(a) (1) A private trust company requesting an exemption from this chapter under § 23-51-1202 shall file an application with the Bank Commissioner containing:(A) A nonrefundable application fee of an amount not less than three thousand dollars ($3,000) nor more than five thousand dollars ($5,000), as set by rules issued by the commissioner;(B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application;(C) A statement under oath of the reason for requesting the exemption;(D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner;(E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States Postal Service post office box or a private mailbox, postal box, or mail drop;(F) A listing of the specific provisions of this chapter for which the request for exemption is made; and(G) (i) A certification that the private trust company is managed by, and its members are family members.(ii) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company shall be related within the second degree of affinity or consanguinity.(2) The commissioner shall not approve a private trust company exemption unless the application is completed as required in subdivision (a)(1) of this section.
(1) A private trust company requesting an exemption from this chapter under § 23-51-1202 shall file an application with the Bank Commissioner containing:(A) A nonrefundable application fee of an amount not less than three thousand dollars ($3,000) nor more than five thousand dollars ($5,000), as set by rules issued by the commissioner;(B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application;(C) A statement under oath of the reason for requesting the exemption;(D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner;(E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States Postal Service post office box or a private mailbox, postal box, or mail drop;(F) A listing of the specific provisions of this chapter for which the request for exemption is made; and(G) (i) A certification that the private trust company is managed by, and its members are family members.(ii) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company shall be related within the second degree of affinity or consanguinity.
(A) A nonrefundable application fee of an amount not less than three thousand dollars ($3,000) nor more than five thousand dollars ($5,000), as set by rules issued by the commissioner;
(B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application;
(C) A statement under oath of the reason for requesting the exemption;
(D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner;
(E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States Postal Service post office box or a private mailbox, postal box, or mail drop;
(F) A listing of the specific provisions of this chapter for which the request for exemption is made; and
(G) (i) A certification that the private trust company is managed by, and its members are family members.(ii) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company shall be related within the second degree of affinity or consanguinity.
(i) A certification that the private trust company is managed by, and its members are family members.
(ii) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company shall be related within the second degree of affinity or consanguinity.
(2) The commissioner shall not approve a private trust company exemption unless the application is completed as required in subdivision (a)(1) of this section.
(b) To maintain status as an exempt private trust company under this chapter, the exempt private trust company shall:(1) Not transact business with the public;(2) (A) File an annual certification that it is maintaining the conditions and limitations of its exempt status.(B) The annual certification required under subdivision (b)(2)(A) of this section shall be filed:(i) On a form provided by the commissioner and be accompanied by a fee set by rules issued by the commissioner; and(ii) On or before June 30 of each year.(C) (i) An annual certification shall not be valid unless it bears an acknowledgment stamped by the State Bank Department.(ii) The department shall have thirty (30) days from the date of receipt to return a copy of the acknowledged annual certification to the exempt private trust company.(iii) The burden shall be on the exempt private trust company to notify the department of a failure to return an acknowledged copy of an annual certification within the thirty-day period.(iv) The commissioner may examine or investigate the exempt private trust company periodically as necessary to verify the annual certification;(3) Comply with the principal office provisions of § 23-51-402 and with the address and telephone requirements of subdivision (a)(1)(E) of this section; and(4) Pay all applicable corporate franchise taxes.
(1) Not transact business with the public;
(2) (A) File an annual certification that it is maintaining the conditions and limitations of its exempt status.(B) The annual certification required under subdivision (b)(2)(A) of this section shall be filed:(i) On a form provided by the commissioner and be accompanied by a fee set by rules issued by the commissioner; and(ii) On or before June 30 of each year.(C) (i) An annual certification shall not be valid unless it bears an acknowledgment stamped by the State Bank Department.(ii) The department shall have thirty (30) days from the date of receipt to return a copy of the acknowledged annual certification to the exempt private trust company.(iii) The burden shall be on the exempt private trust company to notify the department of a failure to return an acknowledged copy of an annual certification within the thirty-day period.(iv) The commissioner may examine or investigate the exempt private trust company periodically as necessary to verify the annual certification;
(A) File an annual certification that it is maintaining the conditions and limitations of its exempt status.
(B) The annual certification required under subdivision (b)(2)(A) of this section shall be filed:(i) On a form provided by the commissioner and be accompanied by a fee set by rules issued by the commissioner; and(ii) On or before June 30 of each year.
(i) On a form provided by the commissioner and be accompanied by a fee set by rules issued by the commissioner; and
(ii) On or before June 30 of each year.
(C) (i) An annual certification shall not be valid unless it bears an acknowledgment stamped by the State Bank Department.(ii) The department shall have thirty (30) days from the date of receipt to return a copy of the acknowledged annual certification to the exempt private trust company.(iii) The burden shall be on the exempt private trust company to notify the department of a failure to return an acknowledged copy of an annual certification within the thirty-day period.(iv) The commissioner may examine or investigate the exempt private trust company periodically as necessary to verify the annual certification;
(i) An annual certification shall not be valid unless it bears an acknowledgment stamped by the State Bank Department.
(ii) The department shall have thirty (30) days from the date of receipt to return a copy of the acknowledged annual certification to the exempt private trust company.
(iii) The burden shall be on the exempt private trust company to notify the department of a failure to return an acknowledged copy of an annual certification within the thirty-day period.
(iv) The commissioner may examine or investigate the exempt private trust company periodically as necessary to verify the annual certification;
(3) Comply with the principal office provisions of § 23-51-402 and with the address and telephone requirements of subdivision (a)(1)(E) of this section; and
(4) Pay all applicable corporate franchise taxes.