2006 Code of Virginia § 6.1-32.18:2 - Commissions, fees, etc., for sale of stock not permitted

6.1-32.18:2. Commissions, fees, etc., for sale of stock not permitted.

The Commission shall not issue a certificate of authority to a trust companyif any commissions, fees, brokerage, or other compensation by whatever namehave been paid or contracted to be paid by the trust company, or by anyone inits behalf, directly or indirectly, to any person, partnership, corporationor other entity for the sale of stock in such trust company. Nothing hereinshall be construed to prohibit a trust company which has been issued acertificate of authority and is conducting operations from paying orcontracting to pay such commissions or fees in connection with the issue orreissue of shares of stock of the trust company.

(1994, c. 5.)