Title 13, Banks, Banking And Finance

Laws applicable; matters of contract. (a) In the exercise by a supervised trust company of its powers as guardian, executor, trustee, administrator or conservator, or of any office or duty imposed by any court, the supervised trust company shall be subject to the same responsibil…

Records; retention generally. Each supervised trust company in this state shall retain its business records for the periods prescribed by W.S. 13-5-403 through 13-5-408.

Records; permanent records. Each supervised trust company shall permanently retain the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, its general ledger, or the record kept by the supervised trus…

Records; records retained three years. All supervised trust company records pertaining to other parties such as transactional records shall be retained for three (3) years after the completion of the transactions pertaining to the records.

Records; requirements of state banking commissioner. All other supervised trust company records shall be retained for the periods prescribed by the commissioner.

Records; state banking commissioner to issue rules. (a) The commissioner shall issue rules classifying records kept by supervised trust companies and prescribing the periods for which records of each class shall be retained. The rules shall be reviewed and considered for revision…

Records; duty to produce records. After the period prescribed for the retention of records of its class the supervised trust company has no duty to produce the record in any action or proceeding if the supervised trust company has disposed of the records.

Records; reproduction. Any supervised trust company may cause any of its records including those held by it as a fiduciary, to be photographed, microfilmed, scanned or otherwise reproduced in permanent form. Any photograph, scan or reproduction has the same effect as the original…

Financial transactions. (a) Every supervised trust company shall keep all trust funds and investments separate and apart from the assets of the supervised trust company and all investments made by the supervised trust company as a fiduciary shall be designated so that the trust o…

Powers of the commissioner. (a) In addition to other powers conferred by this chapter, the commissioner shall: (i) Supervise and examine all supervised trust companies organized under the provisions of this chapter and all supervised trust companies shall be subject to the laws o…

Reports to commissioner. (a) The commissioner may call for special reports verified under oath from any supervised trust company at any time as necessary to inform the commissioner of the condition of the supervised trust company. (b) All reports required of supervised trust comp…

Failure to submit required report; fees; regulations. (a) If a supervised trust company fails to submit any report required pursuant to this chapter or any regulation adopted pursuant thereto within the prescribed period, the commissioner may impose and collect a fee for each day…

Surety bond; pledged investments; investment income; bond or pledge increases; hearings. (a) Any supervised trust company shall, before transacting any business, pledge or furnish a surety bond to the commissioner to cover costs likely to be incurred by the commissioner in a rece…

Fidelity bonds; insurance. (a) The directors or managers of a supervised trust company shall obtain fidelity bonds of not less than one million dollars ($1,000,000.00) providing coverage for any active officers, managers, members acting in a managerial capacity and employees, whe…

Suspension or revocation of charter. (a) The commissioner may suspend or revoke the charter of a supervised trust company if, after notice and opportunity for a hearing, the commissioner determines that: (i) The supervised trust company has failed or refused to comply with any or…

Continuing jurisdiction. If the certificate of a supervised trust company is surrendered, suspended or revoked, the supervised trust company shall continue to be subject to the provisions of this chapter for so long as it acts as a fiduciary with respect to any trust business pre…

Insolvency; unsafe condition; receivership. (a) If the commissioner finds a deficiency in capital or other unsafe or unsound condition of a supervised trust company that has not been remedied within the time prescribed under an order of the commissioner issued pursuant to W.S. 13…

Order declaring supervised trust company properly wound up and dissolved. (a) Upon the completion of the liquidation of a trust company pursuant to W.S. 13-5-417, the commissioner shall petition the court for an order declaring the supervised trust company properly wound up and d…

Voluntary dissolution of supervised trust company; liquidation; reorganization; application for dissolution; filing fee; filing with secretary of state; revocation of charter. (a) A supervised trust company may voluntarily dissolve in the manner provided herein. Voluntary dissolu…

Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by commissioner; removal. (a) Each officer, director, manager, member, employee or agent of a supervised trust company, following written notice from the commissioner sent b…

Change in place of business. (a) Any supervised trust company may apply in writing to the commissioner for permission to change its place of business to any other municipality in the state. The application shall be accompanied by a fee established by rule of the commissioner and …

Amendment to organizational instrument. (a) A supervised trust company may amend its organizational instrument pursuant to the requirements of W.S. 17-16-1001 through 17-16-1009 for a corporation or W.S. 17-29- 202 for a limited liability company. The articles of amendment shall …

Liability of directors, managers and officers. (a) Except as provided in this section, no director, manager or officer of any supervised trust company may be held individually liable to any person for participating in or consenting to any act or failure to act in the conduct of t…

Establishment of trust service offices; application. (a) After first applying for and obtaining the approval of the commissioner, one (1) or more trust service offices may be established and operated by a supervised trust company organized under the laws of this state. An applica…

Establishment of trust company branches; application; fee; activities; examination; criteria. (a) With prior approval of the commissioner a supervised trust company may establish and operate one (1) or more branches at any location in this state. (b) All applications for establis…

Mergers and acquisitions of supervised trust companies. (a) As used in this section: (i) "Consummation" means the moment when a merger or acquisition becomes effective; (ii) "Former trust company" means a trust company or business entity that will cease operations after a merger …

Formation and organizational instrument. (a) One (1) or more adult persons may organize a corporation or limited liability company for the purpose of forming a public trust company at a place in this state designated in the organizational instrument subject to the conditions pres…

Procedure upon filing of organizational instrument, application and other information. (a) The organizer shall apply to the commissioner for a charter. The application shall be on forms prescribed by the commissioner and shall contain such information as required by rule of the c…

Application filing fee. The application for a charter filed with the commissioner shall be accompanied by a fee established by rule of the commissioner to cover the expense of the investigation by the commissioner, the expense of the public hearing or meeting and other related ex…

Procedure for hearings or meetings on charter applications. If a party with a bona fide interest contests the charter application, the hearing held shall be a contested case under the Wyoming Administrative Procedure Act and shall comply with the requirements of that act. If the …

Emergency charters; fees. (a) Notwithstanding any other provisions contained in this chapter, a public trust company charter may be granted by the commissioner without a public meeting or hearing in any case determined by the commissioner to be an emergency arising from the insol…

Investigation and examination by banking commissioner. (a) Upon receiving the organizational instrument, application and other information required to be submitted under W.S. 13-5-501 and 13-5-502, the commissioner shall make a careful investigation and examination of the followi…

Approval or disapproval of application; criteria for approval; action upon application; interim charter; fee. (a) Within ninety (90) days after receipt of the transcript of the public meeting or hearing, the board shall in its discretion approve, conditionally approve or disappro…

Certificate of authority to commence business required; application; approval or denial; failure to commence business. If the application is approved and a charter granted by the board, the public trust company shall not commence business before receiving a certificate of authori…

Decisions by board appealable; grounds. Any decision of the board in approving or disapproving any charter or the issuance or denial of a certificate of authority is appealable to the district court of the county in which the public trust company is to be located in accordance wi…

Powers of public trust companies; limitations; prohibitions; conflicts of interest; exemptions. (a) Public trust companies may exercise the powers permitted by subsection (b) of this section and the powers and rights granted to other corporations and limited liability companies u…

Requirements as to capital or membership interest. (a) The capital stock or membership interest of each public trust company shall be subscribed for as fully paid stock or fully paid membership interests. No public trust company shall organize with a capital stock or membership i…

Issue of stock or membership interest. A public trust company shall not issue any share of stock or any percentage of membership interest until the par value of the share or the capital contribution has been actually paid in cash.

Increase or reduction of capital stock. A public trust company may increase or reduce the capital stock or membership interest of the public trust company after receiving the written approval of the commissioner and by the vote of the shareholders or members owning two-thirds (2/…

Transfer of stock, membership interests and other ownership interests. (a) The shares of stock or membership interests of public trust companies are personal property and shall be transferred on the books of the public trust company in such manner as the bylaws or operating agree…

Stock or membership interest register; inspection. A public trust company shall keep a stock or membership interest register that is open for inspection during business hours to officers, directors and stockholders or members and managers of the public trust company. The register…

Voting by shareholders and members generally; balloting for directors and managers. (a) Unless the public trust company's governing documents provide otherwise: (i) Each share or membership interest entitles the owner to one (1) vote on all elections of directors or managers and …

Preferred stock. (a) Unless the organizational instrument of a public trust company is more restrictive, a public trust company may issue one (1) or more classes of preferred stock or membership interest upon the approval of two-thirds (2/3) of the stockholders or members and the…

Authority to manage public trust companies; qualifications. The affairs of a public trust company shall be managed by not less than five (5) directors or managers. Shareholders or the board of directors or members or the managers, if provided by the organizational instrument, may…

Election; term; vacancies; number. (a) The initial and elected directors or managers of any public trust company shall hold office for one (1) year and until their successors are elected and qualified except in cases of death, resignation or removal under the laws of this state. …

Meetings; record of proceedings and business. (a) The board of directors or managers of a public trust company shall hold a regular meeting at least once every quarter of the calendar year. At each meeting a detailed report showing all trust business shall be submitted. The board…