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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 6.2. Financial Institutions and Services |
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SUBTITLE II. Depository Institutions and Trust Organizations |
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CHAPTER 10. Entities Conducting Trust Business |
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ARTICLE 2. Trust Companies |
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SECTION 6.2-1021. Commissions or fees for sale of stock not permitted |
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The Commission shall not issue a certificate of authority to a trust company if any commissions, fees, brokerage, or other compensation by whatever name have been paid or contracted to be paid by the trust company, or by anyone in its behalf, directly or indirectly, to any person for the sale of stock in such trust company. Nothing herein shall be construed to prohibit a trust company that has been issued a certificate of authority and is conducting operations from paying or contracting to pay such commissions or fees in connection with the issue or reissue of shares of stock of the trust company. |