§ 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 […]
§ 11-109-206. Trust Company Organized as a Limited Liability Company
Pursuant to section 11-102-104 (5.5)(c), a trust company charter may be issued to a limited liability company that otherwise meets the requirements of this article. A trust company organized as a limited liability company shall not be required to exist in perpetuity; except that the articles of organization of such a trust company shall provide […]
§ 11-109-606. Informal Enforcement Authority
The banking board, or the commissioner if so authorized by the banking board, shall have authority to initiate informal actions to enforce the provisions of this article. In this regard the banking board or the commissioner may, in its or the commissioner’s discretion, enter into written agreements such as a memorandum of understanding with, or […]
§ 11-107-107. Embezzlement or Misapplication of Funds
It is a criminal offense for any officer, director, shareholder, or employee of any bank to directly or indirectly embezzle, abstract, or misapply, or cause to be embezzled, abstracted, or misapplied, any of the funds or securities or other property of or under the control of the bank with intent to deceive, injure, cheat, wrong, […]