CHAPTER 283

An Act to amend and reenact § 6-108.1 of the Code of Virginia, relating
to the holding of stock by banks as fiduciaries. [H 279]

Approved March 12, 1958

Be it enacted by the General Assembly of Virginia:

1. 7 joe § 6-103.1 of the Code of Virginia be amended and reenacted
as follows:

§ 6-103.1. A bank holding stock as fiduciary may hold it in the name
of a nominee without mention of the trust in the stock certificate or stock
registry book. A fiduciary registering stock in the name of a nominee as
herein permitted, shall (1) clearly show upon its trust records the owner-
ship of the stock by the fiduciary and the facts regarding its holding, and
(2) shall provide that the nominee shall not have possession of the stock
certificate nor access thereto except under the immediate supervision of
the fiduciary. The fiduciary shall be personally liable for any loss to the
trust resulting from any act of such nominee in connection with stock
so held. Any individual serving as co-fiduciary with a bank may consent
to the bank holding such stock in the name of a nominee as herein pro-
vided, but provided further in such case said bank shall forthwith upon
demand of said individual co-fiduciary cause said stock to be transferred
into the name of the fiduciaries in their fiduciary capacity.