T26CH33

Title 26 > T26CH33

Sections (5)

26-3301

TITLE 26 BANKS AND BANKING CHAPTER 33 TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES 26-3301. Trust business. A state trust company or a state bank may: (1) Perform any act as a fiduciary; (2) Engage in any trust business; (3) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power conferred in this act. History: [26-3301, added 2000, ch. 288, sec. 9, p. 980.]

26-3302

TITLE 26 BANKS AND BANKING CHAPTER 33 TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES 26-3302. Branches and offices of state trust institutions. (1) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this act, and at a branch in this state. (2) A state trust institution may not act as a fiduciary but may otherwise engage in a trust business at a representative trust office as permitted by this act. (3) Notwithstanding subsections (1) and (2) of this section, a state trust institution may not engage at an out-of-state office in any trust business not permitted for such an office by the host state to trust institutions chartered by such state. History: [26-3302, added 2000, ch. 288, sec. 9, p. 981.]

26-3303

TITLE 26 BANKS AND BANKING CHAPTER 33 TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES 26-3303. State trust company principal office. (1) Each state trust company must have and continuously maintain a principal office in this state. (2) Each executive officer at the principal office is an agent of the state trust company for service of process. (3) A state trust company may change its principal office to any location within this state by filing a written notice with the director setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change. (4) The change of principal office shall take effect on the thirty-first day after the date the director receives the notice pursuant to subsection (3) of this section, unless the director establishes an earlier or later date or unless prior to such day the director notifies the state trust company that it must establish to the satisfaction of the director that the relocation is consistent with the provisions of this act for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the director. History: [26-3303, added 2000, ch. 288, sec. 9, p. 981.]

26-3304

TITLE 26 BANKS AND BANKING CHAPTER 33 TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES 26-3304. Trust office — Representative trust office. (1) A state trust institution may establish or acquire, and maintain, trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire, and maintain, such an office shall file a written notice with the director setting forth the name of the state trust institution, the location of the proposed additional office and whether the additional office will be a trust office or a representative trust office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee, if any, prescribed by the director. (2) The state trust institution may commence business at the additional office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date. (3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the director. (4) The director may deny approval of the additional office if the director finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. History: [26-3304, added 2000, ch. 288, sec. 9, p. 981.]

26-3305

TITLE 26 BANKS AND BANKING CHAPTER 33 TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES 26-3305. Out-of-state offices. (1) A state bank, a state trust company or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire, and maintain, an office in another state under this section shall file a notice with the director on a form prescribed by the director, which shall set forth the name of the trust institution, the location of the proposed office, whether the office will be a trust office or a representative trust office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution, furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay the filing fee, if any, prescribed by the director. (2) The trust institution may commence business at the additional office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date. (3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the trust institution may establish the additional office only on prior written approval by the director. (4) The director may deny approval of the additional office if the director finds that the trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies. History: [26-3305, added 2000, ch. 288, sec. 9, p. 982.]