Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 250. Rules, Regulations and Forms Relating to Restrictions on the Purchase and Sale of Equity Securities of Domestic Stock Insurance Companies

14VAC5-250-170. Exemption from Subsection B of the Act of Transactions Involving the Deposit or Withdrawal of Equity Securities under a Voting Trust or Deposit Agreement.

Any acquisition or disposition of an equity security involved in the deposit of such security under, or the withdrawal of such security from, a voting trust or deposit agreement, and the acquisition or disposition in connection therewith of the certificate representing such security, shall be exempt from the operation of subsection B of the Act (Section 38.2-214 of the Code of Virginia) if substantially all of the assets held under the voting trust or deposit agreement immediately after the deposit or immediately prior to the withdrawal, as the case may be, consisted of equity securities of the same class as the security deposited or withdrawn; provided, however, that this section shall not apply to the extent that there shall have been either (i) a purchase of an equity security of the class deposited and a sale of any certificate representing an equity security of such class, or (ii) a sale of an equity security of the class deposited and a purchase of any certificate representing an equity security of such class, (otherwise than in a transaction involved in such deposit or withdrawal or in a transaction exempted by any other provision of the rules under subsection B of the Act) within a period of less than six months which includes the date of the deposit or withdrawal.

Statutory Authority

§ 38.2-214 of the Code of Virginia.

Historical Notes

Derived from Regulation 5, Case No. 18773, Rule 17, eff. April 1, 1970.

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