102-A – Limited Liability Trust Companies.

§  102-a.  Limited liability trust companies. 1. Trust companies which
  (a) do not receive deposits from the general public and  (b)  have  been
  exempted   by   the   superintendent  of  financial  services  from  the
  requirements of section thirty-two of this chapter, may  be  formed  and
  operated  as  limited  liability trust companies. Such limited liability
  trust companies shall be formed in accordance  with,  shall  operate  in
  compliance  with,  and shall meet all of the requirements of the limited
  liability company law and this chapter, except that to  the  extent  any
  provision  of  the  limited  liability company law shall be inconsistent
  with the provisions of this chapter,  the  provisions  of  this  chapter
  shall  govern; provided, however, that limited liability trust companies
  shall not have perpetual existence.
2. Notwithstanding any other provision  of  this  chapter,  a  limited
  liability trust company shall dissolve and its affairs shall be wound up
  upon  the occurrence of any event specified in section seven hundred one
  of the limited liability company  law.  Upon  such  a  dissolution,  the
  provisions of this chapter shall govern the winding up of the affairs of
  the  limited liability trust company and the distribution of its assets.
  Further, upon such a dissolution, if the members of a limited  liability
  trust company wish to continue the existence of the company and meet the
  requirements  of  section  seven  hundred  one  of the limited liability
  company law, they shall apply for and may receive the  approval  of  the
  superintendent  for new articles of organization and a new authorization
  certificate.
3. Trust companies which have been formed and are  operating  pursuant
  to  this  article  and  article fifteen of this chapter on the effective
  date of this section, and which meet the requirements of subdivision one
  of this section,  may,  with  the  approval  of  the  superintendent  of
  financial  services,  convert  into  limited  liability trust companies,
  provided that they meet all of the other requirements of this chapter as
  if they were newly formed companies.
4. The superintendent is hereby authorized and empowered to make  such
  general  rules  and  regulations  as  may  be  necessary  and  proper to
  effectuate the provisions of this chapter relating to the formation  and
  operation of limited liability trust companies.