§ 2402. Authority to organize; powers; limitations; prohibitions; exemptions (a) A company organized in this State may form an independent trust company in accordance with the provisions of this chapter. A company shall obtain a certificate of authority from the Commissioner before it may act as a fiduciary or engage in a trust business in […]
§ 2403. Formation (a) One or more persons may form an independent trust company in accordance with the provisions of this chapter. (b) The organizers forming an independent trust company shall apply to the Commissioner for a certificate of authority on prescribed forms containing information as may be required by the Commissioner. The application shall […]
§ 2404. Name; multiple locations (a) An independent trust company shall file any name proposed to be used in connection with a trust business or establishing a principal office or trust office in this State pursuant to this chapter. The Commissioner shall not approve a proposed name if the Commissioner determines that the name may […]
§ 2405. Periodic reports; examinations; cooperative agreements (a) The Commissioner may require reports from any independent trust company doing a trust business in this State, containing such information, including on its financial condition, at such times and in such format as the Commissioner may prescribe. (b) The Commissioner may make such examination of any person […]
§ 2406. Reciprocity (a) An independent trust company organized under the laws of a jurisdiction other than Vermont shall be authorized to engage in a trust business in this State, to the same extent and under the same conditions that an independent trust company formed in this State may operate in such other jurisdiction. The […]
§ 2407. Discontinuing trust business; merger and consolidation; sale of trust business; change in control (a) Discontinuance. An independent trust company that intends to discontinue its trust business in this State shall furnish notice to the Commissioner of its intention not less than 60 days before the discontinuance. It shall also mail written notice to […]
§ 2408. Laws applicable; matters of contract (a) An independent trust company exercising trust powers under this chapter shall be subject to the same responsibilities, liabilities, and penalties as an individual acting in like capacity, and the company shall have the same powers and shall receive the same compensation as individuals acting in like capacity, […]
§ 2409. Financial transactions (a) No assets held in a fiduciary capacity shall be mingled with the investments of the independent trust company or be liable for the debts or obligations of the independent trust company. Independent trust companies shall keep all monies, property, or securities held separate and apart from the assets of the […]
§ 2410. Powers of the Commissioner (a) In addition to other powers conferred by this chapter, the Commissioner may: (1) Restrict the transaction of any trust account when the Commissioner finds that extraordinary circumstances make the restriction necessary for the proper protection of the trust customers of the independent trust company. (2) Order the holders […]
§ 2411. Unsafe condition; receivership If the Commissioner finds a deficiency in capital or other unsafe or unsound condition of an independent trust company has not been remedied within the time prescribed under an order of the Commissioner issued pursuant to this chapter, the Commissioner may apply to the Superior Court in Washington County, to […]
