{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1077.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1077.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1077.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1077.html"}],"law_id":373603,"edition_id":2,"section_id":373603,"structure_id":53163,"section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","history":"2003, c. 910, \u00a7 6.1-32.30:4; 2010, c. 794.","full_text":"A private trust company shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or declare a dividend or other distribution to its stockholders, members, or holders of equity interests, to the extent that such purchase, redemption, reacquisition, dividend, or distribution shall cause the private trust company&#8217;s paid-in capital, retained surplus and reserves to be reduced below $500,000.\n\n","order_by":null,"text":{"0":{"id":1394354,"text":"A private trust company shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the private trust company has issued, or declare a dividend or other distribution to its stockholders, members, or holders of equity interests, to the extent that such purchase, redemption, reacquisition, dividend, or distribution shall cause the private trust company&#8217;s paid-in capital, retained surplus and reserves to be reduced below $500,000.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53163,"edition_id":2,"name":"Private Trust Companies","identifier":"5","label":"article","depth":4,"order_by":5,"parent_id":53157,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 03:11:51","date_modified":"2026-08-02 12:28:01","permalink":{"id":1490995,"object_type":"structure","relational_id":53163,"identifier":"5","token":"6.2\/II\/10\/5","url":"\/6.2\/II\/10\/5\/","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":373600,"structure_id":53163,"section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","metadata":false},{"id":373601,"structure_id":53163,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","metadata":false},{"id":373602,"structure_id":53163,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},{"id":373603,"structure_id":53163,"section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077","metadata":false},{"id":373604,"structure_id":53163,"section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078","metadata":false},{"id":373605,"structure_id":53163,"section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079","metadata":false},{"id":373606,"structure_id":53163,"section_number":"6.2-1080","catch_line":"Limitation on powers","url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","metadata":false}],"previous_section":{"id":373602,"structure_id":53163,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},"next_section":{"id":373604,"structure_id":53163,"section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1077\/","history_text":"<p>This law was first created in 2003. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0910\">910<\/a> 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. 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 <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1491009,"object_type":"law","relational_id":373603,"identifier":"6.2-1077","token":"6.2\/II\/10\/5\/6.2-1077","url":"\/6.2-1077\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077","dublin_core":{"Title":"Reacquisition of shares or interests; dividends","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1077","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">private trust company<\/span> shall not purchase, redeem, or otherwise reacquire shares of stock or membership interests that the <span class=\"dictionary\">private trust company<\/span> has issued, or declare a dividend or other distribution to its stockholders, members, or holders of <span class=\"dictionary\">equity<\/span> interests, to the extent that such purchase, <span class=\"dictionary\">redemption<\/span>, reacquisition, dividend, or distribution shall cause the <span class=\"dictionary\">private trust company<\/span>&#8217;s paid-in capital, retained surplus and reserves to be reduced below $500,000.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nREACQUISITION OF SHARES OR INTERESTS; DIVIDENDS (\u00a7 6.2-1077)\n\nA private trust company shall not purchase, redeem, or otherwise reacquire\nshares of stock or membership interests that the private trust company has\nissued, or declare a dividend or other distribution to its stockholders,\nmembers, or holders of equity interests, to the extent that such purchase,\nredemption, reacquisition, dividend, or distribution shall cause the private\ntrust company&#8217;s paid-in capital, retained surplus and reserves to be\nreduced below $500,000.\n\nHISTORY: 2003, c. 910, \u00a7 6.1-32.30:4; 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"}}