{"data":{"id":"us-va/va.-code-6.2-1024","jurisdiction":"us-va","citation":"Va. Code § 6.2-1024","heading":"Restrictions on control, officers and directors","body":"A. None of the following individuals or entities shall acquire control of any trust company under § 6.2-1023:1. An agent;2. A broker-dealer;3. An investment advisor;4. An investment advisor representative;5. An investment company; or6. Any corporation, limited liability company, partnership, business trust, association, or similar organization.B. Nothing in this section shall prohibit (i) the formation of a trust company holding company by a trust company, (ii) any officer, director, or employee of a trust company holding company or a subsidiary of a trust company holding company from owning, indirectly, five percent or more of any class of capital stock of an affiliated trust company, or (iii) the acquisition of a trust company pursuant to § 6.2-1023 by a bank holding company as defined in 12 U.S.C. § 1841 or by a corporation that controls a subsidiary authorized to engage in the trust business under federal law or the laws of any state.1993, c. 432, § 6.1-32.20; 1994, c. 524; 1995, c. 140; 2004, c. 781; 2010, c. 794.","path":["Title 6.2. FINANCIAL INSTITUTIONS AND SERVICES","Subtitle II. DEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS","Chapter 10. ENTITIES CONDUCTING TRUST BUSINESS","Article 2. TRUST COMPANIES"],"source_url":"https://law.lis.virginia.gov/vacode/6.2-1024/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:12:34Z","sha256":"50ef4fcdd8b655822fbffb109d436c654a9ca9e2fd8acd1e25a4d2726248162a","source_id":"us-va","stale":true,"prev":"us-va/va.-code-6.2-1023","next":"us-va/va.-code-6.2-1025"},"notice":"GroundRules: Original legal text. Not legal advice."}