Effective – 28 Aug 2020, 2 histories
362.1037. Management authority, exclusively vested. — Exclusive authority to manage a family trust company shall be vested in:
(1) If a corporation, a board of directors that consists of at least three directors; or
(2) If a limited liability company, a board of directors or managers that consists of at least three directors or managers.
At least one director or manager of the company shall be a resident of this state.
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(L. 2017 H.B. 292, A.L. 2020 S.B. 599)