(a) A state trust company shall not engage in the trust business until it receives its charter from the Bank Commissioner.
(b) The commissioner shall not deliver the charter for a state trust company until the state trust company has:(1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and(2) Complied with all other requirements of this chapter relative to the organization of a state trust company.
(1) Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and
(2) Complied with all other requirements of this chapter relative to the organization of a state trust company.
(c) If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within the period that may have been extended, the commissioner may revoke the charter or cancel the conditional approval of application for charter without judicial action.