{"law_id":"781863","section_number":"6.2-1080","catch_line":"Limitation on powers","history":"2003, c. 910, \u00a7 6.1-32.30:7; 2010, c. 794.","order_by":null,"metadata":{"court_decisions":{}},"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/6.2-1080\/","refers_to":false,"url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","structure":{"1":{"id":"2443","name":"Private Trust Companies.","identifier":"5","label":"article","url":"\/6.2\/II\/10\/5\/"},"2":{"id":"761","name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","url":"\/6.2\/II\/10\/"},"3":{"id":"333","name":"Depository Institutions And Trust Organizations","identifier":"II","label":"subtitle","url":"\/6.2\/II\/"},"4":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"781863","structure_id":"2443","full_text":"A In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.\r\rB Without limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member’s pecuniary benefit, unless:\r\r","text":{"0":{"id":"2521680","text":"In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2521681","text":"Without limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member’s pecuniary benefit, unless:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2521682","text":" The exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2},"3":{"id":"2521683","text":" The distribution is necessary for that family member’s support, health, or education; or","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2},"4":{"id":"2521684","text":" The instrument governing the administration of that trust clearly so provides.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2}},"ancestry":{"1":{"id":"2443","name":"Private Trust Companies.","identifier":"5","label":"article","url":"\/6.2\/II\/10\/5\/"},"2":{"id":"761","name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","url":"\/6.2\/II\/10\/"},"3":{"id":"333","name":"Depository Institutions And Trust Organizations","identifier":"II","label":"subtitle","url":"\/6.2\/II\/"},"4":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"structure_contents":{"0":{"id":"769054","structure_id":"2443","section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074"},"1":{"id":"771168","structure_id":"2443","section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075"},"2":{"id":"777595","structure_id":"2443","section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076"},"3":{"id":"782425","structure_id":"2443","section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077"},"4":{"id":"794708","structure_id":"2443","section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078"},"5":{"id":"786332","structure_id":"2443","section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079"},"6":{"id":"781863","structure_id":"2443","section_number":"6.2-1080","catch_line":"Limitation on powers","url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080"}},"previous_section":{"id":"786332","structure_id":"2443","section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079"},"references":false,"formats":{"txt":"\/6.2-1080.txt","json":"\/6.2-1080.json","xml":"\/6.2-1080.xml"},"dublin_core":{"Title":"Limitation on powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1080","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nLIMITATION ON POWERS (\u00a7 6.2-1080)\n\nA. In the exercise of any power held by a private trust company in its capacity\nas a fiduciary, the private trust company shall have a duty not to exercise any\npower in such a way as to deprive the estate, trust, or other entity for which\nit acts as a fiduciary of an otherwise available tax exemption, deduction, or\ncredit for tax purposes or deprive a donor of trust assets of a tax exemption,\ndeduction, or credit or operate to impose a tax upon a donor or other person as\nowner of any portion of the estate, trust, or otherwise.\n\nB. Without limitation to subsection A, no family member who is a stockholder or\nmember or who otherwise holds an equity interest in, or is serving as a\ndirector, officer, manager, or employee of, a private trust company shall\nparticipate in or otherwise have a voice in any discretionary decision by the\nprivate trust company to distribute income or principal of any trust in order to\ndischarge a legal obligation of the family member or for the family\nmember’s pecuniary benefit, unless:\n\n   1.  The exercise of the discretion is limited by an ascertainable standard\n   relating to the health, education, support, or maintenance of that family\n   member;\n\n   2.  The distribution is necessary for that family member’s support,\n   health, or education; or\n\n   3.  The instrument governing the administration of that trust clearly so\n   provides.\n\nHISTORY: 2003, c. 910, \u00a7 6.1-32.30:7; 2010, c. 794."}