There is a newer version
of
this Section
2017 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 383-D - FAMILY TRUST COMPANY ACT
Section 383-D:12-1202 - Revocation of Authority to Conduct Trust Business.
Universal Citation: NH Rev Stat § 383-D:12-1202 (2017)
383-D:12-1202 Revocation of Authority to Conduct Trust Business. –
(a) If the commissioner determines that a family trust company is or has engaged in any activity that jeopardizes its safety or soundness, then the commissioner may revoke the family trust company's authority to conduct trust business.
(b) The commissioner shall issue a notice to the family trust company following the revocation of its authority granting it an opportunity for a hearing in accordance with RSA 541-A. The family trust company may appeal the commissioner's decision under RSA 541.
(c) The revocation of a family trust company's authority to conduct trust business removes the family trust company as a trustee, trust advisor, or trust protector of each trust of which it is serving as a trustee, trust advisor, or trust protector.
(d) Within a reasonable time after the revocation of its authority to conduct trust business, a family trust company shall dissolve in accordance with its organizational documents.
(b) The commissioner shall issue a notice to the family trust company following the revocation of its authority granting it an opportunity for a hearing in accordance with RSA 541-A. The family trust company may appeal the commissioner's decision under RSA 541.
(c) The revocation of a family trust company's authority to conduct trust business removes the family trust company as a trustee, trust advisor, or trust protector of each trust of which it is serving as a trustee, trust advisor, or trust protector.
(d) Within a reasonable time after the revocation of its authority to conduct trust business, a family trust company shall dissolve in accordance with its organizational documents.
Source. 2015, 272:16, eff. Oct. 1, 2015.
Disclaimer: These codes may not be the most recent version. New Hampshire may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
