CODE OF VIRGINIA

INVESTMENTS IN MUNICIPAL BONDS BY BANKS OR TRUST COMPANIES (§ 64.2-1504)

Subject to the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and the common
law duties of a fiduciary, unless the governing instrument or a court order
specifically directs otherwise, a bank or trust company serving as personal
representative, trustee, guardian, agent, or in any other fiduciary capacity,
may purchase during the existence of any underwriting or selling syndicate any
state or municipal security otherwise authorized by this title in spite of the
fact that the fiduciary, or an affiliate thereof under common ownership,
participates or has participated as a member of a syndicate underwriting such
security if the fiduciary purchases the security from another syndicate member
or from an affiliate thereof and not from itself or any of its affiliates.

HISTORY: 1988, c. 347, § 26-40.2; 1999, c. 772; 2012, c. 614.