TITLE 26

BANKS AND BANKING

CHAPTER 35

TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS

26-3501.  Prerequisite to engaging in trust business. (1) A corporation duly organized for the purpose of engaging in the trust business may apply for a charter to operate as a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.

(2)  A bank having the power to engage in the trust business, which is organized under the laws of this state or authorized to do business in this state, and which is chartered under the provisions of the Idaho bank act to engage in banking business in the state of Idaho, may apply for a charter from the director authorizing it to operate a trust department.

(3)  To the extent not inconsistent with specific provisions of this chapter, and in the discretion of the director, provisions of the Idaho bank act regarding organization, operation and closing of banks shall apply to applicants for a charter under this chapter and to state trust companies.

History:

[26-3501, added 2000, ch. 288, sec. 11, p. 985.]