6.1-32.30:7 - (Repealed effective October 1, 2010) Limitation on powers
§ 6.1-32.30:7. (Repealed effective October 1, 2010) Limitation on powers.
A. In the exercise of any power held by a private trust company in itscapacity as a fiduciary, the private trust company shall have a duty not toexercise any power in such a way as to deprive the estate, trust or otherentity for which it acts as a fiduciary of an otherwise available taxexemption, deduction or credit for tax purposes or deprive a donor of trustassets of a tax exemption, deduction or credit or operate to impose a taxupon a donor or other person as owner of any portion of the estate, trust orotherwise.
B. Without limitation to subsection A, no family member who is a stockholderor member or who otherwise holds an equity interest in, or is serving as adirector, officer, manager, or employee of, a private trust company shallparticipate in or otherwise have a voice in any discretionary decision by theprivate trust company to distribute income or principal of any trust in orderto discharge a legal obligation of the family member or for the familymember's pecuniary benefit, unless:
1. The exercise of the discretion is limited by an ascertainable standardrelating to the health, education, support, or maintenance of that familymember;
2. The distribution is necessary for that family member's support, health oreducation; or
3. The instrument governing the administration of that trust clearly soprovides.
C. "Tax" includes, but is not limited to, federal, state or local income,gift, estate, generation-skipping transfer, or inheritance tax.
(2003, c. 910.)