§ 6-407. Amendment - Trust powers.

Any bank heretofore organized not authorized by its certificate of incorporation to exercise trust powers may file an application with the State Banking Commissioner requesting such authority.

1.  The application must be approved by majority vote of the outstanding voting stock and the resolution so adopted must be duly verified by the president or cashier of the bank.

2.  In passing upon the application, the Commissioner will give consideration to the following matters and to any other facts and circumstances the Commissioner deems proper:

a.whether the bank has sufficient capital to exercise the fiduciary powers applied for, which capital shall be no less than Two Million Dollars ($2,000,000.00),

b.the proposed market for fiduciary services and the probable volume of such fiduciary business available to the bank,

c.the general condition of the bank, including the adequacy of its capital in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, including the exercise of fiduciary powers,

d.the general character and ability of the management of the bank,

e.the nature of the supervision to be given to the fiduciary activities, including the qualifications, experience and character of the proposed officer or officers of the trust department, and

f.whether the bank has available legal counsel to advise and pass upon fiduciary matters whenever necessary.

3.  The qualifying bank may, by appropriate amendment to its certificate of incorporation, change its name by adding thereto, "& Trust Company" or "and Trust Company".

4.  An application for authority to exercise trust powers shall be accompanied by a fee as set by rule of the Banking Board.

Added by Laws 1965, c. 161, § 407.  Amended by Laws 1975, c. 109, § 9, emerg. eff. May 7, 1975; Laws 1982, c. 223, § 8; Laws 1990, c. 173, § 3, emerg. eff. May 3, 1990; Laws 1997, c. 111, § 42, eff. July 1, 1997; Laws 2000, c. 205, § 14, emerg. eff. May 17, 2000.