Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 22. Trust Company Regulations

10VAC5-22-20. Preliminary statement; responsibility of the board of directors; meetings of the board.

The board of directors of a trust company shall be composed of individuals who are qualified by character and business experience to direct the affairs of a corporate fiduciary. The board shall be responsible for directing the affairs of the company in accordance with general principles of law relating to trusts and fiduciaries, Virginia statutory and common law, and other applicable laws and regulations.

The board of directors shall hold a meeting at least once in each calendar month, unless at the request of a trust company the commission allows, for cause, less frequent meetings. A majority of the board must be present for the lawful transaction of business. However, the stockholders may fix, by bylaw, a number not less than five as a quorum.

Statutory Authority

§ 6.2-1034 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0205 § 2, eff. April 20, 1995.

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