26-3501. PREREQUISITE TO ENGAGING IN TRUST BUSINESS. (1) A corporation duly organized for the purpose of engaging in the trust business may apply for a charter to operate as 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. […]
26-3502. APPLICATION FOR CHARTER. An application for a state trust company or trust department charter shall be in writing and in such form as the director shall prescribe, verified under oath and supported by such information, data and records as the director may require. History: [26-3502, added 2000, ch. 288, sec. 11, p. 985.]
26-3503. APPLICATION FEE. A reasonable application fee, as set by the director, shall be paid to the department with respect to each application for a charter under this chapter at the time the application is filed. History: [26-3503, added 2000, ch. 288, sec. 11, p. 985.]
26-3504. MINIMUM CAPITAL. (1) A charter shall not be issued to a corporation applying for a state trust company charter having a paid-in capital of less than one million five hundred thousand dollars ($1,500,000). (2) A charter to operate a trust department shall not be issued to a bank unless the capital of the bank […]
26-3505. ISSUANCE OF CHARTER. Upon the filing of an application the director shall make or cause to be made an investigation and examination of the facts concerning the applicant and shall issue a charter if he finds: (1) The applicant is a corporation having powers and purposes to engage in the trust business, organized under […]
26-3506. RECORDS — PRESERVATION OF RECORDS. A state trust company or trust department shall keep and use in its business any books, accounts and records which will enable the director to determine whether the trust institution is complying with the provisions of this act and the rules and orders of the director. The director may […]
26-3507. DISCLOSURE OF INFORMATION. A state trust company or trust department, its officers and employees, shall not disclose information to any person concerning the existence, condition, management and administration of any trust of which it is the trustee except as such disclosure: (1) Is specifically authorized by the terms of the trust or upon the […]
26-3508. TRUST FUNDS. (1) All moneys received by a state trust company as a fiduciary on trust business within this state shall be deposited in a bank, in a specially designated account or accounts, shall not be commingled with any funds of the state trust company and shall remain on deposit until disbursed or invested […]
26-3509. LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED. (1) A state trust company or bank having a trust department shall not make any loan to any director, officer or employee of the trust institution or to any affiliate or subsidiary corporation or to any director, officer or employee […]
26-3510. CLOSING OF TRUST UNDULY DELAYED. If, as a result of an examination, the director finds that the closing of any trust by a state trust company has been unreasonably delayed, the director may initiate proceedings in a court of competent jurisdiction to require the state trust institution to perform its duties in closing the […]
