Title 7 Chapter 5

Title 7Financial Institutions Act (Download: PDF | RTF | WordPerfect)
Chapter 5Trust Business (Download: PDF | RTF | WordPerfect)
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Section 1 Definitions -- Allowable trust companies -- Exceptions.
Section 2 Permit required to engage in trust business -- Exceptions.
Section 3 Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.
Section 4 Withdrawal from trust business.
Section 5 Revocation of trust authority -- Procedure.
Section 6 Confidentiality of communications and writings concerning trust -- Actions to protect property or authorized under probate laws not precluded.
Section 7 Management and investment of trust funds.
Section 8 Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.
Section 9 Registration of investment in name of nominee -- Records -- Possession of investment.
Section 10 Lending trust funds to trust company, officer, director, or employee as felony.
Section 11 Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.
Section 12 Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
Section 13 Collective investment funds.
Section 14 Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company.
Section 15 Assets of trust company in possession of the commissioner.
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