Banks; trust subsidiaries.

Banks; trust subsidiaries. Establishes amechanism by which a subsidiary bank of a Virginia bank holding companythat holds trust powers may be substituted in every fiduciary capacityfor a trust subsidiary under common ownership with that bank. Suchmechanism follows the existing procedures by which (i) a subsidiarybank may be substituted as fiduciary for another bank under commonownership and (ii) a trust subsidiary may be substituted as fiduciaryfor an owning or affiliated bank. In each case, the determinationas to whether the application for substitution will be granted is made by the circuit court of the jurisdiction in which the main officeof the petitioning bank or trust subsidiary is located.