(a) (1) A private trust company may terminate its status as a private trust company and commence transacting business with the general public.(2) A private trust company desiring to commence transacting business with the general public shall file an application on a form prescribed by the Bank Commissioner.(3) The application required under subdivision (a)(2) of this section shall provide:(A) The name of the private trust company;(B) An acknowledgment that any exemption granted or otherwise applicable to the private trust company under this subchapter shall cease to apply on the effective date of the notice;(C) A copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public; and(D) The payment of the filing fee, if any, prescribed by the commissioner.
(1) A private trust company may terminate its status as a private trust company and commence transacting business with the general public.
(2) A private trust company desiring to commence transacting business with the general public shall file an application on a form prescribed by the Bank Commissioner.
(3) The application required under subdivision (a)(2) of this section shall provide:(A) The name of the private trust company;(B) An acknowledgment that any exemption granted or otherwise applicable to the private trust company under this subchapter shall cease to apply on the effective date of the notice;(C) A copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public; and(D) The payment of the filing fee, if any, prescribed by the commissioner.
(A) The name of the private trust company;
(B) An acknowledgment that any exemption granted or otherwise applicable to the private trust company under this subchapter shall cease to apply on the effective date of the notice;
(C) A copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public; and
(D) The payment of the filing fee, if any, prescribed by the commissioner.
(b) The applicant may commence transacting business with the general public thirty (30) days after the application is approved by the commissioner, unless the commissioner specifies another date.
(c) (1) The thirty-day period of review under subsection (b) of this section may be extended by the commissioner on determination that the application raises issues that require additional information or additional time for analysis.(2) If the period for review is extended, the applicant may commence transacting business with the public only on prior written approval by the commissioner.
(1) The thirty-day period of review under subsection (b) of this section may be extended by the commissioner on determination that the application raises issues that require additional information or additional time for analysis.
(2) If the period for review is extended, the applicant may commence transacting business with the public only on prior written approval by the commissioner.
(d) The commissioner may deny approval of the application of the private trust company to commence transacting business with the general public if the commissioner finds that the:(1) Applicant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness;(2) Proposed transacting of business with the general public would be contrary to the public interest; or(3) Applicant will not within a reasonable period be in compliance with any provision of this chapter from which the applicant had been previously exempted under this subchapter.
(1) Applicant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness;
(2) Proposed transacting of business with the general public would be contrary to the public interest; or
(3) Applicant will not within a reasonable period be in compliance with any provision of this chapter from which the applicant had been previously exempted under this subchapter.