CODE OF VIRGINIA

RESTRICTIONS ON CONTROL, OFFICERS AND DIRECTORS (§ 6.2-1024)

A. None of the following individuals or entities shall acquire control of any
trust company under § 6.2-1023:

   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 trust company
holding company by a trust company, (ii) any officer, director, or employee of a
trust company holding company or a subsidiary of a trust company holding company
from owning, indirectly, five percent or more of any class of capital stock of
an affiliated trust company, or (iii) the acquisition of a trust company
pursuant to § 6.2-1023 by a bank holding company as defined in 12 U.S.C. §
1841 or by a corporation that controls a subsidiary authorized to engage in the
trust business under federal law or the laws of any state.

HISTORY: 1993, c. 432, § 6.1-32.20; 1994, c. 524; 1995, c. 140; 2004, c. 781;
2010, c. 794.