CODE OF VIRGINIA

ENTITIES AUTHORIZED TO ENGAGE IN TRUST BUSINESS (§ 6.2-1001)

A. No entities, except (i) corporations duly chartered and already conducting
trust business in the Commonwealth under authority of the laws of the
Commonwealth or the United States, (ii) banks hereafter incorporated under the
laws of the Commonwealth that are authorized to engage in the trust business
through a separate trust department pursuant to Article 3 (§ 6.2-819 et seq.)
of Chapter 8, (iii) corporations authorized to engage in the trust business in
the Commonwealth under the banking laws of the United States, including any
national bank or federal savings bank described in clause (ii) of subsection B
of § 6.2-1067, (iv) trust companies authorized to establish and operate one or
more trust offices or engage in trust business in the Commonwealth under Article
2 (§ 6.2-1013 et seq.), (v) trust subsidiaries authorized to engage in trust
business under Article 3 (§ 6.2-1047 et seq.), (vi) multistate trust
institutions authorized to engage in trust business under Article 4 (§ 6.2-1065
et seq.), (vii) private trust companies authorized to engage in trust business
under Article 5 (§ 6.2-1074 et seq.), or (viii) savings institutions authorized
to engage in the trust business pursuant to Article 6 (§ 6.2-1081 et seq.),
shall engage in the trust business in the Commonwealth. No foreign corporation,
except as permitted in Chapter 7 (§ 6.2-700 et seq.), shall engage in trust
business in the Commonwealth.

B. Nothing in this chapter shall prevent:

   1.  A natural person from qualifying and acting as trustee, personal
   representative, guardian, conservator, committee, or in any other fiduciary
   capacity;

   2.  Any person from (i) lending money on real estate and personal security or
   collateral, (ii) guaranteeing the payment of bonds, notes, bills and other
   obligations, or (iii) purchasing or selling stocks and bonds;

   3.  Any bank or trust company organized under the laws of the Commonwealth
   from qualifying and acting in another state as trustee, personal
   representative, guardian of a minor, conservator, or committee or in any other
   fiduciary capacity, when permitted so to do by the laws of such other state;
   or

   4.  An incorporated association that is authorized to sell burial association
   group life insurance certificates in the Commonwealth, as described in the
   definition of limited burial insurance authority in § 38.2-1800, the
   principal purpose of which is to assist its members in (i) financial planning
   for their funerals and burials and (ii) obtaining insurance for the payment,
   in whole or in part, for funeral, burial, and related expenses, from serving
   as trustee of a trust established pursuant to § 54.1-2822.

C. Nothing in this section shall be construed:

   1.  To prevent any bank or trust company organized in the Commonwealth and
   chartered under the laws of the United States from transacting business in the
   Commonwealth; or

   2.  To prevent a real estate broker as defined in § 54.1-2100 from owning or
   operating a bank provided that the requirements of this chapter are met.

D. Except as permitted by this chapter or by Article 3 (§ 6.2-819 et seq.) of
Chapter 8, or by federal law in the case of a national bank or federal savings
bank described in clause (ii) of subsection B of § 6.2-1067, no entity shall
qualify or act (i) as a personal representative of a deceased person; (ii) as a
guardian for an infant or an incapacitated person; (iii) as a committee; (iv) as
a conservator for an incapacitated person; (v) as a testamentary trustee, or
trustee for any other trust if required by law to account to the commissioner of
accounts of a circuit court in the Commonwealth; or (vi) in any other fiduciary
capacity required to account to the commissioner of accounts of a circuit court
in the Commonwealth.

HISTORY: Code 1950, § 6-9; 1966, c. 584, § 6.1-5; 1974, c. 286, § 6.1-32.5;
1985, c. 544; 1995, c. 301; 1997, c. 801; 1999, c. 835; 2003, cc. 536, 558, 910;
2007, c. 621; 2010, c. 794; 2011, c. 67; 2012, c. 608.