9-2317 Entity as trust advisor; requirements.
9-2317. Entity as trust advisor; requirements. (a) If an entity is appointed as a trust advisor, the provisions of article 8 of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall not apply to such entity, if the entity: (1) Is established for the exclusive purpose of acting as a trust advisor; (2) […]
9-2318 Indemnification of trust advisor; exceptions.
9-2318. Indemnification of trust advisor; exceptions. An instrument may relieve and indemnify a trust advisor and a fiduciary financial institution that serves as trustee of a fidfin trust or alternative asset custody account from liability for a breach of fiduciary duty if any such provision is unenforceable to the extent that it relieves the trust […]
9-2303 Fees and assessments; examination expenses; remittance of moneys.
9-2303. Fees and assessments; examination expenses; remittance of moneys. (a) Every fiduciary financial institution shall be assessed an initial fee of $500,000 to be remitted concurrently with the issuance of such fiduciary financial institution’s charter. The expense of every annual regular fiduciary financial institution examination, together with the expense of administering fiduciary financial institution laws, […]
9-2304 Provisions of state banking code applicable; exceptions; conflict of law.
9-2304. Provisions of state banking code applicable; exceptions; conflict of law. (a) To the extent a conflict does not exist between this act and chapter 9 of the Kansas Statutes Annotated, and amendments thereto, the provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall apply to a fiduciary financial institution in […]
9-2305 Capitalization requirements.
9-2305. Capitalization requirements. (a) For purposes of this section, “capital” means the total of the aggregate par value of a fiduciary financial institution’s outstanding membership units, its surplus and its undivided profits. (b) (1) The required capital for fiduciary financial institutions shall at all times be $250,000 when: (A) The fiduciary financial institution does not […]
9-2306 Board of directors; membership; annual meeting; oath; notification of commissioner.
9-2306. Board of directors; membership; annual meeting; oath; notification of commissioner. (a) The business of any fiduciary financial institution shall be managed and controlled by such fiduciary financial institution’s board of directors. (b) The board shall consist of not less than five nor more than 25 members who shall be elected by the members at […]
9-2307 Report to commissioner; safety and soundness.
9-2307. Report to commissioner; safety and soundness. (a) A fiduciary financial institution shall make a report to the commissioner pursuant to the provisions of K.S.A. 9-1704, and amendments thereto. In making such a report, a fiduciary financial institution shall: (1) Report the fiduciary financial institution’s fidfin transactions pursuant to generally accepted accounting principles; and (2) […]
9-2308 Name of institution; advertising; restrictions.
9-2308. Name of institution; advertising; restrictions. A fiduciary financial institution may use in such fiduciary financial institution’s business name or advertising the words “fiduciary financial institution” or any similar term or phrase, but may not use in such institution’s name the words “bank” or “trust company” without reference to fidfin trusts or any other term […]
9-2309 Maintaining suitable office space; requirements; staffing; maintenance of records.
9-2309. Maintaining suitable office space; requirements; staffing; maintenance of records. (a) A fiduciary financial institution shall: (1) Maintain suitable office space in an economic growth zone, as defined in K.S.A. 2021 Supp. 9-2301, and amendments thereto, for fidfin transactions, custodial services and trust business and for the storage of, and access to, fiduciary financial institution […]
9-2310 General powers.
9-2310. General powers. (a) Any fiduciary financial institution is hereby authorized to exercise by its board of directors or duly authorized officers or agents, subject to law, the following powers: (1) To engage in fidfin transactions in accordance with K.S.A. 2021 Supp. 9-2311, and amendments thereto; (2) to receive, retain and manage alternative asset custody […]