Section 102-A. Limited liability trust companies

1. Trust companies which
  (a) do not receive deposits from the general public and  (b)  have  been
  exempted   by  the  banking  board  from  the  requirements  of  section
  thirty-two of this chapter,  may  be  formed  and  operated  as  limited
  liability  trust companies. Such limited liability trust companies shall
  be formed in accordance with, shall  operate  in  compliance  with,  and
  shall  meet all of the requirements of the limited liability company law
  and this chapter, except that to the extent any provision of the limited
  liability company law shall be inconsistent with the provisions of  this
  chapter, the provisions of this chapter shall govern; provided, however,
  that   limited  liability  trust  companies  shall  not  have  perpetual
  existence.
    2. Notwithstanding any other provision  of  this  chapter,  a  limited
  liability trust company shall dissolve and its affairs shall be wound up
  upon  the occurrence of any event specified in section seven hundred one
  of the limited liability company  law.  Upon  such  a  dissolution,  the
  provisions of this chapter shall govern the winding up of the affairs of
  the  limited liability trust company and the distribution of its assets.
  Further, upon such a dissolution, if the members of a limited  liability
  trust company wish to continue the existence of the company and meet the
  requirements  of  section  seven  hundred  one  of the limited liability
  company law, they shall apply for and may receive the  approval  of  the
  superintendent  for new articles of organization and a new authorization
  certificate.
    3. Trust companies which have been formed and are  operating  pursuant
  to  this  article  and  article fifteen of this chapter on the effective
  date of this section, and which meet the requirements of subdivision one
  of this section, may, with the approval of the  banking  board,  convert
  into  limited  liability trust companies, provided that they meet all of
  the other requirements of this chapter as  if  they  were  newly  formed
  companies.
    4.  The superintendent is hereby authorized and empowered to make such
  general rules  and  regulations  as  may  be  necessary  and  proper  to
  effectuate  the provisions of this chapter relating to the formation and
  operation of limited liability trust companies.