(a) An application for a state trust company charter shall be:(1) Made under oath and in the form required by the Bank Commissioner;(2) Supported by information, data, records, and opinions of counsel that the commissioner requires;(3) Accompanied by a nonrefundable filing fee of not less than three thousand dollars ($3,000) nor more than ten thousand dollars ($10,000) as set by rule of the commissioner; and(4) Accompanied by proof of escrow of deposit for the required capital.
(1) Made under oath and in the form required by the Bank Commissioner;
(2) Supported by information, data, records, and opinions of counsel that the commissioner requires;
(3) Accompanied by a nonrefundable filing fee of not less than three thousand dollars ($3,000) nor more than ten thousand dollars ($10,000) as set by rule of the commissioner; and
(4) Accompanied by proof of escrow of deposit for the required capital.
(b) (1) The commissioner shall grant a state trust company charter only on proof that one (1) or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company.(2) In making such a determination under subdivision (b)(1) of this section, the commissioner shall:(A) Examine the business plan which shall be submitted as part of the application for a state trust company charter; and(B) Consider the following information:(i) The market or markets to be served;(ii) Whether or not the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;(iii) Whether or not the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;(iv) Whether or not the proposed officers and directors of the state trust company, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;(v) Whether or not each principal shareholder of the proposed state trust company has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law; and(vi) Whether or not the organizers of the proposed state trust company are acting in good faith.
(1) The commissioner shall grant a state trust company charter only on proof that one (1) or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company.
(2) In making such a determination under subdivision (b)(1) of this section, the commissioner shall:(A) Examine the business plan which shall be submitted as part of the application for a state trust company charter; and(B) Consider the following information:(i) The market or markets to be served;(ii) Whether or not the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;(iii) Whether or not the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;(iv) Whether or not the proposed officers and directors of the state trust company, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;(v) Whether or not each principal shareholder of the proposed state trust company has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law; and(vi) Whether or not the organizers of the proposed state trust company are acting in good faith.
(A) Examine the business plan which shall be submitted as part of the application for a state trust company charter; and
(B) Consider the following information:(i) The market or markets to be served;(ii) Whether or not the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;(iii) Whether or not the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;(iv) Whether or not the proposed officers and directors of the state trust company, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;(v) Whether or not each principal shareholder of the proposed state trust company has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law; and(vi) Whether or not the organizers of the proposed state trust company are acting in good faith.
(i) The market or markets to be served;
(ii) Whether or not the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;
(iii) Whether or not the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;
(iv) Whether or not the proposed officers and directors of the state trust company, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;
(v) Whether or not each principal shareholder of the proposed state trust company has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law; and
(vi) Whether or not the organizers of the proposed state trust company are acting in good faith.
(c) The failure of an applicant for a state trust company charter to furnish required information, data, opinions of counsel, other material, or the required fee is considered an abandonment of the application.