is hereby made to §§ 6.2-916 through 6.2-924 and Article 14 (§ 6.2-925 et seq.) of Chapter 8 for provisions applicable to receiverships of trust companies.Code 1950, § 6-116; 1966, c. 584, § 6.1-102; 2010, c. 794.
VA Code § 6.2-1039 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1039. Engaging in trust business without authority; Commission may examine accounts of suspected person; penalty

A. Every person who trades or deals as a trust company, or conducts a trust business, without authority of law, and their officers and agents, is guilty of a Class 6 felony.B. The Commission shall have authority to examine the accounts, books, and papers of any person who it has reason to suspect is doing a trust business, in order to ascertain whether such person has violated, or is violating, any provision of this title. The refusal to submit such accounts, books, and papers shall be prima facie evidence of such violation.Code 1950, § 6-133; 1966, c. 584, § 6.1-111; 1992, c. 136; 1994, c. 7; 2010, c. 794.
VA Code § 6.2-1040 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1040. Unlawful use of terms indicating that business is trust company; penalty

A. A person not authorized to engage in the trust business in the Commonwealth by the provisions of this title or under the laws of the United States, shall not (i) use any office sign having thereon any name or other words indicating that any such office is the office of a trust company; (ii) use or circulate any letterheads, billheads, blank notes, blank receipts, certificates, circulars or any written or printed paper, having thereon any name or word indicating that such person is a trust company; or (iii) use the word "trust" or the equivalent thereof in any foreign language, or the plural thereof in connection with any business other than a trust business.B. The foregoing prohibitions shall not apply to use by a trust company holding company of the word "trust" or the equivalent thereof in its name, or of a name similar to that of a subsidiary trust company of such trust company holding company.C. The use of the above-mentioned words in the name of, or in connection with, any other business shall not be prohibited if the context or remaining words show clearly and definitely that the business is not a trust company, and is not carrying on a trust business.D. Any person violating the provisions of this section, either individually or as an interested party, is guilty of a Class 6 felony.Code 1950, § 6-134; 1966, c. 584, § 6.1-112; 1972, c. 187; 1992, cc. 24, 136; 2000, c. 56; 2003, c. 592; 2010, c. 794.
VA Code § 6.2-1041 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1041. Civil penalties for failure to comply with § 62-1031 or 62-1032

A. Any trust company failing to comply with any of the provisions of § 6.2-1031, 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.B. Any officer of any trust company who shall refuse to give any examiner the information or refuse to be sworn, as required by § 6.2-1032, 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 § 6.2-1042 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1042. Making derogatory statements affecting trust companies; penalty

Any person who willfully and maliciously makes, circulates or transmits to another, any statement, rumor or suggestion that is directly or by reference derogatory to the financial condition, or affects the solvency or financial standing of, any trust company doing business in the Commonwealth, or who counsels, aids, procures or induces another to start, transmit, or circulate any such statement or rumor, is guilty of a Class 1 misdemeanor.Code 1950, § 6-132; 1966, c. 584, § 6.1-119; 1991, c. 710; 2010, c. 794.
VA Code § 6.2-1043 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1043. Use of trust company name, logo, or symbol for marketing purposes; penalty

A. As used in this section, "name, logo, or symbol, or any combination thereof, of a trust company" includes any name, logo, or symbol, or any combination thereof, that is deceptively similar to the name, logo, or symbol of a trust company.B. Except as provided in subsection C, no person shall use the name, logo, or symbol, or any combination thereof, of a trust company in marketing material provided to or solicitation of another person in a manner such that a reasonable person may believe that the marketing material or solicitation originated from or is endorsed by the trust company or that the trust company is responsible for the marketing material or solicitation.C. This section shall not apply to (i) an affiliate or agent of the trust company or (ii) a person who uses the name, logo, or symbol of a trust company with the consent of the trust company.D. Any person violating the provisions of this section, either individually or as an interested party, is guilty of a Class 1 misdemeanor. This section shall not affect the availability of any remedies otherwise available to a trust company.2005, c. 240, § 6.1-119.1; 2010, c. 794.
VA Code § 6.2-1044 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1044. Offenses by officer, director, agent or employee of trust company; penalties

A. Any officer, director, agent, or employee of any trust company who embezzles, abstracts, or willfully misapplies any of the moneys, funds or credits of, or in the possession or control of the trust company 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 company 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 company with intent in any case to injure or defraud the trust company, or any other individual or entity, or to deceive any officer of the trust company or the Commission, or any agent or examiner authorized to examine the affairs of the trust company, and any person, who, with like intent, aids or abets any such officer, director, agent or employee of such trust company in any act described in clauses (i) through (v), is guilty of a Class 5 felony.C. Any officer of a trust company who knowingly makes a false statement of the condition of any trust company 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 § 6.2-1045 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1045. Officers, directors, agents and employees violating or causing trust company to violate laws; civil liability not affected

Any officer, director, agent, or employee of any trust company who knowingly violates or who knowingly causes any trust company 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 § 6.2-1046 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1046. 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 company 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 company 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 § 6.2-1047 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1047. Definitions

As used in this article, unless the context requires a different meaning:"Affiliate bank" with respect to a trust subsidiary means (i) a bank of which more than 50 percent of the shares are owned directly or indirectly through a subsidiary by the same Virginia bank holding company that owns directly or indirectly through a subsidiary all the shares, except directors' qualifying shares, of a trust subsidiary or a subsidiary bank or (ii) a bank that owns some or all of the shares of a trust subsidiary or a subsidiary bank."Bank" has the meaning assigned to it in § 6.2-800."Bank holding company" has the meaning assigned to it in § 6.2-800."Bank under common ownership" means a bank of which 80 percent or more of its common stock is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary."Fiduciary capacity" means every capacity in which a trust institution is granted the right to act pursuant to § 6.2-1002 and every other capacity in which a bank acts, or may act, through its trust department, including, without limitation, trusteeship with respect to common trust funds."Main office" is the place designated in the articles of incorporation or articles of association as the main office of the bank or trust subsidiary at which the principal functions of the bank or trust subsidiary are to be conducted."Owning bank" means a bank owning 10 percent or more of the shares of a trust subsidiary."Subsidiary bank" means a bank authorized to exercise trust powers, at least 80 percent of the outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank holding company."Trust office" means, with regard to a trust subsidiary or a bank having trust powers, an office for trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in the solicitation and conduct of its trust business."Trust subsidiary under common ownership" means a trust subsidiary at least 80 percent or more of which is owned, directly or indirectly through a subsidiary, by the same Virginia bank holding company as owns, directly or indirectly through a subsidiary, at least 80 percent of the stock of the subsidiary bank substituted as fiduciary."Virginia bank holding company" means a bank holding company that, directly or indirectly through a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth.1974, c. 286, § 6.1-32.2; 1991, c. 282; 2010, c. 794; 2020, c. 239.
VA Code § 6.2-1048 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1048. Organization of subsidiary trust companies

A. A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the purpose of conducting a trust business and other activities and business incidental thereto in which a trust subsidiary is permitted to engage as provided in § 6.2-1049.B. All the outstanding voting shares of a subsidiary trust company, other than directors' qualifying shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or (iii) both.C. A trust subsidiary shall be subject to regular examination and supervision by the Commission or by the Comptroller of the Currency of the United States.D. If incorporated under Title 13.1, a trust subsidiary shall pay such examination fees as may be from time to time imposed upon trust departments of banks that are subject to examination by the Commission.1974, c. 286, § 6.1-32.3; 1991, c. 282; 2004, c. 781; 2010, c. 794.
VA Code § 6.2-1049 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1049. Permissible business

A trust subsidiary shall be permitted to engage in trust business and activities that may be engaged in by a bank pursuant to § 6.2-1002, and business incidental thereto. A trust subsidiary shall not accept deposits or conduct any other business except as may be incidental to the trust business being conducted by it.1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.
VA Code § 6.2-1050 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1050. Directors

The affairs of every trust subsidiary incorporated under the laws of the Commonwealth shall be managed by a board of directors. The board shall consist of not fewer than five individuals. A majority of the directors shall be citizens of the Commonwealth. Directors need not be stockholders of the trust subsidiary unless the articles of incorporation so require.1974, c. 286, § 6.1-32.4; 2010, c. 794.
VA Code § 6.2-1051 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1051. Report to Commission of election of director

Within 60 days following the election or reelection of any person as a director of a trust subsidiary, the trust subsidiary shall furnish such information to the Commission relative to his personal character, integrity, financial condition, and personal and business background as the Commission shall from time to time prescribe. Such report, under oath, shall be signed by the director as well as a designated officer of the trust subsidiary. Any person knowingly making a false statement in such a report is guilty of perjury.1968, c. 606, § 6.1-48.1; 1974, c. 665, § 6.1-51.1; 1992, c. 552; 1994, c. 105; 2010, c. 794.
VA Code § 6.2-1053 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1053. Bonds required of officers and employees; blanket bond

A. The board of directors of every trust subsidiary shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. The surety on every bond shall be a bonding or surety company authorized to transact business in Virginia, and the penalty of any such bond shall be increased whenever in the opinion of the Commission it is necessary for the protection of the public interest.B. If a trust subsidiary is unable to obtain the bond required by this section, it shall immediately notify the Commission, which may then direct the trust subsidiary to have an audit performed at its expense by an independent certified public accounting firm. The trust subsidiary shall obtain blanket bond coverage as soon as such coverage is available. Failure to obtain blanket bond coverage may be cause for action by the Commission as provided by § 6.2-906.Code 1950, § 6-46; 1966, c. 584, § 6.1-54; 1974, c. 665; 1979, c. 52; 1992, c. 365; 2010, c. 794.
VA Code § 6.2-1054 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1054. Certificate required

No trust subsidiary, other than a wholly owned subsidiary of a national banking association, shall engage in trust business without first obtaining a certificate of authority from the Commission, or the Comptroller of the Currency if it is organized as a national banking association. The Commission shall not grant such certificate unless:1. The capital and surplus of the trust subsidiary equal or exceed $200,000; and2. The Commission is satisfied that (i) the trust subsidiary is capable of complying with the provisions of this chapter and (ii) the officers and directors have the moral fitness and business qualifications necessary to manage the trust subsidiary.1974, c. 286, § 6.1-32.5; 1997, c. 801; 2010, c. 794.
VA Code § 6.2-1055 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1055. Trust offices

A trust subsidiary may have trust offices at locations where branches are permitted under § 6.2-831, upon approval of the Commission.1974, c. 286, § 6.1-32.6; 1987, c. 352; 2010, c. 794.
VA Code § 6.2-1056 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 10 - Entities Conducting Trust Business|§ 6.2-1056. When security not required of 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 the Commonwealth to give security upon appointment to or acceptance of any office or trust that it may, by law, be authorized to execute. No trust subsidiary shall qualify in a fiduciary capacity on an estate that has a value in excess of its combined unimpaired capital and surplus, without giving security for such excess, unless:1. The requirement that the trust subsidiary give security for such excess is waived by the person creating such fiduciary relationship;2. A Virginia bank holding company or a bank owning, directly or indirectly through a subsidiary bank, 100 percent of the stock, exclusive of directors' qualifying shares, of the trust subsidiary files with the Commission and with the circuit court for the jurisdiction in which the main office of the bank holding company or bank is located an undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its trust subsidiary. If such undertaking is filed, a trust subsidiary may qualify in a fiduciary capacity without giving security if the assets it is to receive in such capacity have a value not greater than the combined and unimpaired capital and surplus of the parent Virginia bank holding company or parent bank that has undertaken to be responsible for the acts of such trust subsidiary. If no such undertaking shall have been filed, and corporate surety is provided, the premium thereof shall be borne by the trust subsidiary and not the fiduciary estate; or3. If an affiliate bank shall already have qualified in any fiduciary capacity and given bond, without security, and the trust subsidiary or subsidiary bank shall qualify as successor fiduciary, then, if the order of substitution so provides, and the fiduciary for which there is to be substitution consents, the predecessor fiduciary shall remain liable on its bond for the acts of its named successor and no security shall be required of the successor fiduciary, if the bond of the fiduciary for which there is to be substitution is otherwise sufficient.1974, c. 286, § 6.1-32.7; 2010, c. 794.