SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E323 An Act to amend and reenact § 6.2-1000 of the Code of Virginia, relating to financial institutions;

R O [H 1237] Approved LApril L11, 1.2022 Be it enacted by the General Assembly of Virginia:

1.

E As used in this chapter, unless the context requires otherwise:

D "Affiliated trust company" means a trust company that is controlled by a trust company holding company.

"Trust business" means the holding out by a person or legal entity to the public at large by advertising,the solicitationCommonwealth or otheris meansaccepting thatand theundertaking personto orperform legalthe entityduties isof availablea tofiduciary actin asthe aregularduciary fiduciary in course of its business.

of a fiduciary in the regular 1.

Rendering services as an attorney at law, either individually or through an entity whollyHownedwholly owned by attorneys at law, in the performance of duties as a fiduciary;

B 2.

Rendering services as a certified or registered public accountant in the performance of d2tiesduties as such;

7 3.

Acting as trustee under a deed of trust made only as security for the payment of money orRforor for the performance of another act;

4.

Acting as a trustee in bankruptcy or as a receiver;

The trust is (i) exempt from federal income taxes under § 501(c) (3) of the Internal Revenue income fund described in § 642(c) (5) of the Internal Revenue Code;

or(ii) (iv) a trustcharitable theremainder charitableooled interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e)664 (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;

(iii) a pooled income fund described in § 642(c) (5) of the Internal Revenue Code;

or (iv) a trust the charitable interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;

"Trust company" means a corporation, including an affiliated trust company, that is authorized to expresslyengage restrictedin to the conducttrust ofbusiness trustunder business.13Article 2 (§ 6.2-1013 et seq.) of this chapter, the powers of which are "Trustexpressly companyrestricted holdingto company"the meansconduct aof corporation that controls a trust company.business.

"Trust company holding company" means a corporation that controls a trust company.

"Trust subsidiary" or "subsidiary trust company" means a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or an association organized under the National Banking Act with its main office located in the Commonwealth, that is authorized to transact trust business and business incidental thereto, but not to accept deposits except as incidental to such trust business.