2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 3 - Banks and Trust Companies 3.3-145 Kentucky state trust company -- Scope of activities -- Acquisition of office within or outside of this state by Kentucky state trust company -- Rights, privileges, obligations, and liabilities of selling trust company.
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286.3-145 Kentucky state trust company -- Scope of activities -- Acquisition
of office within or outside of this state by Kentucky state trust company -Rights, privileges, obligations, and liabilities of selling trust company.
(1)
(2)
(3)
(4)
A Kentucky state trust company:
(a) May, at its trust office or offices in Kentucky or any other state or foreign
country, act as a fiduciary and engage in trust business as permitted by
Kentucky law or the applicable law of the state or foreign country; and
(b)
May not, at its trust representative office or offices in Kentucky or any
other state or foreign country, act as a fiduciary, but it may otherwise
engage in other fiduciary related activities, including but not limited to
marketing, soliciting, and operating through the trust representative office
as permitted by this section.
A Kentucky state trust company may conduct any activities at an office outside
of this state that are permissible for a trust company chartered by the host state
where the office of the Kentucky state trust company is located, except to the
extent the activities are expressly prohibited by the laws of Kentucky or by any
applicable law of the host state or foreign country.
A Kentucky state trust company shall have and continuously maintain a
principal office in this state.
A Kentucky state trust company may establish or acquire and maintain trust
offices or trust representative offices in this state. A Kentucky state trust
company desiring to establish or acquire and maintain an office in this state
shall:
(a) File a written notice on a form prescribed by the commissioner setting
forth the following:
1.
The name of the Kentucky state trust company;
2.
The location of the proposed office or offices; and
3.
The designation of the additional office or offices as trust offices or
trust representative offices;
(b) Furnish the commissioner with a copy of the resolution adopted by the
board of directors authorizing the office;
(c) Pay the filing fee, if any, prescribed by the commissioner;
(d) Commence business at the office no sooner than thirty-one (31) days
after the date the commissioner receives notice as specified by paragraph
(a) of this subsection, unless the commissioner specifies an earlier or
later date. The thirty (30) day period of review may be extended by the
commissioner if he or she determines the notice raises issues that require
additional information or additional time for analysis. If the period of
review is extended, the Kentucky state trust company may establish or
acquire and maintain the additional office only on prior written approval by
the commissioner. The commissioner may deny approval of the additional
office if the commissioner finds that:
1.
The Kentucky state trust company lacks sufficient financial
resources to undertake the proposed expansion without adversely
affecting its safety or soundness;
(5)
(6)
2.
The proposed office would be contrary to the public interest; or
3.
The proposed expansion is not authorized by applicable law.
A Kentucky state trust company may establish or acquire and maintain a trust
office or a trust representative office in a state other than this state. A Kentucky
state trust company desiring to establish or acquire and maintain an office in
another state shall:
(a) File a written notice on a form prescribed by the commissioner setting
forth the following:
1.
The name of the Kentucky state trust company;
2.
The location of the proposed office or offices;
3.
The designation of the additional office or offices as trust offices or
trust representative offices; and
4.
An affirmation that the laws of the jurisdiction where the office will be
located permit the office to be maintained by the trust company;
(b) Furnish the commissioner with a copy of the resolution adopted by the
board of directors authorizing the out-of-state office;
(c) Pay the filing fee, if any, prescribed by the commissioner; and
(d) Commence business at the office no sooner than thirty-one (31) days
after the date the commissioner receives notice as specified by paragraph
(a) of this subsection unless the commissioner specifies an earlier or later
date. The thirty (30) day period of review may be extended by the
commissioner if he or she determines the notice raises issues that require
additional information or additional time for analysis. If the period of
review is extended, the Kentucky state trust company may establish or
acquire and maintain the additional office only on prior written approval by
the commissioner. The commissioner may deny approval of the additional
office if the commissioner finds that:
1.
The Kentucky state trust company lacks sufficient financial
resources to undertake the proposed expansion without adversely
affecting its safety or soundness;
2.
The proposed office would be contrary to the public interest; or
3.
The proposed expansion is not authorized by applicable law.
A Kentucky state trust company acquiring an office in this state or in any other
state shall provide evidence to the commissioner that all fiduciary obligations
and liabilities of the trust company being acquired have been properly
discharged or assumed. An acquiring trust company shall succeed by
operation of law to all of the rights, privileges, and obligations of the selling
trust company.
Effective:June 8, 2011
History: Created 2011 Ky. Acts ch. 67, sec. 3, effective June 8, 2011.
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