§ 11-109-306. Procedure for Granting or Denying Charter
Within sixty days following the filing of the completed application for charter, the commissioner shall make or cause to be made a careful investigation to determine that the following requirements have been met: That the applicant has proceeded in a lawful manner; That the name is not deceptively similar to that of another trust company […]
§ 11-109-401. Acquisition of Majority Control Over an Existing Trust Company – Definitions
As used in this section, unless the context other requires: “Controlling person” means a person who is in control of a trust company or would be in control of a trust company after the proposed acquisition. A person shall be deemed to have acquired control of a trust company if as a result of acquisition […]
§ 11-109-402. Reports to the Banking Board and to the Commissioner
The board of directors shall cause the financial statements of the trust company to be prepared in accordance with generally accepted accounting principles consistently applied, except as the banking board may otherwise provide in order to establish regulatory and competitive parity and pursuant to the policies expressed in section 11-101-102. The board of directors shall […]
§ 11-109-501. Directors’ Meetings – Duties
The board of directors of a trust company shall meet at least quarterly. A special meeting of the board of directors may be called by the banking board. The board of directors shall maintain minutes of each meeting including the record of attendance. A director who fails to attend three consecutive meetings of the board […]
§ 11-109-502. Director and Officer Insurance and Fidelity Bonds – Legislative Declaration
The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in this article, including the provisions of section 11-101-102: Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, that provides insurance […]
§ 11-109-601. Penalty for Noncompliance With the Law
[ Editor’s note: This version of this section is effective until March 1, 2022. ] It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold himself or herself out as being engaged in or doing a trust company business, or to use […]
§ 11-109-602. Assessment of Civil Money Penalties by Banking Board
After notice and a hearing as provided in article 4 of title 24, C.R.S., and after making a determination that no other appropriate governmental agency has taken similar action against such person for the same act or practice, the banking board may assess against and collect a civil penalty from: (1) (a) (I) After notice […]
§ 11-109-603. No Indemnification or Insurance Against Civil Money Penalties
Notwithstanding any other provision of law, no trust company shall indemnify or insure any executive officer, director, employee, agent, or person participating in the conduct of affairs of such trust company against civil money penalties. Source: L. 2003: Entire article added with relocations, p. 1194, § 3, effective July 1. Editor’s note: This section is […]
§ 11-109-604. Removal of Director, Officer, or Other Person
The banking board may serve any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company with a written notice of its intention to remove him or her from office whenever the banking board determines: That any such person has committed any violation of this article, […]
§ 11-109-605. Suspension of Director, Officer, or Other Person
The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold his or her position, or who after receipt of an order of the banking board to cease and desist violates this article or a lawful […]