An officer or employee of a trust company may not accept or administer, as an individual, any trust account, unless the board of directors approves and monitors the arrangement. While employed by a trust company or receiving remuneration therefrom, an officer or employee of a trust company may not engage in a licensed activity and receive commissions, fees, or other similar income from such activity.

Statutory Authority

§ 6.2-1034 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0205 § 9, eff. April 20, 1995.