CODE OF VIRGINIA

BOND REQUIRED (§ 6.2-1016)

A. No applicant shall obtain a certificate without filing with the Commission,
and maintaining continuously thereafter, a surety bond in such amount as the
Commission may from time to time require.

B. In no event shall the amount of the surety bond be less than $ 1 million.

C. The surety bond required by this section shall be for the benefit of:

   1.  Any person damaged as a result of a violation of the provisions of, or any
   regulation adopted pursuant to, this chapter;

   2.  Any person damaged by the negligence, fraud, or embezzlement of a trust
   company organized under this article or its directors, officers, or employees;
   and

   3.  Any person damaged by any other breach of trust of any trust company
   organized under this article or its directors, officers, or employees.

D. The Commission may revoke the certificate of any trust company that the
Commission finds has failed to maintain a bond as required by this section.

HISTORY: 1993, c. 432, § 6.1-32.17; 2010, c. 794.