§ 81-27-6.102. Application regarding acquisition of control
The proposed transferee seeking approval to acquire control of a state trust company or a person that controls a state trust company must file with the commissioner: An application in the form prescribed by the commissioner; The filing fee required by statute, rule or regulation; All information required by rule or that the commissioner requires […]
§ 81-27-5.104. Mutual funds
A state trust company may invest for its own account in equity securities of an investment company registered under the Investment Company Act of 1940 (15 USCS Section 80a-1 et seq.) and the Securities Act of 1933 (15 USCS Section 77a et seq.) if the portfolio of the investment company consists wholly of investments in […]
§ 81-27-5.105. Engaging in commerce prohibited
Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of the state trust business, except as necessary to fulfill a fiduciary […]
§ 81-27-5.201. Lending limits
A state trust company’s total outstanding loans and extensions of credit to a person other than an insider may not exceed an amount equal to fifteen percent (15%) of the state trust company’s capital. The aggregate loans and extensions of credit outstanding at any time to insiders of the state trust company may not exceed […]
§ 81-27-5.202. Lease financing transactions
Subject to rules or regulations adopted under this chapter, a state trust company may become the owner and lessor of tangible personal property for lease financing transactions on a net lease basis on the specific request and for the use of a client. Without the written approval of the commissioner to continue holding property acquired […]
§ 81-27-5.301. Trust deposits
A state trust company may deposit trust funds with itself as an investment if authorized by the settlor or the beneficiary provided: It maintains as security for the deposits a separate fund of securities, legal for trust investments, under control of a federal reserve bank or a clearing corporation, as defined by Section 75-8-102, either […]
§ 81-27-5.302. Common investment funds
A state trust company may establish common trust funds to provide investment to itself as a fiduciary. The commissioner may adopt rules to administer and carry out this section, including but not limited to rules to establish investment and participation limitations, disclosure of fees, audit requirements, limit or expand investment authority for particular classes or […]
§ 81-27-5.401. Borrowing limit
Except with the prior written approval of the commissioner, a state trust company may not have liabilities outstanding exceeding an amount equal to five (5) times its capital.
§ 81-27-5.402. Pledge of asset
A state trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or as specifically authorized or required by Section 81-27-5.301, or by rules or regulations adopted under this article. An act, deed, conveyance, pledge, or contract in violation of this section is […]
§ 81-27-6.001. Additional definitions
In Articles 6, 7 and 8 of this chapter: “Capital” means: a. Has been actually received; b. Is less than all of that consideration; and c. The board, by resolution adopted not later than the sixtieth day after the date of issuance of those shares, has allocated to surplus with the prior approval of the […]