§ 45-2-2107. Adequate Capital Structure — Factors Considered
No state trust company shall be organized with capital of less than five hundred thousand dollars ($500,000), or such greater amount as may be required by the commissioner after considering the factors in this section.
The commissioner may at any time prescribe a capital structure for a state trust company that the commissioner deems adequate for it to operate in a safe and sound manner. The commissioner shall consider the following factors in determining an adequate capital structure:
The nature and type of business conducted or to be conducted;
The nature and liquidity of assets currently held or to be held in the state trust company’s own account;
The amount of fiduciary assets currently or projected to be under management or administration;
The type of fiduciary assets currently held or proposed to be held, and the depository of such assets;
The complexity of fiduciary duties and degree of discretion proposed currently or to be undertaken;
The competence and experience of current or proposed management;
The extent and adequacy of internal controls;
The reasonableness of any business plan for retaining or acquiring additional equity capital;
The existence and adequacy of insurance for protecting the state trust company’s fiduciary assets; and
Any other factors the commissioner may deem relevant.
