{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1050.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1050.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1050.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1050.html"}],"law_id":373573,"edition_id":2,"section_id":373573,"structure_id":53161,"section_number":"6.2-1050","catch_line":"Directors","history":"1974, c. 286, \u00a7 6.1-32.4; 2010, c. 794.","full_text":"The affairs of every trust subsidiary incorporated under the laws of the Commonwealth shall be managed by a board of directors. The board shall consist of not fewer than five individuals. A majority of the directors shall be citizens of the Commonwealth. Directors need not be stockholders of the trust subsidiary unless the articles of incorporation so require.\n\n","order_by":null,"text":{"0":{"id":1394257,"text":"The affairs of every trust subsidiary incorporated under the laws of the Commonwealth shall be managed by a board of directors. The board shall consist of not fewer than five individuals. A majority of the directors shall be citizens of the Commonwealth. Directors need not be stockholders of the trust subsidiary unless the articles of incorporation so require.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53161,"edition_id":2,"name":"Trust Subsidiaries","identifier":"3","label":"article","depth":4,"order_by":2,"parent_id":53157,"metadata":{"child_laws":18,"child_structures":0},"date_created":"2026-08-02 03:11:47","date_modified":"2026-08-02 12:28:01","permalink":{"id":1490883,"object_type":"structure","relational_id":53161,"identifier":"3","token":"6.2\/II\/10\/3","url":"\/6.2\/II\/10\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53157,"edition_id":2,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":3,"parent_id":53156,"metadata":{"child_laws":100,"child_structures":6},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:28:00","permalink":{"id":1490689,"object_type":"structure","relational_id":53157,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53156,"edition_id":2,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":53152,"metadata":{"child_laws":483,"child_structures":51},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:27:56","permalink":{"id":1490687,"object_type":"structure","relational_id":53156,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373569,"structure_id":53161,"section_number":"6.2-1047","catch_line":"Definitions","url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","metadata":false},{"id":373570,"structure_id":53161,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},{"id":373571,"structure_id":53161,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},{"id":373573,"structure_id":53161,"section_number":"6.2-1050","catch_line":"Directors","url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","metadata":false},{"id":373574,"structure_id":53161,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},{"id":373575,"structure_id":53161,"section_number":"6.2-1052","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1052\/","token":"6.2\/II\/10\/3\/6.2-1052","metadata":false},{"id":373576,"structure_id":53161,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","metadata":false},{"id":373577,"structure_id":53161,"section_number":"6.2-1054","catch_line":"Certificate required","url":"\/6.2-1054\/","token":"6.2\/II\/10\/3\/6.2-1054","metadata":false},{"id":373578,"structure_id":53161,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},{"id":373579,"structure_id":53161,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","metadata":false},{"id":373580,"structure_id":53161,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},{"id":373581,"structure_id":53161,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","metadata":false},{"id":373582,"structure_id":53161,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},{"id":373584,"structure_id":53161,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},{"id":373585,"structure_id":53161,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","metadata":false},{"id":373586,"structure_id":53161,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},{"id":373587,"structure_id":53161,"section_number":"6.2-1063","catch_line":"Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected","url":"\/6.2-1063\/","token":"6.2\/II\/10\/3\/6.2-1063","metadata":false},{"id":373588,"structure_id":53161,"section_number":"6.2-1064","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1064\/","token":"6.2\/II\/10\/3\/6.2-1064","metadata":false}],"previous_section":{"id":373571,"structure_id":53161,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},"next_section":{"id":373574,"structure_id":53161,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1050\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 286 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490897,"object_type":"law","relational_id":373573,"identifier":"6.2-1050","token":"6.2\/II\/10\/3\/6.2-1050","url":"\/6.2-1050\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","dublin_core":{"Title":"Directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1050","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The affairs of every trust subsidiary<\/span> incorporated under the laws<\/span> of the Commonwealth shall be managed by a board of directors. The board shall consist of not fewer than five individuals. A majority of the directors shall be citizens of the Commonwealth. Directors need not be stockholders of the trust subsidiary<\/span> unless the articles of incorporation so require.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIRECTORS (\u00a7 6.2-1050)\n\nThe affairs of every trust subsidiary incorporated under the laws of the\nCommonwealth shall be managed by a board of directors. The board shall consist\nof not fewer than five individuals. A majority of the directors shall be\ncitizens of the Commonwealth. Directors need not be stockholders of the trust\nsubsidiary unless the articles of incorporation so require.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.4; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}