Virginia § 6.2-1016 - Bond required
Full text of Virginia Code of Virginia § 6.2-1016 — Bond required, with citation guidance and answers to common questions.
§ 6.2-1016. Bond required
A. No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.
B. In no event shall the amount of the surety bond be less than $1 million.
C. The surety bond required by this section shall be for the benefit of:
1. Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;
2. Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and
3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.
D. The Commission may revoke the certificate of any trust company that the Commission finds has failed to maintain a bond as required by this section.
1993, c. 432, § 6.1-32.17; 2010, c. 794.
Frequently Asked Questions About Virginia § 6.2-1016
What does Code of Virginia § 6.2-1016 cover?
Section 6.2-1016 ("Bond required") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 6.2-1016?
A common citation format is "Code of Virginia § 6.2-1016" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 6.2-1016 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.