CODE OF VIRGINIA

CONTINUATION OF TRUST POWERS IN THE EVENT OF CONSOLIDATION OR MERGER OF TWO OR
MORE ASSOCIATIONS (§ 6.2-1084)

If an association consolidates or merges with another association or a bank and
the association has, prior to such consolidation or merger, exercised trust
powers under a certificate issued by the Commission, which certificate is in
effect at the time of the consolidation or merger, the rights existing under
such certificate shall pass to the resulting corporation. The resulting
corporation may exercise such trust powers in the same manner and to the same
extent as the association to which such certificate was originally issued. No
new application to continue to exercise such powers is necessary. If the name of
the resulting corporation differs from that of the association to which the
right to exercise trust powers was originally granted, the Commission shall
issue a certificate showing the right of such resulting corporation to exercise
the trust powers theretofore granted to any of the associations participating in
the consolidation or merger.

HISTORY: 1984, c. 303, § 6.1-195.81; 2010, c. 794.