A trust company shall be incorporated under and subject to the general corporation laws of this state not inconsistent with this article. The business activities of a trust company in this state shall be limited to the exercise of the power to: Act or be appointed by a court to act in like manner as […]
Each trust company shall have and continuously maintain a principal office in this state. Each executive officer at the principal office is an agent of the trust company for service of process. A trust company may change its principal office to any location within this state by filing a written notice with the banking board. […]
Notwithstanding any other provision of this article 109 to the contrary, a company does not engage in the trust business, or in any other business in a manner requiring a charter, under this article 109 or in an unauthorized trust activity by: Acting in the scope of authority as an agent of a trust institution; […]
No trust company may accept or hold savings deposits, time deposits, or certificates of deposit pursuant to section 11-109-201 (1)(d) unless such deposits are insured by the federal deposit insurance corporation or its successor. Each trust company shall immediately give notice to the banking board when it has applied to the federal deposit insurance corporation […]
Unless otherwise prohibited by law, a trust company and its affiliates may engage in any of the transactions described in subsection (2) of this section if such transactions are either: On terms and under circumstances, including credit standards, that are substantially the same, or at least as favorable to such trust company or its subsidiary, […]
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 […]
