{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1098.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1098.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1098.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1098.html"}],"law_id":373624,"edition_id":2,"section_id":373624,"structure_id":53164,"section_number":"6.2-1098","catch_line":"Revocation of trust powers","history":"1984, c. 303, \u00a7 6.1-195.95; 2010, c. 794.","full_text":"A\n\nIf, in the opinion of the Commission, an association is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a period of five consecutive years to exercise, the powers granted by this chapter, or otherwise fails or has failed to comply with the requirements of this chapter, the Commission may issue and serve upon the association a notice of intent to revoke the authority of the association to exercise the powers granted by this chapter. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held before the Commission to determine whether an order revoking authority to exercise such powers should issue against the association.\n\nB\n\nSuch hearing shall be conducted in accordance with the Commission’s Rules, and shall be fixed for a date not earlier than 30 days and not later than 60 days after the service of such notice, unless an earlier or later date is set by the Commission at the request of the association so served.\n\nC\n\nUnless the association so served shall appear by a duly authorized representative, it shall be deemed to have consented to the issuance of the revocation order. In the event of such consent or if, upon the record made at any such hearing, the Commission shall find that any allegation specified in the notice of charges has been established, the Commission shall issue and serve upon the association an order prohibiting it from accepting any new or additional trust accounts and revoking authority to exercise any and all powers granted by this chapter, except that such order shall permit the association to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination.\n\nD\n\nA revocation order shall become effective not later than the expiration of 30 days after service of such order upon the association and shall remain effective and enforceable, except to such extent as it is stayed, modified, terminated, or set aside by action of the Commission or a reviewing court. In the case of a revocation order issued upon the consent of an association, such order shall become effective at the time specified therein.\n\n","order_by":null,"text":{"0":{"id":1394438,"text":"If, in the opinion of the Commission, an association is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a period of five consecutive years to exercise, the powers granted by this chapter, or otherwise fails or has failed to comply with the requirements of this chapter, the Commission may issue and serve upon the association a notice of intent to revoke the authority of the association to exercise the powers granted by this chapter. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held before the Commission to determine whether an order revoking authority to exercise such powers should issue against the association.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1394439,"text":"Such hearing shall be conducted in accordance with the Commission’s Rules, and shall be fixed for a date not earlier than 30 days and not later than 60 days after the service of such notice, unless an earlier or later date is set by the Commission at the request of the association so served.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1394440,"text":"Unless the association so served shall appear by a duly authorized representative, it shall be deemed to have consented to the issuance of the revocation order. In the event of such consent or if, upon the record made at any such hearing, the Commission shall find that any allegation specified in the notice of charges has been established, the Commission shall issue and serve upon the association an order prohibiting it from accepting any new or additional trust accounts and revoking authority to exercise any and all powers granted by this chapter, except that such order shall permit the association to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1394441,"text":"A revocation order shall become effective not later than the expiration of 30 days after service of such order upon the association and shall remain effective and enforceable, except to such extent as it is stayed, modified, terminated, or set aside by action of the Commission or a reviewing court. In the case of a revocation order issued upon the consent of an association, such order shall become effective at the time specified therein.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":53164,"edition_id":2,"name":"Trust Powers of Savings Institutions","identifier":"6","label":"article","depth":4,"order_by":6,"parent_id":53157,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 03:11:51","date_modified":"2026-08-02 12:28:01","permalink":{"id":1491025,"object_type":"structure","relational_id":53164,"identifier":"6","token":"6.2\/II\/10\/6","url":"\/6.2\/II\/10\/6\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53157,"edition_id":2,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":3,"parent_id":53156,"metadata":{"child_laws":100,"child_structures":6},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:28:00","permalink":{"id":1490689,"object_type":"structure","relational_id":53157,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53156,"edition_id":2,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":53152,"metadata":{"child_laws":483,"child_structures":51},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:27:56","permalink":{"id":1490687,"object_type":"structure","relational_id":53156,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373607,"structure_id":53164,"section_number":"6.2-1081","catch_line":"Definitions","url":"\/6.2-1081\/","token":"6.2\/II\/10\/6\/6.2-1081","metadata":false},{"id":373608,"structure_id":53164,"section_number":"6.2-1082","catch_line":"Applications for permission to offer trust services","url":"\/6.2-1082\/","token":"6.2\/II\/10\/6\/6.2-1082","metadata":false},{"id":373609,"structure_id":53164,"section_number":"6.2-1083","catch_line":"Commission to issue certificate; powers of associations authorized to offer trust services","url":"\/6.2-1083\/","token":"6.2\/II\/10\/6\/6.2-1083","metadata":false},{"id":373610,"structure_id":53164,"section_number":"6.2-1084","catch_line":"Continuation of trust powers in the event of consolidation or merger of two or more associations","url":"\/6.2-1084\/","token":"6.2\/II\/10\/6\/6.2-1084","metadata":false},{"id":373611,"structure_id":53164,"section_number":"6.2-1085","catch_line":"When security not required","url":"\/6.2-1085\/","token":"6.2\/II\/10\/6\/6.2-1085","metadata":false},{"id":373612,"structure_id":53164,"section_number":"6.2-1086","catch_line":"Association's operation and supervision of trust department","url":"\/6.2-1086\/","token":"6.2\/II\/10\/6\/6.2-1086","metadata":false},{"id":373613,"structure_id":53164,"section_number":"6.2-1087","catch_line":"Books and accounts","url":"\/6.2-1087\/","token":"6.2\/II\/10\/6\/6.2-1087","metadata":false},{"id":373614,"structure_id":53164,"section_number":"6.2-1088","catch_line":"Investment of funds and assets held as fiduciary","url":"\/6.2-1088\/","token":"6.2\/II\/10\/6\/6.2-1088","metadata":false},{"id":373615,"structure_id":53164,"section_number":"6.2-1089","catch_line":"Funds awaiting investment or distribution","url":"\/6.2-1089\/","token":"6.2\/II\/10\/6\/6.2-1089","metadata":false},{"id":373616,"structure_id":53164,"section_number":"6.2-1090","catch_line":"Dealings with self or affiliates","url":"\/6.2-1090\/","token":"6.2\/II\/10\/6\/6.2-1090","metadata":false},{"id":373617,"structure_id":53164,"section_number":"6.2-1091","catch_line":"Voting of financial institution stock held by association as fiduciary; when association disqualified from voting","url":"\/6.2-1091\/","token":"6.2\/II\/10\/6\/6.2-1091","metadata":false},{"id":373618,"structure_id":53164,"section_number":"6.2-1092","catch_line":"Transactions between trust accounts","url":"\/6.2-1092\/","token":"6.2\/II\/10\/6\/6.2-1092","metadata":false},{"id":373619,"structure_id":53164,"section_number":"6.2-1093","catch_line":"Custody of assets and investments held in trust","url":"\/6.2-1093\/","token":"6.2\/II\/10\/6\/6.2-1093","metadata":false},{"id":373620,"structure_id":53164,"section_number":"6.2-1094","catch_line":"Establishment of common trust funds and collective investment funds; court accountings","url":"\/6.2-1094\/","token":"6.2\/II\/10\/6\/6.2-1094","metadata":false},{"id":373621,"structure_id":53164,"section_number":"6.2-1095","catch_line":"Compensation of association acting as fiduciary","url":"\/6.2-1095\/","token":"6.2\/II\/10\/6\/6.2-1095","metadata":false},{"id":373622,"structure_id":53164,"section_number":"6.2-1096","catch_line":"Surrender of trust powers by association","url":"\/6.2-1096\/","token":"6.2\/II\/10\/6\/6.2-1096","metadata":false},{"id":373623,"structure_id":53164,"section_number":"6.2-1097","catch_line":"Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association","url":"\/6.2-1097\/","token":"6.2\/II\/10\/6\/6.2-1097","metadata":false},{"id":373624,"structure_id":53164,"section_number":"6.2-1098","catch_line":"Revocation of trust powers","url":"\/6.2-1098\/","token":"6.2\/II\/10\/6\/6.2-1098","metadata":false},{"id":373625,"structure_id":53164,"section_number":"6.2-1099","catch_line":"Trust powers of state savings banks","url":"\/6.2-1099\/","token":"6.2\/II\/10\/6\/6.2-1099","metadata":false}],"previous_section":{"id":373623,"structure_id":53164,"section_number":"6.2-1097","catch_line":"Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association","url":"\/6.2-1097\/","token":"6.2\/II\/10\/6\/6.2-1097","metadata":false},"next_section":{"id":373625,"structure_id":53164,"section_number":"6.2-1099","catch_line":"Trust powers of state savings banks","url":"\/6.2-1099\/","token":"6.2\/II\/10\/6\/6.2-1099","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1098\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 303 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1491095,"object_type":"law","relational_id":373624,"identifier":"6.2-1098","token":"6.2\/II\/10\/6\/6.2-1098","url":"\/6.2-1098\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1098\/","token":"6.2\/II\/10\/6\/6.2-1098","dublin_core":{"Title":"Revocation of trust powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1098","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If, in the opinion<\/span> of the Commission<\/span>, an association is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a period of five consecutive years to exercise, the powers granted by this chapter, or otherwise fails or has failed to comply with the requirements of this chapter, the Commission<\/span> may issue<\/span> and serve upon the association a notice of intent<\/span> to revoke the authority of the association to exercise the powers granted by this chapter. The notice shall contain a statement of the facts<\/span> constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply, and shall fix a time and place at which a hearing<\/span> will be held before the Commission<\/span> to determine whether an order<\/span> revoking authority to exercise such powers should issue<\/span> against the association. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Such hearing<\/span> shall be conducted in accordance with the Commission<\/span>’s Rules, and shall be fixed for a date not earlier than 30 days and not later than 60 days after the service of such notice, unless an earlier or later date is set by the Commission<\/span> at the request of the association so served. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Unless the association so served shall appear by a duly authorized representative, it shall be deemed to have consented to the issuance of the revocation<\/span> order<\/span>. In the event of such consent or if, upon the record made at any such hearing<\/span>, the Commission<\/span> shall find that any allegation<\/span> specified in the notice of charges has been established, the Commission<\/span> shall issue<\/span> and serve upon the association an order<\/span> prohibiting it from accepting any new or additional trust accounts<\/span> and revoking authority to exercise any and all powers granted by this chapter, except that such order<\/span> shall permit the association to continue to service all previously accepted trust accounts<\/span> pending their expeditious divestiture or termination. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A revocation<\/span> order<\/span> shall become effective not later than the expiration of 30 days after service of such order<\/span> upon the association and shall remain effective and enforceable, except to such extent as it is stayed, modified, terminated, or set aside by action of the Commission<\/span> or a reviewing court<\/span>. In the case of a revocation<\/span> order<\/span> issued upon the consent of an association, such order<\/span> shall become effective at the time specified therein. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVOCATION OF TRUST POWERS (\u00a7 6.2-1098)\n\nA. If, in the opinion of the Commission, an association is unlawfully or\nunsoundly exercising, or has unlawfully or unsoundly exercised, or has failed\nfor a period of five consecutive years to exercise, the powers granted by this\nchapter, or otherwise fails or has failed to comply with the requirements of\nthis chapter, the Commission may issue and serve upon the association a notice\nof intent to revoke the authority of the association to exercise the powers\ngranted by this chapter. The notice shall contain a statement of the facts\nconstituting the alleged unlawful or unsound exercise of powers, or failure to\nexercise powers, or failure to comply, and shall fix a time and place at which a\nhearing will be held before the Commission to determine whether an order\nrevoking authority to exercise such powers should issue against the association.\n\nB. Such hearing shall be conducted in accordance with the Commission’s\nRules, and shall be fixed for a date not earlier than 30 days and not later than\n60 days after the service of such notice, unless an earlier or later date is set\nby the Commission at the request of the association so served.\n\nC. Unless the association so served shall appear by a duly authorized\nrepresentative, it shall be deemed to have consented to the issuance of the\nrevocation order. In the event of such consent or if, upon the record made at\nany such hearing, the Commission shall find that any allegation specified in the\nnotice of charges has been established, the Commission shall issue and serve\nupon the association an order prohibiting it from accepting any new or\nadditional trust accounts and revoking authority to exercise any and all powers\ngranted by this chapter, except that such order shall permit the association to\ncontinue to service all previously accepted trust accounts pending their\nexpeditious divestiture or termination.\n\nD. A revocation order shall become effective not later than the expiration of 30\ndays after service of such order upon the association and shall remain effective\nand enforceable, except to such extent as it is stayed, modified, terminated, or\nset aside by action of the Commission or a reviewing court. In the case of a\nrevocation order issued upon the consent of an association, such order shall\nbecome effective at the time specified therein.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.95; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}