{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1053.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1053.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1053.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1053.html"}],"law_id":373576,"edition_id":2,"section_id":373576,"structure_id":53161,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","history":"Code 1950, \u00a7 6-46; 1966, c. 584, \u00a7 6.1-54; 1974, c. 665; 1979, c. 52; 1992, c. 365; 2010, c. 794.","full_text":"A\n\nThe board of directors of every trust subsidiary shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. The surety on every bond shall be a bonding or surety company authorized to transact business in Virginia, and the penalty of any such bond shall be increased whenever in the opinion of the Commission it is necessary for the protection of the public interest.\n\nB\n\nIf a trust subsidiary is unable to obtain the bond required by this section, it shall immediately notify the Commission, which may then direct the trust subsidiary to have an audit performed at its expense by an independent certified public accounting firm. The trust subsidiary shall obtain blanket bond coverage as soon as such coverage is available. Failure to obtain blanket bond coverage may be cause for action by the Commission as provided by § 6.2-906.\n\n","order_by":null,"text":{"0":{"id":1394263,"text":"The board of directors of every trust subsidiary shall require bonds from all of the active officials and employees of such corporation. In lieu of such bonds, the board may obtain one or more blanket bonds. The surety on every bond shall be a bonding or surety company authorized to transact business in Virginia, and the penalty of any such bond shall be increased whenever in the opinion of the Commission it is necessary for the protection of the public interest.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1394264,"text":"If a trust subsidiary is unable to obtain the bond required by this section, it shall immediately notify the Commission, which may then direct the trust subsidiary to have an audit performed at its expense by an independent certified public accounting firm. The trust subsidiary shall obtain blanket bond coverage as soon as such coverage is available. Failure to obtain blanket bond coverage may be cause for action by the Commission as provided by § 6.2-906.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1053\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. 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. Those modifications are as follows: in 1966, chapter 584; in 1974, chapter 665; in 1979, chapter 52; in 1992, chapter 365; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":374427,"section_number":"6.2-906","catch_line":"Disclosure of irregularities; Commission's powers","order_by":null,"url":"\/6.2-906\/"}],"permalink":{"id":1490909,"object_type":"law","relational_id":373576,"identifier":"6.2-1053","token":"6.2\/II\/10\/3\/6.2-1053","url":"\/6.2-1053\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","dublin_core":{"Title":"Bonds required of officers and employees; blanket bond","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1053","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The board of directors of every trust subsidiary<\/span> shall require bonds<\/span> from all of the active officials and employees of such corporation. In lieu of such bonds<\/span>, the board may obtain one or more blanket bonds<\/span>. The surety<\/span> on every bond<\/span> shall be a bonding or surety<\/span> company authorized to transact business in Virginia, and the penalty<\/span> of any such bond<\/span> shall be increased whenever in the opinion<\/span> of the Commission<\/span> it is necessary for the protection of the public interest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a trust subsidiary<\/span> is unable to obtain the bond<\/span> required by this section, it shall immediately notify the Commission<\/span>, which may then direct the trust subsidiary<\/span> to have an audit performed at its expense by an independent certified public accounting firm. The trust subsidiary<\/span> shall obtain blanket bond<\/span> coverage as soon as such coverage is available. Failure to obtain blanket bond<\/span> coverage may be cause for action by the Commission<\/span> as provided by § 6.2-906<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBONDS REQUIRED OF OFFICERS AND EMPLOYEES; BLANKET BOND (\u00a7 6.2-1053)\n\nA. The board of directors of every trust subsidiary shall require bonds from all\nof the active officials and employees of such corporation. In lieu of such\nbonds, the board may obtain one or more blanket bonds. The surety on every bond\nshall be a bonding or surety company authorized to transact business in\nVirginia, and the penalty of any such bond shall be increased whenever in the\nopinion of the Commission it is necessary for the protection of the public\ninterest.\n\nB. If a trust subsidiary is unable to obtain the bond required by this section,\nit shall immediately notify the Commission, which may then direct the trust\nsubsidiary to have an audit performed at its expense by an independent certified\npublic accounting firm. The trust subsidiary shall obtain blanket bond coverage\nas soon as such coverage is available. Failure to obtain blanket bond coverage\nmay be cause for action by the Commission as provided by § 6.2-906.\n\nHISTORY: Code 1950, \u00a7 6-46; 1966, c. 584, \u00a7 6.1-54; 1974, c. 665; 1979, c. 52;\n1992, c. 365; 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"}}