CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1081)

As used in this article, unless the context requires a different
meaning:”Affiliate”  means, with respect to an association, a bank
holding company, as defined in 12 U.S.C. § 1841, or savings and loan holding
company of which the association is a subsidiary, a corporation that is also a
subsidiary of a bank holding company or savings and loan holding company of
which the association is a subsidiary, a corporation with respect to which the
association owns 25 percent or more of the outstanding voting shares of such
corporation, or any other corporation that the Commissioner determines is, in
fact, controlled by the association.”Association”  has the meaning
assigned to it in § 6.2-1100.”Common trust funds”  means common
trust funds that are described under § 584 of the Internal Revenue Code of
1954, as well as any other type of collective investment fund that is exempt
from federal income taxation under any other provision of the Internal Revenue
Code or regulations issued pursuant thereto.”Fiduciary”  means the
status resulting from an association’s undertaking to act alone, through
an affiliate, or jointly with others, primarily for the benefit of another, and
includes an association’s acting as trustee, executor, administrator,
committee, guardian, conservator, receiver, managing agent, registrar of stocks
and bonds, escrow, transfer, or paying agent, trustee of employee pension,
welfare and profit sharing trusts, and in any other similar
capacity.”Fiduciary records”  means all matters which are written,
transcribed, recorded, received, or otherwise come into the possession of an
association and are necessary to preserve information concerning the actions and
events relevant to the fiduciary activities of an association.”Governing
instrument”  means the written document or documents pursuant to which an
association undertakes to act in a fiduciary capacity, and includes a will,
codicil, deed of trust, trust deed, and other similar
instruments.”Investment authority”  means the responsibility
conferred by action of law or a provision of a governing instrument to make,
select, or change investments, review investment decisions made by others, or to
provide investment advice or counsel to others.”Managing agent” 
means the fiduciary relationship assumed by an association upon the creation of
an account that names the association as agent and confers investment authority
upon the association.”Savings institution holding company”  has the
meaning assigned to it in § 6.2-1100.”Trust account”  means the
account established pursuant to a trust, estate, or other fiduciary relationship
that has been established with an association.”Trust department” 
means that group or groups of officers and employees of an association, or of an
affiliate of an association, to whom are assigned the performance of fiduciary
services by the association.”Uniform Transfers to Minors Act” means
Chapter 19 (§ 64.2-1900 et seq.) of Title 64.2 or any comparable act in effect
in any other state.

HISTORY: 1984, c. 303, § 6.1-195.78; 1997, c. 801; 2010, c. 794.