TITLE 26

BANKS AND BANKING

CHAPTER 35

TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS

26-3505.  Issuance of charter. Upon the filing of an application the director shall make or cause to be made an investigation and examination of the facts concerning the applicant and shall issue a charter if he finds:

(1)  The applicant is a corporation having powers and purposes to engage in the trust business, organized under the laws of this state or authorized to do business in this state as a foreign corporation; and

(2)  The applicant has complied with all of the applicable provisions of this act; and

(3)  The ability and integrity of the persons involved in the management of the applicant’s business are such as to demonstrate that it will be operated in a sound and lawful manner; and

(4)  The applicant has adequate facilities to engage in trust business.

History:

[26-3505, added 2000, ch. 288, sec. 11, p. 986.]