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2020 SESSION

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HB 155 Banks; trust subsidiaries.

Introduced by: Mark D. Sickles | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Banks; trust subsidiaries. Establishes a mechanism by which a subsidiary bank of a Virginia bank holding company that holds trust powers may be substituted in every fiduciary capacity for a trust subsidiary under common ownership with that bank. Such mechanism follows the existing procedures by which (i) a subsidiary bank may be substituted as fiduciary for another bank under common ownership and (ii) a trust subsidiary may be substituted as fiduciary for an owning or affiliated bank. In each case, the determination as to whether the application for substitution will be granted is made by the circuit court of the jurisdiction in which the main office of the petitioning bank or trust subsidiary is located.


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