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2017 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 383-D - FAMILY TRUST COMPANY ACT
Section 383-D:6-602 - Required Capital.
Universal Citation: NH Rev Stat § 383-D:6-602 (2017)
383-D:6-602 Required Capital. –
(a) The minimum required capital of a family trust company is $200,000. The commissioner may require a family trust company to maintain additional capital. From time to time, the commissioner may reduce or increase the amount of additional capital that a family trust company is required to maintain.
(b) After it obtains the authority to exercise trust powers, a family trust company shall maintain an amount of capital that equals or exceeds the required capital.
(c) A family trust company shall not make any distribution to the extent that, upon making the distribution, the family trust company's total capital would be less than the required capital.
(d) For purposes of subsection (c), "distribution'' means a direct or indirect transfer of money or other property (except an equity interest in the family trust company) to or for the benefit of family trust company's equity owners in respect of any of equity interests in the family trust company.
(e) RSA 383-C:5-502(a) and (b) shall not apply to family trust companies.
(b) After it obtains the authority to exercise trust powers, a family trust company shall maintain an amount of capital that equals or exceeds the required capital.
(c) A family trust company shall not make any distribution to the extent that, upon making the distribution, the family trust company's total capital would be less than the required capital.
(d) For purposes of subsection (c), "distribution'' means a direct or indirect transfer of money or other property (except an equity interest in the family trust company) to or for the benefit of family trust company's equity owners in respect of any of equity interests in the family trust company.
(e) RSA 383-C:5-502(a) and (b) shall not apply to family trust companies.
Source. 2015, 272:16, eff. Oct. 1, 2015. 2017, 257:42, eff. Sept. 16, 2017.
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