CREATION OF TRUST COMPANIES
Application for incorporation--Approval procedure--Emergency procedure.
Considerations in ruling on application-Proceedings on application.
Articles of organization or incorporation--Submission and approval--Required
Amendment of articles--Extension of existence.
Starting date of trust company existence--Commencement of business.
Statement of payment of capital--Certificate of organization.
Authority to transact business required--Violation as misdemeanor.
Public trust companies to maintain office and perform trust administration in South
List of owners--Annual submission to director--Verification of list.
Officers of governing board--Bond required.
Meetings of governing board--Examination and audit of books and records.
Oath of board members.
Persons convicted of certain crimes ineligible to serve as board member, officer, or
key employee--Civil penalty--Criminal background investigation.
Determining capital--Minimum--Purpose of capital--Fidelity bond or liability
Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing.
Investments pledged to the division for the security of trust creditors of trust
company--Income from investments--Effective date of order requiring pledge
Payment of subscriptions--Reduction of common stock.
Transferring stock and ownership units.
Increasing capital stock or ownership units.
Registration of capital stock or ownership units.
Issuance of preferred stock.
Rights and liability of preferred stockholders--Dividends.
Issuance of convertible or nonconvertible capital notes or debentures.
Source of dividends.
Dividends from undivided profits.
Powers of trust company.
Retention of records--Promulgation of rules--Reproduction of records--Duty of
Periodic examination of trust company--Report of examination--Cooperative,
coordinating and information-sharing agreements among agencies.
Examination of fiduciary affairs of officers or employees--Examination of affiliated
companies or corporations.
Examination expenses paid by trust companies--Fees.
Annual report of trust company to director--Form of report--Request for additional
Authority of trust company revoked upon obstruction or interference with, or refusal
to submit to, examination of director.
Service of notice of charges--Contents of notice--Temporary cease and desist order.
Revocation of franchise for failure to comply with lawful requirements.
Hearing on revocation of trust authority.
Confidentiality of information generated by examination--Disclosure--Hearing.
Correction of unsafe or unsound condition or operation--Appointment of special
assistant--Appeal of appointment.
Director to take charge of insolvent trust company--Appointment of special assistant.
Plan for reorganization of insolvent trust company.
Appointment of receiver--Bond--Qualifications--Report--Removal.
Powers and duties of receiver--Order of payment of liabilities.
Liability of receiver.
Periodic examination of trust company in the hands of a receiver.
Suspension, liquidation, order against unsound practice, removal of director or
officer, or injunction.
Confidentiality of information--Inapplicability to certain actions.
Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.
Contents of notice of proposed acquisition.
Reason for disapproval of acquisition.
Procedure for merger, consolidation, conversion, or transfer of assets and liabilities
to another bank or trust company.
Necessity of execution or delivery of deed for merger or consolidation.
Fiduciary capacity of successor trust company.
Name of trust company--Name change.
Approval required for changing place of business--Examination and investigation by
Agreements between contracting trustee and original trustee as to authority of
Notice to director of agreement with contracting trustee.
Notice of disapproval of agreement with contracting trustee--Petition to remove
Establishment of trust service offices--Application.
, 51A-6A-60. Repealed.
Membership in federal reserve bank.
Depositing securities into federal reserve bank.
Registering investments in name of nominee--Liability of trust company.
Common trust funds and collective investment funds.
Conversion from state bank to trust company--Application--Investigation--Regulation.
Exclusion of entity from chapters 51A-5, 51A-6, and 51A-6A--Governing
documents--Notice to director.