Owning bank definition
Owning bank means a bank owning 10 percent or more of the shares of a trust subsidiary. 4673 "Subsidiary bank" means a bank authorized to exercise trust powers, at least 80 percent of the 4674 outstanding shares of which are owned directly or indirectly through a subsidiary by a Virginia bank 4675 holding company. 4676 "Trust office" means, with regard to a trust subsidiary or a bank having trust powers, an office for 4677 trust purposes only, at which the trust subsidiary or bank holds itself out as dealing with the public in 4678 the solicitation and conduct of its trust business. 4679 "Virginia bank holding company" means a bank holding company that, directly or indirectly through 4680 a subsidiary, owns or controls a bank the main office of which is located in the Commonwealth. 4681 § 6.2-1048. Organization of subsidiary trust companies. 4682 A. A subsidiary trust company may be incorporated and organized under Article 3 (§ 13.1-618 et 4683 seq.) of Chapter 9 of Title 13.1 or under federal laws relating to national banking associations for the 4684 purpose of conducting a trust business and other activities and business incidental thereto in which a 4685 trust subsidiary is permitted to engage as provided in § 6.2-1049. 4686 B. All the outstanding voting shares of a subsidiary trust company, other than directors' qualifying 4687 shares, shall be owned directly or indirectly through a subsidiary by (i) one or more Virginia bank 4688 holding companies, (ii) one or more banks authorized to have a main or parent office in Virginia, or 4689 (iii) both. 4690 C. A trust subsidiary shall be subject to regular examination and supervision by the Commission or 4691 by the Comptroller of the Currency of the United States. 4692 D. If incorporated under Title 13.1, a trust subsidiary shall pay such examination fees as may be
Owning bank means a bank owning 10 percent or more of the shares of a trust subsidiary. "Subsidiary bank" means a bank authorized to exercise trust powers, at least 80 percent of the