§ 81-27-4.303. Conversion to public trust company
A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the private trust […]
§ 81-27-4.203. Change in outstanding capital and surplus
A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or participation shares, or otherwise, without the prior approval of the commissioner, except as permitted by this section or rules adopted under this article. Unless otherwise restricted by rules or regulations, prior approval is not required for […]
§ 81-27-4.204. Capital notes or debentures
With the prior written approval of the commissioner, any state trust company may, at any time, through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures, which must be subordinate to the claims or depositories and may be subordinate to other claims, including […]
§ 81-27-4.301. Private trust company
A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the commissioner pursuant to this section, by rule or regulation adopted by the commissioner or under a predecessor statute. A private […]
§ 81-27-4.302. Requirements to apply for and maintain status as a private trust company
Application. A private trust company requesting an exemption from the provisions of this chapter pursuant to Section 81-27-4.301 shall file an application with the commissioner containing the following: The commissioner shall not approve a private trust company exemption unless the application is completed as required in paragraph (1) of this subsection. The exempt private trust […]
§ 81-27-4.101. Organization and powers of state trust company
Subject to the other provisions of this article, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state. Subject to Section 81-27-4.107, a state trust company may exercise the powers of […]
§ 81-27-4.102. Articles of association of state trust company
The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain: The name of the state trust company; The period of its duration, which may be perpetual; The powers of the state trust company, which may be stated as: All powers granted to a state trust […]
§ 81-27-4.103. Certificate to incorporate and organize
Before any trust company may be organized and formed, the prospective incorporators shall give notice to the commissioner of their desire to engage in trust activities and apply for a certificate of authority to incorporate, and shall at the time file with the commissioner a copy of the proposed articles of incorporation, duly sworn to […]
§ 81-27-4.104. Investigation for state trust company charter
The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) examine the business plan which shall be submitted as part […]
§ 81-27-4.105. Issuance of charter
A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has: Received cash or marketable securities in at least the full amount of required capital from subscriptions for the issuance of shares or participation […]