2006 Code of Virginia § 6.1-32.20 - Restrictions on control, officers and directors

6.1-32.20. Restrictions on control, officers and directors.

A. None of the following individuals or entities shall acquire control of anytrust company under 6.1-32.19:

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 6.1-32.19 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; 1994, c. 524; 1995, c. 140; 2004, c. 781.)